Aztec Group
Aztec Group is a Miami-based commercial real estate investment banking and merchant banking firm founded in 1981, providing debt and equity placement, investment sales, joint ventures, and principal co-investments to developers, institutional investors, and entrepreneurial clients across the continental United States.
- Company typePrivate
- Founded1981
- HeadquartersMiami, United States
- Headcount51–100
- GTM typeB2B
- OfferingServices
What Aztec Group does
Aztec Group, LLC is a Miami-based commercial real estate investment banking and merchant banking firm founded in 1981 by Ezra Katz. The firm operates three integrated service lines: Capital (debt and equity placement including permanent loans, bridge loans, construction loans, mezzanine financing, and equity investment), Transactions (investment sales, acquisitions, and joint ventures), and Merchant Banking (custom equity solutions and co-sponsorship investments executed through affiliate Mayan Properties, formed in 1993). Coverage spans six real estate product categories — multifamily, retail, hospitality, office, industrial and storage, and land and specialty — across the continental United States, with deepest penetration in Florida and the Southeast.
The firm targets a diversified client base of institutional investors (pension funds, REITs, PE firms), commercial real estate developers, property owners, and high-net-worth entrepreneurial clients with complex capital stack requirements. Revenue is generated on a transaction-fee basis, described as "success fee oriented," with fees negotiated bespoke per engagement based on deal complexity and size; the merchant banking arm additionally generates principal returns on co-invested deals. The firm's distribution model is direct and senior-led — Managing Directors, the Senior Managing Director, the President, and the CEO personally originate and execute all engagements, with no intermediary or self-serve channels.
Aztec employs 51-100 professionals, with approximately 13 listed on its website including the Chairman & CEO, President, COO, Senior Managing Director, three Managing Directors, and junior deal support staff. Cumulative transaction volume exceeds $12 billion across the firm's history as principal and intermediary. In May 2025, Warburg Pincus acquired a minority stake and became a key client, providing capital and strategic support for North American expansion. The firm underwent significant leadership changes in late 2025, including the appointment of Sean Hagerty as interim CEO, Akbar Sheriff as COO/CCSO, and Margaret Timmons to lead U.S. expansion, indicating an active platform professionalization phase.
Aztec Group firmographics
Firmographics- Name
- Aztec Group
- Legal name
- Aztec Group, LLC
- Website
- https://aztecgroup.com
- Company type
- Private
- Founded year
- 1981
- Operating status
- Operating
- Headcount range
- 51–100 employees
- Short description
- Aztec Group is a Miami-based commercial real estate investment banking and merchant banking firm founded in 1981, providing debt and equity placement, investment sales, joint ventures, and principal co-investments to developers, institutional investors, and entrepreneurial clients across the continental United States.
- Ownership category
- akta.pro rank
Aztec Group industry classification
Industry- Product category
- Commercial Real Estate Investment Banking
- NAICS
- Miscellaneous Financial Investment Activities (523999), Securities, Commodity Contracts, and Other Financial Investments and Related Activities (523)
- SIC
- Mortgage Bankers & Loan Correspondents (6162), Security Brokers, Dealers & Flotation Companies (6211), Real Estate Dealers (For Their Own Account) (6532)
- akta.pro primary industry
- Corporate Finance Advisory (Strategic Finance, Capital Structure & Recaps) (FSAEAGAE)
- akta.pro secondary industry
- Real Estate (Commercial Property, REITs) (FSABACAH)
Keywords
Where Aztec Group is headquartered
LocationHeadquarters
- HQ city
- Miami
- HQ country
- United States
- HQ region
- North America
Offices1 record
Markets served
Aztec Group business model
Business model- GTM type
- B2B
- Offering type
- Services
- Cost components
- Personnel, Operations, Marketing or Sales, Technology or R&D, Infrastructure
Revenue model
- Capital Markets & Brokerage Fees: Aztec Group earns fees on debt and equity placement transactions, including permanent loans, bridge loans, construction loans, mezzanine financing, and equity investments. The firm also earns success-based fees on investment sales, joint ventures, and merchant banking transactions. The firm's compensation is described as 'success fee oriented.'
