Capability 01

Acquisition Underwriting and Pro Forma.

Institutional grade property level underwriting designed for investment committees, lender credit teams, and sophisticated capital partners.

Every model is constructed from the asset upward. Beginning with the rent roll and T 12 normalisation, advancing through projected cash flows, debt structure, and exit assumptions. The result is a defensible, auditable, dynamic model ready for IC presentation.

10 Year
Cash flow horizon
Monthly
Operational granularity

Deliverables

  • Rent roll build with lease level cash flows and rollover assumptions
  • T 12 normalisation and forward operating expense projections
  • Monthly cash flow model across 10 year hold period
  • Debt sizing module with DSCR and LTV constraints
  • Levered and unlevered IRR, MOIC, equity multiple, NPV
  • Exit cap rate reversion and sale year sensitivity
  • Two way data tables for key value drivers
  • Investment committee summary dashboard
Capability 02

Development Feasibility and Construction Underwriting.

Ground up and value add feasibility analysis built for sponsors, developers, and lenders evaluating new construction or major repositioning opportunities.

Models track land acquisition through construction, lease up, and stabilised exit. Every assumption is auditable. Every output is mapped to a defensible cost or revenue line. Development margin, yield on cost, and profit on cost calculated alongside levered project returns.

Full Stack
Land to exit modelling
Draw Schedule
Construction phasing

Deliverables

  • Land acquisition and pre development cost build up
  • Hard and soft construction cost schedule with contingency
  • Construction draw schedule and interest reserve modelling
  • Lease up curve and stabilised occupancy projections
  • Development margin, profit on cost, yield on cost
  • Construction to permanent loan structure modelling
  • Sensitivity across construction cost, rent, and timing
  • Project IRR and equity multiple to sponsor and investors
Capability 03

Equity Waterfall and Fund Structuring.

Multi tier GP and LP waterfall structures designed for fund vehicles, syndications, and joint ventures with sophisticated capital partners.

Each waterfall is built with full capital account tracking, preferred return accrual, catch up logic, and tier specific promoted interest calculations. Designed to scale from single asset JV structures to multi vintage fund vehicles.

4 Tier
Standard waterfall depth
Capital Accounts
Full LP tracking

Deliverables

  • Multi tier GP and LP waterfall with full capital accounts
  • Preferred return accrual and compounding logic
  • Catch up provisions, structured tiers
  • Promoted interest and carried interest calculations
  • European vs American waterfall variants
  • Quarterly distribution schedule by investor class
  • LP level IRR, MOIC, and DPI tracking
  • Investor reporting pack with scenario toggling
Capability 04

Debt and Capital Structuring.

Lender ready debt analysis covering construction loans, permanent financing, mezzanine, and structured capital. Built for sponsors negotiating with senior lenders and for lenders sizing credit exposure.

Models structure debt from sponsor and lender perspectives. Loan sizing, covenant testing, interest reserve accounting, and DSCR stress analysis are integrated into the underwriting workflow rather than bolted on.

Full Stack
Senior to mezzanine
Covenant Test
DSCR and DY tracking

Deliverables

  • Construction to permanent loan structure
  • Senior, mezzanine, and structured debt layers
  • Loan sizing under DSCR, LTV, and debt yield constraints
  • Interest reserve and capitalised interest modelling
  • Covenant testing across hold period
  • Debt service schedule and amortisation profiles
  • Refinance scenarios and cash out analysis
  • Lender presentation pack and credit memo support
Capability 05

Scenario and Sensitivity Analysis.

Sophisticated sensitivity testing across the variables that move real estate returns. Built to support IC discussion, investor Q and A, and stress testing across cycles.

Standard delivery includes two way data tables across rent growth and exit cap, tornado analysis on key value drivers, and scenario manager with Base, Upside, and Downside cases mapped to operating assumptions.

3 Case
Base, Up, Down scenarios
8+ Variables
Tornado sensitivity

Deliverables

  • Two way data tables across primary value drivers
  • Tornado analysis on rent, exit cap, costs, and timing
  • Scenario manager with Base, Upside, Downside cases
  • Recession scenario with downside stress test
  • Construction cost sensitivity for development deals
  • Lease up timing and absorption scenarios
  • Exit timing and sale year analysis
  • Probability weighted return distribution
Capability 06

Investment Memos and Capital Raise Materials.

Written and visual materials that translate the model into a decision document. Investment committee memos, executive summaries, and capital raise pitch decks formatted for sophisticated institutional audiences.

Every deliverable is structured to anticipate the questions an IC, an LP advisory committee, or a lender credit team will actually ask. Quantitative outputs are paired with qualitative narrative, market context, and risk framework discussion.

IC Ready
Decision document format
LP Tested
Capital raise standard

Deliverables

  • Investment committee memo, 15 to 25 page format
  • Executive summary, 2 to 4 page format
  • Capital raise pitch deck financial pages
  • Market context and submarket analysis
  • Comparable transaction analysis
  • Risk and mitigation framework
  • Returns summary tables and exit waterfall
  • Visual dashboard and chart pack for presentation

Have a specific mandate in mind?

The firm structures every engagement around the deliverables and timeline that matter to the transaction. Fees on enquiry.

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