Case studies/Commercial real estate
A US REIT running two refinance cycles in parallel, with tenant estoppels arriving daily and a closing team reconciling each one against the master lease by hand. We built a variance detection pipeline that reads every estoppel, compares it clause-by-clause to the lease, and hands the closings desk a cited variance dossier in a single working day.
| Estoppel | Tenant | Suite | Returned | Variance vs lease | Status |
|---|---|---|---|---|---|
| EST-0214 | Arlo Inc | 1402 | Day 3 | Deposit +$32,000 | counsel |
| EST-0215 | Brightline Capital | 0820 | Day 3 | Clean | cleared |
| EST-0216 | Cedar & Vine Cafe | R-104 | Day 4 | CAM +$4,180 / yr | returned |
| EST-0217 | Northwind Health | 0610 | Day 4 | Clean | cleared |
| EST-0218 | Halcyon Legal LLP | 2201 | Day 4 | Renewal option mismatch | returned |
| EST-0219 | Pacific Reach Logistics | 0301 | Day 5 | Clean | cleared |
| EST-0220 | Meridian Outfitters | R-207 | Day 5 | Clean | cleared |
| EST-0221 | Sutter Hill Advisors | 1810 | Day 5 | Clean | cleared |
| EST-0222 | Quartermast Bistro | R-112 | Day 5 | Clean | cleared |
At a glance
One closings desk, two refinance cycles, a master-lease library spread across MRI Software and Yardi. The pipeline had to read estoppels against both systems and produce a clean variance dossier for each refinance package.
The engagement
The stack
ISO 27001 · ISO 9001 · DPA and NDA signed at kickoff.
Before, the closings desk
The closings team had done this for years. They knew where the estoppel variances usually hid. These were the three patterns we found in discovery.
A closings analyst opened the estoppel on one screen and the master lease on the other. They walked through rent, escalation, renewal options, security deposit, and tenant improvement, looking for deviations. Each estoppel took 35 to 55 minutes.
Pre-build baseline: 35 to 55 minutes per estoppel reconciliation against the master lease.
140 estoppels, 35 to 55 minutes each, split across the closings team. Estoppels that arrived late in the window pushed the dossier into the final 48 hours before closing, which was when late variances became expensive variances.
Pre-build baseline: 3 to 5 business days to reconcile a full refinance package.
A tenant estoppel asserting a rent amount or renewal option that did not match the master lease would often surface in the final pass. At that point the closings counsel had to reopen the estoppel with the tenant, or accept the variance and flag it in the closing certificate.
Pre-build baseline: approximately 30% of material variances caught in the final 48 hours pre-closing.
What we built
The pipeline follows the same five stages we run on every CRE engagement. The details below are the ones we implemented for this REIT, tuned to the master-lease library and the closings-counsel variance format.
Closings inbox polled on a 15-minute cadence. Tenant portal returns dropped to SharePoint. Property manager relay routed through the asset-management mailbox. All normalised to a single estoppel ID per tenant.
Document type tagged on ingest. Wet-ink scans routed to Azure AI Document Intelligence, digital PDFs to LlamaParse. Each piece attached to the property and tenant record in MRI or Yardi.
Clause-level extraction on the estoppel: base rent, escalation schedule, option to renew, security deposit, defaults and setoffs, landlord obligations. Every field carries a source-span citation to the estoppel page.
Each estoppel field compared against the master-lease record (with amendments rolled up). Variances classified as material or immaterial against the closings-counsel threshold. Low-confidence extractions held for analyst review.
Variance dossier posted to the closings SharePoint with each variance cited to both the estoppel clause and the master-lease clause. Source PDFs attached. Material variances flagged for counsel review.
After, the numbers the desk signs off
Same closings team, same counsel, same master-lease library. The pipeline read every estoppel against the master lease and handed the desk a cited variance dossier inside a single working day.
Closings counsel still owns every materiality call. The desk still signs off every variance dossier. The difference is that the dossier is ready on day one, not day four. Material variances surface early enough that counsel can reopen the estoppel with the tenant, rather than paper over the discrepancy in the closing certificate.
From the desk
Material variances now surface on day one of the refinance window, which is the day we can still fix them.
Director of closingsREIT, Chicago
Handover
The engagement ends at a clean handover. The closings team runs the pipeline; Hexaa stays on call for a fixed retention period, then steps back.
Related cases
Each links to a named client, a named document, and the system the clean data lands in. We publish only what the client signed off to publish.
220 assets, 36-field abstract, 3.1x abstractor speed. Analysts verify against the lease rather than key from scratch.
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You'll leave with a clear next step.
The master lease carries a 3% escalation and a $48,000 security deposit. The estoppel returns a 3% escalation and an $80,000 security deposit. The amendment roll-up shows no change to the deposit. The pipeline compares all three at the clause level, flags the material variance, and hands the closings counsel one cited discrepancy with both source clauses attached.