- Merchant Banking / Principal Investing: Through Mayan Properties (a merchant banking affiliate formed in 1993), the firm invests as a principal in real estate transactions including office buildings, shopping centers, residential land development, hotels, industrial, and healthcare/senior housing. Returns from principal investments generate equity gains and distributions.
Go-to-market motion2 records
Distribution channels1 record
Marketing channels3 records
Aztec Group product offering
Product offeringCore offering
Aztec Group is a boutique real estate investment banking and merchant banking firm that arranges debt and equity capital, executes investment sales and joint ventures, and provides custom merchant banking equity solutions for commercial real estate owners, developers, and institutional investors across the continental United States. The firm operates across six real estate product types — multifamily, retail, hospitality, office, industrial and storage, and land and specialty — and structures the full capital stack from equity to permanent financing. Founded in 1981, the firm has been involved in over $12 billion in closed transactions as a principal and as an intermediary/broker.
Product overview
Aztec Group is a single unified real estate investment banking platform offering three integrated service lines: Capital (debt and equity financing), Transactions (investment sales and joint ventures), and Merchant Banking (custom equity solutions). The firm specializes across six real estate product categories: Multifamily, Retail, Hospitality, Office, Industrial & Storage, and Land & Specialty. The Capital platform handles permanent loans, bridge loans, construction loans, mezzanine financing, and equity placement, while the Transactions platform executes acquisitions, dispositions, and joint ventures. The Merchant Banking platform provides custom equity structures and co-sponsorship investments. Founded in 1981, the firm has executed transactions spanning the continental United States.
Differentiator
Problem solved
Functional benefit
Products and services
- Capital Debt and equity financing placement services encompassing permanent loans, bridge loans, construction loans, mezzanine financing, equity investment, and credit facilities for real estate acquisitions, developments, and portfolios. Targets commercial real estate owners, developers, and institutional investors across the United States.
- Transactions Investment sales, acquisitions, joint ventures, and development strategies for commercial real estate assets including multifamily, retail, hospitality, office, and industrial properties. Provides advisory and execution services for buying, selling, and partnering on real estate assets.
- Merchant Banking Custom equity solutions including custom equity structuring, partnership syndications, joint venture equity, and co-sponsorship investments for real estate principals. Provided through Mayan Properties merchant banking affiliate formed in 1993, investing as a principal in office buildings, shopping centers, residential land development, hotels, industrial, and healthcare/senior housing.
Quantifiable outcome
- Over $12 billion in closed transactions as a principal and as an intermediary/broker over the firm's history
- +1 more outcomes
Companies that use Aztec Group
Customer profileSegments3 records
Ideal customer profiles3 records
Aztec Group technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Aztec Group partnerships and signals
Strategic signalScale indicators3 records
Recent moves4 records
Expansion highlights5 records
Aztec Group competitors and assessment
Company assessmentDirect peers
- Marcus & Millichap: Public investment sales and capital markets firm specializing in commercial real estate, with particularly strong multifamily and net-lease brokerage capabilities. Comparable to Aztec in investment sales and capital markets focus, though more heavily weighted toward smaller and middle-market transactions.
- Eastdil Secured: The leading independent real estate investment bank, providing debt, equity, and investment sales advisory across all major CRE asset classes. Most directly comparable to Aztec in business model (boutique, senior-led, full capital-stack advisory) and target client base (institutional owners, developers, REITs).
- Newmark Group: Public full-service commercial real estate services firm with a sizable capital markets division that arranges debt, equity, and investment sales for institutional clients. Directly comparable to Aztec in core capital markets and investment sales capabilities, with a broader services platform.
