Independent marks your LPs and auditors can rely on.
Independent quarterly valuation with asset-level surveillance for institutional real estate and credit platforms — the mark, the narrative, and the surveillance record.
Quarterly
independent marks with asset-level surveillance, every quarter
$20B+
in valuations and transactions completed since 2010
$5B+
in platform assets under coverage today
Valuation+ goes beyond the number.
Typical valuation reports deliver a figure. Ours deliver the reasoning: input assumptions, historical and projected asset performance, budget-to-actual tracking, and current market conditions — so every Level 3 mark stands up in front of your auditors and your LPs.
02 — The Narrative
Asset-level reporting that explains the value: input assumptions, operating performance against plan, budget-to-actual, and the market context behind every conclusion.
01 — The Mark
Complex equity and debt structures modeled in full — business-plan cash flows, market-anchored discount and cap rate build-ups, waterfall analysis to the partner level.
04 — The Process
Structured quarterly diligence — servicer, sponsor and market data moved systematically into each mark — with audit-ready support at every step.
03 — The Surveillance Record
Quarter-over-quarter tracking of every position, with early-warning indicators that surface underperformance before it becomes a valuation surprise.
One question worth asking before your next close: who marks your book, and how would it hold up?
Coverage across five asset classes.
Real Estate Credit
Bridge, construction & transitional loans; mezzanine & preferred positions
Residential & Land
SFR & BTR portfolios, lot banking, model home sale-leaseback, multifamily
Middle-Market
Operating company & platform interests across sectors
NPL
Non-performing loan portfolios, workouts & resolutions
Commercial Real Estate
Office, retail, mixed-use & hospitality assets, securitization platforms
Our methodology, in writing.
White papers documenting the full framework — lifecycle classification, market-anchored rate build-ups, business-plan cash flow modeling, and the quarterly surveillance record.
WHITE PAPER
NPL Portfolio
Valuation
Valuing non-performing loan portfolios: resolution paths, collateral analysis, and the fund-level reporting layer LPs expect.
WHITE PAPER
Transitional Real Estate Credit Valuation
Loan lifecycle classification, market-anchored discount rates, business-plan cash flow modeling & portfolio surveillance.
Valuation+ Practice – Lead Partners
Carey Fieldcamp
Partner
d. 646.930.4232
Leads all analytical work for Valuation+: cash flow and valuation model design, discount rate and cap rate build-ups, and the data automation that moves servicer, sponsor and market data into each quarterly mark. Carey has structured $1.2 billion of securitizations, co-founded a distressed CRE private equity firm after the GFC, and formerly worked in risk modeling at JPMorgan. FRM.
Andrew Tumilowicz
Partner
d. 646.661.4941
Leads Heritage’s Valuation+ Level 3 practice and authors its valuation reports — the asset-level narrative, surveillance record and conclusions that auditors and limited partners rely on. For over 25 years Andrew has advised, managed or built more than $5.5 billion of companies and real estate, including overseeing $2 billion of global real estate development as a Managing Director.
FOR OPERATING COMPANIES
Heritage Growth
Heritage partners selectively with real estate and middle-market operating companies as an embedded finance capability — contributing corporate strategy, brand capitalization, structure, finance, and M&A toward equity growth. We bridge the knowledge and communications gap between operating companies and institutional investors.
Heritage Growth is led by all three partners — Andrew Tumilowicz, Carey Fieldcamp and Garrett Bowden.
Garrett Bowden
Partner
d. 646.993.4317
Garrett contributes experience and relationships across real estate sectors, with a career spanning three decades at institutions including Chase Manhattan Bank, Cross & Brown (MetLife), and Sumitomo Real Estate — highlighted by his team winning REBNY’s “Most Ingenious Deal of the Year” award. Garrett focuses on investor relationships, sourcing novel opportunities, and business development.
Who marks your book?
Request a complimentary valuation-policy review — 30 minutes, no obligation.