Site Identification & Underwriting
Rigorous market analysis, land basis evaluation, and pro forma stress-testing before any commitment is made.
Where vision becomes vertical.
New Course Development is the ground-up development subsidiary – executing institutional-scale projects across mixed-use, residential, and student housing from land acquisition through stabilization.
Our approach
Development as a complete discipline.
Most institutional sponsors typically pursue one of two strategies: they either compete for fully priced, shovel-ready sites where margins are already compressed, or they acquire distressed assets where potential upside is constrained by the existing capital structure. New Course Development takes a differentiated approach. The firm focuses on sites characterized by complexity–whether related to entitlements, structural conditions, or programmatic challenges–that often deter other sponsors due to underwriting difficulties. Rather than avoiding these factors, New Course Development deliberately targets such opportunities, viewing complexity as a primary driver of potential alpha.
Each project is evaluated through a consistent underwriting framework
- Land basis
- Programmatic alignment
- Capital structure
- Construction execution
Advancement is contingent upon successfully meeting the criteria at each stage. This disciplined approach maintains a focused project pipeline while maintaining consistent performance across the broader portfolio.
By emphasizing diversification, operational alignment, and measured risk management, the platform is structured to promote long-term stability and value creation.
Entitlement & Permitting
Deep experience navigating complex entitlement environments, community engagement, and regulatory approvals.
Capital Stack Structuring
Multi-tranche financing combining senior debt, EB-5, preferred equity, and balance-sheet capital – optimized per project.
Construction & Delivery
New Course Builders executes as the general contractor, maintaining cost control and quality throughout.
Stabilization & Exit
Active asset management through lease-up or sell-out, optimizing the path to stabilized value and investor returns.
We pursue projects where complexity is the barrier to entry – and where our integration across development, construction, financing, and risk management turns that complexity into a structural advantage.
Featured projects
Where conviction is deployed.
Construction Flagship development $184M Cost
JW Marriott Residences, Mammoth
Mammoth Lakes, CA
Phase I of Peak Mammoth's multi-phase luxury condominium development in Mammoth Lakes' North Village. I-956F approved Rural EB-5 project expected to be delivered in 2029.
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Construction 
JW Marriott Mammoth Resort & Spa
Luxury hotel development in Mammoth Lakes' North Village. I-956F pending Rural EB-5 project expected to be delivered in 2029.
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Pre-Construction Scholars Vista
Student-housing project adjacent to UC Merced in the University Vista community.
ExplorePresident of Development
Leadership rooted in institutional execution.
We view development as a partnership with the communities we serve and the stakeholders who shape them. Our responsibility is to create thoughtful, enduring places through exceptional design, disciplined execution, and an unwavering commitment to quality.
Across the platform
The other four subsidiaries.
- Visit subsidiary
New Course Capital
Oversees the enterprise's third-party investment vehicles – including the New Course private credit fund – delivering risk-adjusted returns to limited partners while participating as the general partner in its own investment vehicles, aligning the firm's capital directly with that of its investors.
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New Course EB-5
Combines Regional Center sponsorship with a vertically integrated development platform designed to enhance transparency, execution, and alignment for EB-5 investors.
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New Course Builders
Operates as the enterprise's dedicated general contracting subsidiary, enabling tighter coordination between development and construction while preserving greater control over cost, quality, and delivery across the portfolio.
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New Course Insurance
Operates as the enterprise's captive insurance platform, enabling a more integrated approach to risk management across development and operational assets. By combining underwriting discipline with direct project-level visibility, the platform enhances risk alignment while retaining economic value typically transferred outside the enterprise.
Contact
Let's explore what's possible.
Whether you are a prospective LP, joint venture partner, or financing source, we welcome the conversation. New Course's team engages directly with qualified counterparties.
Investor Inquiries