- Walker & Dunlop: Large CRE-focused mortgage banking and capital markets firm with strong debt placement and investment sales capabilities. Comparable to Aztec's debt placement and capital markets focus, though operating at materially greater scale and with a public balance sheet.
- Greystone & Co. National CRE-focused advisory and capital markets firm providing debt, equity, and investment sales across multifamily, healthcare, and other CRE asset classes. Closely comparable to Aztec in boutique positioning and CRE specialization.
Emerging players
- B. Riley Real Estate: Boutique real estate advisory and capital markets practice within the broader B. Riley Financial platform. Comparable to Aztec in offering CRE-focused investment sales and capital markets advisory, though with a different parent-firm distribution model.
Regional players
- JLL Hotels & Hospitality: Global hospitality-focused real estate services and capital markets division within JLL. Directly overlaps with Aztec's hospitality investment sales and capital markets platform (where Boaz Ashbel focuses), though as part of a much larger global hospitality practice.
Broad incumbents
- JLL Capital Markets: Global real estate services giant with one of the largest CRE capital markets platforms (incorporating the legacy HFF franchise). Overlaps substantially with Aztec's debt placement, equity placement, and investment sales businesses, but at vastly greater scale and as part of a full-services platform.
- CBRE Capital Markets: World's largest commercial real estate services firm, with a dominant global capital markets practice spanning debt origination, equity placement, investment sales, and structured finance. Provides overlapping capabilities with Aztec but as one offering within a comprehensive services platform.
- Cushman & Wakefield: Global CRE services firm with a sizable capital markets division providing debt, equity, investment sales, and valuation across all major asset classes. Comparable capability set to Aztec, though operating globally with much broader service-line breadth.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat4 records
Key risks6 records
Key highlights6 records
Customer concentration
Aztec Group social profiles
Digital presenceAztec Group financial estimates
Financial estimateRevenue estimate
Valuation estimate
Aztec Group leadership team
Management profileNumber of profiles
Profiles6 records
Aztec Group funding detail
Funding detailFunding overview
Funding rounds4 records
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Aztec Group M&A and investment
M&A and investmentM&A
Investments1 record
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Aztec Group
What does Aztec Group do?
Aztec Group is a boutique real estate investment banking and merchant banking firm that arranges debt and equity capital, executes investment sales and joint ventures, and provides custom merchant banking equity solutions for commercial real estate owners, developers, and institutional investors across the continental United States. The firm operates across six real estate product types — multifamily, retail, hospitality, office, industrial and storage, and land and specialty — and structures the full capital stack from equity to permanent financing. Founded in 1981, the firm has been involved in over $12 billion in closed transactions as a principal and as an intermediary/broker.
Is Aztec Group a public or private company?
Aztec Group is a private company. It is classified as venture growth investor backed and is currently operating.
When was Aztec Group founded?
Aztec Group was founded in 1981. It employs 51 to 100 people.
Where is Aztec Group based?
Aztec Group is headquartered in Miami, United States, in the North America region.
How does Aztec Group make money?
Two revenue lines are on record. Capital Markets & Brokerage Fees are the primary driver. The others are merchant Banking / Principal Investing.
Who are Aztec Group's main competitors?
Direct peers on record are Marcus & Millichap, Eastdil Secured, Newmark Group, Walker & Dunlop and Greystone & Co.. B. Riley Real Estate is listed as an emerging player. JLL Hotels & Hospitality is listed as a regional player. Broad incumbents are JLL Capital Markets, CBRE Capital Markets and Cushman & Wakefield.
Does Aztec Group have an API?
No public API is recorded for Aztec Group.
What industry is Aztec Group in?
Aztec Group's product category is Commercial Real Estate Investment Banking. Its primary akta.pro industry code is FSAEAGAE, Corporate Finance Advisory (Strategic Finance, Capital Structure & Recaps), with a secondary code of FSABACAH, Real Estate (Commercial Property, REITs). Its NAICS code is 523999 and its SIC code is 6162.