In commercial real estate, most deals don’t collapse overnight. Rather, they quietly deteriorate as timelines converge.

In this episode of The Alkaline Reaction, Spencer Correnti walks through a single hypothetical deal to show how timing, more than bad assets or aggressive assumptions, often determines the outcome. From lease rollover concentration to debt maturity, refinancing constraints, and lender controls, we break down how risk accelerates as time runs out... even in deals that look conservative on paper.

The lesson isn’t to avoid risk, but to understand where it truly lives: in the alignment (or misalignment) between leases, debt, liquidity, and control.

Because the deals that survive aren’t the ones with perfect underwriting, they’re the ones that left themselves more time than they thought they’d need.

Most commercial real estate deals don’t fail because the property stops working, they fail when the financing structure quietly removes flexibility.

In this episode, we examine four under appreciated drivers of downside outcomes: 1) Intercreditor Agreements, 2) Cash Management & Springing Cash Traps, 3) Recourse Carveouts, and 4) Loan Extension conditions.

We explain how control, liquidity, and recourse shift when performance softens, and why risks that don’t show up in underwriting models often determine real-world results.

A technical, practitioner-focused discussion for investors, sponsors, and lenders.

We hope you enjoy!

Financing credits can be the difference between a deal that stalls and a deal that gets built.

In this episode of The Alkaline Reaction, Spencer breaks down five of the most important financing credits used in commercial real estate development. These tools go far beyond traditional debt and equity and can materially improve project feasibility, returns, and capital stack efficiency.

You’ll learn how Tax Increment Financing, New Markets Tax Credits, Historic Tax Credits, Low-Income Housing Tax Credits, and energy and sustainability-related incentives actually work, when they apply, and how developers use them to reduce costs, lower equity requirements, and unlock challenging projects.