About Mac

Donald H. (“Mac”) Graham, III is the Principal Broker of TFS Properties and is responsible for overseeing brokerage activities, transaction execution, and regulatory compliance across the firm. His career spans more than four decades and includes deep experience in real estate development, institutional finance, transaction structuring, and operational oversight.

Mac grew up in a commercial real estate development family and began his career working directly on large-scale development projects in Hawaii. His early experience included hands-on responsibility for high-rise condominium, office, and hotel developments, encompassing design coordination, construction oversight, sales and marketing, financial underwriting, and both interim and permanent financing. As project manager for the Mahana at Kaanapali condominium on Maui, he held end-to-end responsibility for development execution, capital structuring, construction loan administration, and closings, providing him with a foundational understanding of development risk, capital discipline, and execution realities.

After relocating to California, Mac opened and operated a mortgage banking office for a subsidiary of Philadelphia National Bank and later served as an investment banker with Merrill Lynch Capital Markets’ Real Estate Finance Group. In these roles, he worked on real estate financings, underwriting, and capital placement, further strengthening his expertise in institutional credit, deal structure, and financial analysis. As an independent real estate and mortgage broker, he prepared comprehensive financial pro formas and transaction analyses supporting acquisitions, dispositions, and financings across multiple property types.

In addition to his real estate career, Mac founded and led several technology companies focused on complex financial modeling and systems design. Most notably, he founded Waterfall-IRR Corporation, where he designed a sophisticated real estate deal-structuring and waterfall modeling platform that translated complex debt and equity relationships into scalable financial algorithms. The company and its technology were acquired by Intuit Corporation in 2008. This work reflects Mac’s unique ability to bridge real estate finance, analytical rigor, and structured execution.

Through TFS Properties, Mac brings a development-grounded and institutionally informed perspective to transaction oversight and compliance. His role supports the firm’s advisory mission by ensuring disciplined execution, regulatory integrity, and sound transactional practices across complex real estate engagements.