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Small Axe Podcast

Jul 26, 2021

In today’s episode, we got two incredible speakers sharing with us, Nick Earls and Eric DiNicola. Nick and Eric are real estate investors focusing on multifamily. They purchase and syndicate large multifamily properties in the Southeast and develop luxury multifamily condominiums in the Boston market.  They also develop affordable housing and have experience with land entitlement.

Nick is the co-founder and managing principal of Winterspring Capital. He is an expert on multifamily condominium development, underwriting, and asset management in the multifamily space and is the author of the top-rated book “Making Millions through Multi-Family Development.” Eric is the co-founder and managing principal of Winterspring Capital, has a strong financial background spanning over a decade. Heading up their acquisitions team, Eric leans on his extensive broker network to keep Winterspring's deal pipeline full.

Let’s listen to Nick and Eric to learn more about their incredible stories.

[00:01 – 07:27] Opening Segment

  • Let’s get to know  Nick Earls and Eric DiNicola.
  • Nick and Eric share their background and how they got to where they are today.

[07:28 – 17:08]The Affordability Question

  • How they start their business ‘Winter-Spring Capital’ together.
  • Nick and Eric talk about their first condo development.
  • Involvement of investors.
  • Expansion and investment out of the state.
  • The positive and negative side of being an investor in Boston.
  • The politics and bureaucracy aspect.
  • The effect of the Covid19 pandemic on the market and their business.
  • Why multifamily and what to consider?
    • Diversifying risk.
  • The affordability question.
  • Subsidize affordable housing development.

[17:09 – 23:30] Structuring A Dynamic Partnership 

  • The market focus.
  • Broker relations.
  • Certain unit counts 
  • The teamwork in underwriting.
  • How to structure a partnership.
  • Nick and Eric talk about their roles in the business.
  • The dynamic of their teamwork.

[23:31 – 28:09] Capital Raising

  • The start of their capital-raising process.
  • Building a good platform and networking
  • The confidence in raising capital.
  • The benefits of working with a team.
  • The main matrix in returns
  • The direction of Winter Spring Capital


[28:10 – 30:55] Closing Segment

  • If your great-great grandkids are to write a book about you, how would you like it to be titled? 
    • Nick: The renaissance man.
    • Eric: The generous giants
  • Connect with Nick and Eric 
    • See the links below. 
  • Final words from me.

Tweetable Quotes:

“The affordability question is one of the biggest elephants in the room in the real estate industry .” - Nick Earls. 

“Multifamily provides much more stable and less risky cash flow for us and our investors..” - Eric DiNicola.

“We do not want to do all this so we could just sit on this money, but we want to make a difference and ultimate security ” - Eric DiNicola.


Find out more and connect with Nick and Eric via email at and, Instagram, and Facebook. You can also visit their websites at

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