David Tindall Justin Dennett

Morrison Street Capital was founded in 2002–2003 in Portland, Oregon (originally known as NBS Real Estate Capital, tied to Norris, Beggs & Simpson). It manages the Morrison Street series of private equity funds, acting both as a buyer of commercial real estate and as a secondary/subordinate lender providing preferred equity, B-notes, bridge loans, and mezzanine debt to fill the gap between a borrower's equity and available first-mortgage proceeds. In 2024 the firm merged with Northmarq, becoming Northmarq Fund Management, LLC, expanding Northmarq's platform into investment management. The fund series has historically been led by founder/President & CEO Rance Gregory.

Justin Dennett is the firm's Chief Investment Officer and a Principal, and has been investing in commercial real estate since 1993 (25+ years of experience). He began as an acquisitions analyst at L&B Realty Advisors, a Dallas-based pension-fund advisor, then joined Seattle's Unico Properties as an acquisitions associate in 2000. In 2003 he became a founding member of Morrison Street Capital, where he has had direct responsibility for investing every Morrison Street fund since inception — involved in the deployment of over $700 million of equity capital across more than 160 transactions. He holds a bachelor's degree in finance and real estate from Southern Methodist University and a J.D. from Lewis & Clark College in Portland.

Dave Tindall is a Principal and served as Director of Originations at Morrison Street Capital (now Director of Investments at Northmarq Fund Management and a member of its Investment Committee). He joined Morrison Street in 2005 after more than eight years at Clarion Partners, where he invested client capital across the western U.S. and participated in placing more than $1.7 billion of equity into office, industrial, retail, and multifamily assets, primarily for U.S. pension-fund clients. At Morrison Street he has been principally involved in Funds II through VII, MSDO I & II, and MSIF, investing more than $750 million of fund equity across 200+ unique real estate investments with a total market value exceeding $5 billion. He earned a bachelor's degree in business administration from Georgetown University and has been active in the Urban Land Institute (ULI) — as co-chair of ULI's Young Leaders Group and on the executive committee of ULI's Seattle District Council.

• Gap capital for real estate sponsors: As a secondary lender, the firm provides preferred equity, B-notes, bridge loans, and mezzanine debt to "fill the gap between a borrower's equity and available first-mortgage proceeds."
• Hands-on direct ownership: As a buyer of commercial real estate, they describe investing "with precision and a hands-on management approach."
• Small-balance / middle-market focus: Positioned as "a trusted source for small-balance equity, mezzanine debt and preferred equity investments."
• Asset types: Office, industrial, retail, and multifamily across U.S. markets, historically weighted to the western United States.
• Underwriting discipline: Tindall (as head of originations/investments) leads underwriting, due diligence, and legal structuring; Dennett (as CIO) sets investment strategy and has final direct responsibility across the fund series.