MIAMI, FL
English·Español
INVESTOR PORTAL↗
HOW WE INVEST

Two ways to invest in U.S. real estate: lend or own.

Infinity⁹ is an investment management firm for U.S. real estate. Every opportunity we present sits in one of two strategies. In Credit, you lend to the project and are paid first. In Equity, you own part of the project and are paid after the lenders. Each investor decides whether to participate.

Illustration of the Miami skyline over the water, with birds in flight
ON THIS PAGE
01
The firm
02
The opportunity
03
The strategies
04
The capital stack
05
Risk profiles
06
Markets and property types
07
Combining them
08
Our standard
01
The firm

We find, structure and manage. You decide.

Infinity⁹ is an investment management firm. We find U.S. real estate investments of $20 to $150 million, structure them and manage them through exit. We present each one to accredited investors, usually deal by deal, and each investor decides whether to participate.

01
We find
Opportunities come from developers, operators, lenders and owners we know, in any U.S. market and any property type.
02
We filter
Every opportunity is scored on product, market, finance and people. Fewer than one in a hundred moves forward.
03
We structure
We choose the position in the capital stack where the risk is best paid, and negotiate the terms and protections.
04
We present
You receive the full picture: the thesis, the risks and what has to go right. You decide whether to participate.
05
We manage
After closing, we monitor the project, report to you, enforce your rights if something goes wrong and run the exit until your capital comes back.
DETAILS
How an opportunity reaches you
When an opportunity passes our filter, we prepare a full presentation: the thesis, the structure, the risks and what has to go right. You review it with us, ask what you need and decide. You are never required to participate.
Deal by deal, or through a vehicle
Most families invest deal by deal and choose each opportunity on its own. Some prefer a dedicated vehicle we manage, which spreads their capital across several opportunities under one set of terms. Both are held to the same standard.
After closing
We follow the project against its plan, report to investors, enforce the agreed protections if something goes wrong and manage the exit until capital is returned.
Who can invest
Our opportunities are private offerings available only to accredited investors, as defined by U.S. securities law. Nothing on this page is an offer to sell, or a solicitation of an offer to buy, any security.
02
The opportunity

Too big for individuals. Too small for institutions.

Our focus is projects of $20 to $150 million. Institutions need larger deals to put their capital to work, and individual buyers compete for smaller ones. In between, there are fewer bidders. Drag the marker to see who competes at each size.

DETAILS
Why fewer bidders matters
With fewer bidders there is more room to negotiate price, structure and protections. It does not remove risk. It lets us ask for terms that crowded deals rarely offer.
Access to strong local operators
Many of the best regional developers and operators work at this size. They often need a capital partner who can move faster and be more flexible than an institution.
Above or below the range
$20 to $150 million is our usual range, not a rule. We go higher or lower when the opportunity, the partner and the terms justify it.
How to read the chart
The curves are a conceptual illustration of where different buyers usually compete. They are not market data.
Illustration of chess pieces in front of a city skyline
03
The strategies

Lend or own. Two ways to hold a position.

Every opportunity we present sits in one of two strategies. Both invest in the same kind of real estate. What changes is where you sit, how you are paid and what protects you.

CREDIT · INFINITY⁹ FLOW
You lend. You are paid first.
Your capital is a loan to a real estate project, secured by the property. You receive fixed interest on a set schedule, and the upside is capped at the agreed rate.
Common equity
Preferred equity
Mezzanine loan
Senior loan
Your position: senior or mezzanine
Terms
Position
Senior or mezzanine loan, ahead of all equity
Paid
Fixed interest, monthly or quarterly
Secured by
The property, conservatively underwritten
Horizon
Shorter and defined, typically 1 to 3 years
Risks
The main risk is that the borrower does not pay. Your protection is the collateral and your place in line. If the property loses enough value, even a secured loan can lose money, and your return never exceeds the agreed rate.
Who it suits
Capital that needs to produce income now, with a clear end date.
Go deeper
Guide: senior loans →Guide: mezzanine debt →
EQUITY · INFINITY⁹ CAPITAL
You own. You are paid after the lenders.
Your capital buys a share of the project, alongside developers and operators we know. You share in what the project creates, and you are paid after every lender.
Common equity
Preferred equity
Mezzanine loan
Senior loan
Your position: preferred or common
Terms
Position
Preferred or common equity, behind all debt
Paid
Mostly at sale or refinance, not on a fixed schedule
Secured by
No lien. The asset and the sponsor are the protection
Horizon
Longer and less certain, typically 3 to 7 years
Risks
The main risk is that the project underperforms. As an owner you take losses before any lender, and timing is uncertain: capital usually returns only at sale or refinance. In return, there is no cap on the upside.
Who it suits
Capital that can wait, and wants growth more than income.
Go deeper
Guide: preferred equity →Guide: common equity →
04
The capital stack

One building, four pieces.

