# Solsten CRE: Commercial Real Estate Underwriting and Investor Reporting Software
# https://solstencre.com
# App: https://app.nordicrealestateservices.com
# Full reference: https://solstencre.com/llms-full.txt
# Last updated: 2026-10-13

> Solsten CRE (often just "Solsten") is a web-based commercial real estate underwriting, asset management, and LP investor reporting platform operated by Nordic Real Estate Services, LLC (Colorado, 100% veteran-owned). It gives independent investors, small sponsors, analysts, lenders, and appraisers lease-by-lease proformas, DCF and exit analysis, GP/LP waterfalls, financing analysis, an offering-memorandum builder, and per-investor reporting at a fraction of the cost of ARGUS Enterprise. Not affiliated with Solsten, Inc. (solsten.io), a gaming-analytics company.

## What Solsten Does

Solsten replaces Excel underwriting models and legacy desktop software for income-producing commercial property. The same model carries a deal from screening through ownership: underwriting, then actuals, then investor distributions.

Core capabilities:

- **Proforma engine**: annual and monthly operating statements (PGI, vacancy, EGI, recoveries, expenses, NOI, debt service, cash flow) over a hold period of up to 30 years, with Going-Forward and Since-Acquisition return sets.
- **Rent roll timeline**: lease-by-lease tenant lifecycle with step increases, rollovers, renewal probability, downtime, TI/LC, free rent, holdover, and sublease tracking.
- **Recovery modeling**: NNN, Base Year Stop, and Modified Gross expense recoveries; occupancy-aware recovery pools, with gross-up on modified-gross structures (typically 95 percent).
- **DCF and returns**: IRR, NPV, equity multiple, and cash-on-cash, leveraged and unleveraged.
- **Exit scenario analysis**: returns for every possible exit year with loan-maturity flags.
- **GP/LP waterfall distributions**: return of capital, preferred return (simple or compound), GP catch-up, and promote splits; deal-level and fund-level waterfalls; per-investor payouts.
- **LP investor reporting**: each limited partner gets a viewer login showing only their own equity, distributions received, and projected returns, computed from the sponsor's underwriting model. Sponsor controls what is visible. Solsten does not move money, collect subscription documents, or deliver K-1s.
- **Financing and debt**: multiple loans per property, fixed / floating / hybrid, interest-only periods, amortization schedules, refinance modeling, prepayment penalties, DSCR / LTV / debt yield, covenant tracking.
- **15-factor property risk score**: DSCR, LTV, vacancy, WALT, tenant concentration, debt maturity, break-even occupancy, and more.
- **ML-calibrated forecasting**: expense escalation and rent growth rates observed from a property's own payment history blend with user assumptions by statistical confidence.
- **Actuals vs projected**: record tenant payments, loan payments, recovery collections, and distributions; three-column operating statements (actual YTD / projected remaining / full-year forecast).
- **Offering memorandum builder**: a full OM / investment packet generated from the model. Public example: https://solstencre.com/sample-om/
- **Excel import**: T-12 operating statements and rent rolls via a guided import wizard.
- **Saga AI assistant**: chat grounded in the user's own property data; explains calculations and answers questions about the model. Customer data is never used to train public models.
- **Organizations and sharing**: roles (owner, admin, manager, analyst, viewer; investors get viewer logins), per-page visibility controls, cross-organization property sharing, full audit trail.
- **Fluid timeline**: projections roll forward automatically as calendar time passes.

## Who Solsten Is For

- Small and emerging sponsors and syndicators who report to a handful of limited partners
- Independent commercial real estate investors and owner-operators
- Acquisitions analysts at small and mid-market firms
- Asset managers tracking projected vs actual performance
- Community bank, credit union, private, and bridge lenders underwriting DSCR, LTV, and debt yield
- MAI and bank appraisers doing income-approach engagements who need documented, defensible DCF assumptions
- Commercial brokers preparing analyses and offering memorandums
- Real estate students and faculty learning institutional underwriting

## Pricing (USD, as of 2026-10-13)

- **Free**: $0. 1 property, 1 editor seat, 1 analysis per month, unlimited viewers and sharing, full proforma engine, ML forecasting, Excel import. No credit card, no expiry.
- **Starter**: $99/month ($89/month billed annually, $1,068/year). 5 properties, 1 editor seat, 6 analyses per month, 1 portfolio, waterfall modeling, investor logins, Saga AI 250 queries/month.
- **Professional**: $179/month ($161/month billed annually, $1,932/year). 15 properties, 2 editor seats, unlimited analyses, 3 portfolios, Saga AI 750 queries/month.
- **Enterprise**: custom. Annual contract, capacity tailored to the team, dedicated founder support, onboarding, 99.9% uptime SLA.