For each opportunity, we look for the position where the risk is best paid. Take a hypothetical $100 million building financed in four pieces. Move its value down or up and watch who absorbs a loss first, and who keeps a gain.

0%
-60%-40%-20%0+20%+40%
DETAILS
Senior loan
The first and largest piece, often around half of the cost or more. It is paid first and secured by a mortgage on the property. The lowest risk in the stack, and the lowest return.
Guide: senior loans →
Mezzanine loan
A loan that sits behind the senior lender and ahead of all equity. It is usually secured by a pledge of the ownership interests rather than the property itself, and earns more than senior debt for its later place in line.
Guide: mezzanine debt →
Preferred equity
Ownership with priority. It is paid a target return before the common owners, and often has the right to step in if the plan goes off track. The gentlest way to own.
Guide: preferred equity →
Common equity
The top of the stack. It takes the first loss and is paid last, which is why it keeps the full upside when the project does well.
Guide: common equity →
05
Risk profiles

Where you sit is one question. What the building is doing is the other.

The capital stack tells you your place in line. The business plan tells you how much can go wrong with the building itself. The industry groups business plans into four risk profiles, from a full building that already pays rent to one that does not exist yet.

LOWER RISK
HIGHER RISK
Core
7% to 10%
Core-plus
8% to 12%
Value-add
11% to 15%
Opportunistic
15% or more
Commonly cited annual target returns, for illustration only.
DETAILS
Core
A stabilized, well-located building that is mostly leased. It already pays rent.
Typical leverage
Low, roughly 25% to 45%
Return comes from
Rent, almost all of it
Commonly cited target
About 7% to 10% a year
Core-plus
A good building with a light fix: some vacancy, leases to renew or modest upgrades.
Typical leverage
About 40% to 60%
Return comes from
Mostly rent, some appreciation
Commonly cited target
About 8% to 12% a year
Value-add
A building that needs real work: renovation, repositioning or leasing up empty space.
Typical leverage
About 55% to 75%
Return comes from
Rent plus a larger gain at sale
Commonly cited target
About 11% to 15% a year
Opportunistic
Ground-up development, conversions or distressed buildings. Nothing pays rent yet.
Typical leverage
60% and up
Return comes from
Almost all at sale or refinance
Commonly cited target
15% or more a year, often higher
Same position, different risk
CREDIT ON AN OPPORTUNISTIC PROJECT
A senior construction loan
You are first in line, but the collateral is a building that does not exist yet. If construction stalls, what secures your loan is a half-finished structure. The position is protected; the project is not.
EQUITY IN A CORE BUILDING
Preferred equity in a leased building
You are behind the lenders, but the building is full and pays rent every month. The position carries more risk; the building carries less.
That is why every opportunity we present shows both: its place in the stack and its risk profile.
Leverage and return ranges are approximate ranges commonly cited across the industry; sources differ. Shown for illustration only. They are not projections or promises for any investment.
Illustration of a flamingo before the Miami skyline at night
06
Markets and property types

Any U.S. market. Any property type. One standard.

We are not tied to a market or a property type. We are tied to a standard: every opportunity, anywhere in the country and in any kind of building, has to pass the same four questions of the Diamond. Choose a position, a property type and a city to see how we think about it.