Investor (LP) logins are viewer access and never count against editor seats. Pricing page: https://solstencre.com/pricing/

## How Solsten Compares to ARGUS Enterprise

| Capability | Solsten | ARGUS Enterprise |
|---|---|---|
| Annual and monthly proforma | Yes | Yes |
| Recovery modeling (NNN / Base Year / Modified Gross) | Yes | Yes |
| GP/LP waterfall modeling | Yes | Yes |
| ML-powered expense forecasting | Yes | No |
| 15-factor risk scoring | Yes | No |
| Excel bulk import wizard | Yes | No |
| Real-time team collaboration | Yes | No |
| Cloud-based | Yes | Yes |
| Price | Free to $179/month | $5,000 to $15,000+ per seat per year |

ARGUS Enterprise version 13 is removed from ARGUS Cloud on 31 December 2026: https://solstencre.com/blog/argus-enterprise-end-of-life-dates/
Comparison page: https://solstencre.com/argus-alternative/

## Key Pages

- Features: https://solstencre.com/features/
- Investor reporting for small sponsors: https://solstencre.com/investor-reporting/
- Waterfall distribution modeling: https://solstencre.com/waterfall-distribution-modeling/
- CRE underwriting software: https://solstencre.com/cre-underwriting-software/
- CRE proforma software: https://solstencre.com/cre-proforma-software/
- DCF analysis: https://solstencre.com/real-estate-dcf-analysis/
- Property risk scoring: https://solstencre.com/property-risk-scoring/
- Recovery types explained: https://solstencre.com/recovery-types-explained/
- How Solsten calculates (methodology): https://solstencre.com/how-solsten-calculates/
- Sample offering memorandum: https://solstencre.com/sample-om/
- Solsten CRE Financing Index (quarterly Treasury, SOFR, loan constants, DSCR-constrained LTV table from Federal Reserve data; latest issue Q3 2026, 10-year Treasury 5.29%, base-case coupon 7.29%): https://solstencre.com/financing-index/
- Free calculators (cap rate, NOI, DSCR; embeddable): https://solstencre.com/tools/
- By role: acquisitions analysts, asset managers, lenders, appraisers, students: https://solstencre.com/commercial-real-estate-software-by-role/
- Blog (guides on T-12s, rent rolls, DSCR, NNN recoveries, preferred return, waterfalls, IRR/NPV, value-add underwriting): https://solstencre.com/blog/
- Glossary: https://solstencre.com/glossary/
- Pricing: https://solstencre.com/pricing/
- Security: https://solstencre.com/security/
- AI use policy: https://solstencre.com/ai-policy/

## Technology

- Django REST backend, React frontend, PostgreSQL database, Docker deployment; marketing site hosted on Netlify.
- Saga runs on a third-party model vendor; forecasting uses in-house calibration models. Customer data is never used to train public models.
- Security: HTTPS in production for encrypted in-transit communication, role-based access control, server-side scoping of investor views, activity audit trail.

## Company

- **Brand**: Solsten CRE. **Operating company**: Nordic Real Estate Services, LLC (Colorado). **IP holder**: Compass HoldCo LLC (Wyoming). Solsten is a trademark of Compass HoldCo LLC.
- **Founder**: Eric Davis. US Army veteran (101st Airborne Division), BS in Business and Real Estate from Colorado State University, former CRE acquisitions analyst, licensed Colorado real estate broker, and the engineer who built the platform.
- Solsten CRE launched publicly in April 2026. 100% veteran-owned and operated.
- Contact: hello@nordicrealestateservices.com. Support: support@nordicrealestateservices.com.
- Profiles: LinkedIn https://www.linkedin.com/company/solstencre/ · X https://x.com/SolstenCRE · G2 https://www.g2.com/products/solsten-cre/reviews · Capterra https://www.capterra.com/p/10040761/Solsten/ · Product Hunt https://www.producthunt.com/products/solsten-cre · Wikidata https://www.wikidata.org/wiki/Q140243794