DETAILS
MARKETS
South Florida, our home base
Miami-Dade, Broward and Palm Beach. Where we live and where our relationships run deepest. Home base, not a limit.
Primary markets
New York · Los Angeles · San Francisco Bay Area · Chicago · Boston · Washington, D.C. · Miami
Deep, liquid markets with many buyers and lenders. More competition, more ways out.
Secondary markets
Austin · Nashville · Charlotte · Raleigh · Tampa · Orlando · Phoenix · Atlanta · Denver · Salt Lake City
Fast-growing metros where people and jobs are moving. Often better pricing, fewer buyers.
PROPERTY TYPES
Living
Multifamily · Build-to-rent · Student housing · Senior living
Demand follows jobs, household growth and the cost of owning a home.
For-sale
Condominiums · Land and entitlements
Value comes from selling units, or from approvals that make land buildable.
Hospitality
Hotels · Extended stay
An operating business with a building attached. Demand follows business and leisure travel.
Commercial
Retail · Mixed-use · Office · Medical office
Demand follows how people shop, work and get care. We underwrite the tenant, not only the lease.
Industrial
Logistics · Self-storage · Data centers
Demand follows e-commerce, storage needs and the growth of computing.
Examples, not a limit. We look at any U.S. market where demand is clear and the operating partner is proven.
07
Combining them

Almost every family we work with holds both.

The split is the real conversation. A family two years out from a liquidity event, still deciding what the money is for, usually wants more Credit than they expect. A second-generation holder with a thirty-year horizon and no income need usually holds too little Equity. There is no house view on the right mix, only the right mix for what you are trying to do.

Weighted to Credit
Credit
Equity
Balanced
Credit
Equity
Weighted to Equity
Credit
Equity
Illustrative shapes, not recommendations. The right mix depends on what your capital needs to do.
DETAILS
Weighted to Credit
Recent liquidity, undecided plans, an income requirement, or a first position with us where the point is to watch how we operate before committing further.
Balanced
The most common shape. Income covering what the family draws, growth compounding on the rest, rebalanced as projects return capital.
Weighted to Equity
Long horizon, no draw requirement, and a family that already understands what an illiquid position feels like in a bad quarter.
Infinity9 mark, drawn by Carlos Zamora
08 · OUR STANDARD

Both strategies pass through the same four questions.

Credit and Equity are two ways to hold a position, held to one standard. Every opportunity in either strategy is scored on product, market, finance and people before we present it, and fewer than one in a hundred survives. A loan in a weak market is still a position in a weak market.

How the Diamond works →
See where each opportunity sits in the stack.
Forty minutes on what you own and what you need it to do. We walk you through the opportunities we are presenting, how each one is structured and what can go wrong. The decision is yours.
Request a Private Briefing
All investment involves risk, including possible loss of capital. Past performance is not indicative of future results. The capital stack example on this page is hypothetical and for illustration only; it is not an actual or proposed investment, and its figures are not projections or guarantees. Nothing on this page is an offer to sell or a solicitation of an offer to buy any security, nor legal or tax advice. Any offering is made solely through definitive subscription documents and is open only to accredited investors under Regulation D of the Securities Act of 1933. Infinity Capital Asset Management, LLC (SEC CRD 330526).
The bridge for Latin American capital.
Miami, Florida
Infinity Capital Asset Management, LLC
801 Brickell Ave, Miami, FL 33131
INVEST
StrategiesThe DiamondHow We WorkNon-U.S. InvestorsInvestor Portal
FIRM
AboutTeamQuestionsCommercialVisual Philosophy
DEVELOPERS
Infinity⁹ PartnersWOMA, Wynwood
MEDIA
PodcastEpisode LibraryBe a Guest
AHMAD ASHRAFI
His workThe Sunday MemoASAPinvests
Ahmad's own writing and teaching. His views, not the firm's.
© 2026 Infinity Capital Asset Management, LLC
PrivacyTerms
LinkedInYouTubeInstagramX
IMPORTANT DISCLOSURES
THE FIRM

Infinity Capital Asset Management, LLC ("Infinity") is a real estate investment management firm operating as a platform for access to private commercial real estate, for accredited international investors and high-net-worth individuals. Registration does not imply a particular level of skill or training.

RISK

Past performance is not indicative of future results. Historical returns, expected returns and probability projections are speculative. All investment involves significant risk, including the possible total loss of capital. Infinity does not guarantee that investment objectives will be met.

NOT ADVICE

Nothing here is an offer to sell or a solicitation of an offer to buy any security, nor investment, legal or tax advice. Any offering is made solely through definitive subscription documents under Regulation D of the Securities Act of 1933. Consult your own advisors.

SEPARATE ENTITIES

Commercial brokerage operates through a licensed Florida agent with LRF Group at Berkshire Hathaway HomeServices, separately from investment management, under distinct regulatory oversight. Banking and custody are provided by partner institutions.