Real Estate Financial Modeling’s

Apartment / Multi-family Building Acquisition Pro Forma
Excel Templates

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REFM modeling services consulting clients include

REFM modeling services consulting clients

That’s why we offer a suite of professionally developed Excel-based models for
apartment building acquisition financial modeling, from core through value add.
All of our pro forma templates are 100% unlocked Excel files.
That’s why we offer a suite of professionally developed Excel-based models for
apartment building acquisition financial modeling, from core through value add. All of our pro forma templates are 100% unlocked Excel files.

B.O.T.E.

Free

Fastest basic feasibility by solving for a post-renovation stabilized yield on cost and payback period

Multi-Year B.O.T.E.

Starting at $69

Rapid feasibility based on before-tax IRR, net profit, multiple on equity, payback period and NPV

Standard Pro Forma

Starting at $499

Detailed analysis generating a before-tax IRR, net profit, multiple on equity, payback period and NPV

Professional Pro Forma

Starting at $999

Detailed analysis generating after-tax IRR, net profit, multiple on equity, payback period and NPV

Discounted Academic and U.S. Military pricing is available. Get verified here.

Designed by Robert A.M. Stern

Underwritten with REFM’s Professional Pro Forma

The Gramercy
Arlington, VA
Designed by Robert A.M. Stern
Underwritten with REFM’s
Professional Pro Forma

Free
Back Of The Envelope Analysis Tool

Free to All; Instant Download

This product is best suited for

Fastest possible basic feasibility for an apartment property acquisition by solving for an existing stabilized or a post-renovation stabilized yield on cost

Overview

Trying to solve for a stabilized yield on cost following a renovation program, or for a core acquisition? Our B.O.T.E. free tool is a 100% unlocked Excel file suited for the fastest basic feasibility assessment. By design, it does not output profit or IRR values because it is purposefully not a multi-period analysis.

For value add, a blended average building-level approach is used to simulate the income and expense profiles of both pre- and post-renovated unit states. By design, there is no rent roll or unit mix, and the model does not key off of specific unit rollovers and renovations. Rather, it approximates the unknown sequencing of the unit rollovers using an average unit renovation budget and the aforementioned blended average income and expense values.

The model has fully transparent formulas that can be further tailored to suit the particulars of your transactions.

What is a back of the envelope analysis?

A back of the envelope, or “BOTE” analysis, is intended to give you a broad brushstroke view of the economic feasibility of a potential transaction. This is known as checking to see if a deal will “pencil” i.e., whether the reward is sufficient for the risk. BOTE-level analysis is used to quickly screen potential deals in and out of one’s deal pipeline. A high level of detail is purposefully forfeited in BOTEs for the sake of speed of execution. Sometimes BOTEs are referred to as a “quick and dirty” analysis or a “static” analysis, as the passage of time is deliberately ignored. As this is a value add context, we do however provide 2 years’ worth of projection capability to allow you to simulate stabilization following a Year 1 renovation program.

User-friendly Features

  • Compatible with Excel on PC, Mac, iPad and Android tablets
  • Includes detailed annotations of input cells
  • Data validation protections to prevent faulty inputs

Functional Highlights

The model supports the following:

  • Use of T12, T9, T6 or T3 historical data for inputting income and expenses
  • One layer of acquisition financing (amortizing or interest-only, or amortizing with an interest-only period)
  • Ability to renovate units and achieve a subsequent rent bump.

Model Timeline

2 years

Model Tabs

1 tab

Reports

The analysis prints neatly on a single 8.5 x 11 page in portrait orientation.

 Download Sample PDF Report

Support

Support is available through our online ticket system.

Free Back Of The Envelope Apartment Building Acquisition Analysis Template

$0.00

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Multi-Year
Back Of The Envelope Analysis Tool

Pricing from $69.00 | Academic and U.S. Military pricing from $29.00 (get verified)

This product is best suited for

Rapid feasibility for a core or value add apartment building acquisition based on before-tax IRR, net profit, multiple on equity, average cash on cash, payback period and NPV outputs

Overview

Trying to solve for both a stabilized yield on cost following a renovation program and an IRR after exit, whether core or value add? Our Multi-Year B.O.T.E. tool is a 100% unlocked Excel file suited for more nuanced, yet quick, feasibility assessment.

For value add, a blended average building-level approach is used to simulate the income and expense profiles of both pre- and post-renovated unit states. By design, there is no rent roll or unit mix, and the model does not key off of specific unit rollovers and renovations. Rather, it approximates the unknown sequencing of the unit rollovers using an average unit renovation budget and the aforementioned blended average income and expense values.

The model has fully transparent formulas that can be further tailored to suit the particulars of your transactions.

While static BOTE feasibility analysis focuses in on Purchase Price as it relates to the post-renovation stabilized cap rate, a multi-period BOTE allows you to see this stabilized yield on cost and also take a deeper cut at Purchase Price price based on targeted investment key performance indicators such as IRR and net profit.

User-friendly Features

  • Compatible with Excel on PC, Mac, iPad and Android tablets
  • Includes detailed annotations of input cells
  • Automatic hiding of extraneous data and dynamic graph sizing

  • Data validation protections to prevent faulty inputs

Functional Highlights

  • Use of T12, T9, T6 or T3 historical data for inputting income and expenses
  • One layer of acquisition financing (amortizing or interest-only, or amortizing with an interest-only period)
  • Ability to renovate units over multiple years and achieve subsequent rent bumps
  • Two-way sensitivity tables that reveal returns hardiness:
    • IRR and Multiple based on changes in Purchase Price vs. Exit Cap
    • IRR and Multiple based on changes in Renovation Cost vs. Rent Increase.

Model Timeline

11 years

Model Tabs

1 tab

Reports

The analysis prints neatly on a single 8.5 x 11 page in landscape orientation.

 Download Sample PDF Report

License Type and Multiple User Pricing

Licenses are sold on a per-user basis
Multi-user pricing quotes are available here

Included With Purchase

  • Blank template (inputs are all set to zero)
  • Template with a sample deal loaded in
  • Ability to upgrade to the Standard or Professional models by just paying the difference in price

Support Options

Standard and Priority Support are available.

  • Standard Support provides email-based support through our ticketing system.
  • Priority Support is front of line, screenshare-based assistance. This level of support was previously only available to REFM consulting clients.

Multi-Year Back Of The Envelope Apartment Building Acquisition Analysis Template

$69.00$89.00

-

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SKU: 917 Category:

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Support Level

Standard Support, Priority Support

Standard Version
Mixed-Use Apartment/Multi-Family Building Acquisition and
Individual Unit Renovation Pro-Forma Template

Pricing from $499.00 | Academic and U.S. Military pricing from $299.00 (get verified)

 Download the Assumptions tab in Excel (no formulas)

This product is best suited for

Detailed monthly-based analysis of a core or value add apartment building acquisition generating a before-tax IRR, average cash on cash, net profit, multiple on equity, payback period and NPV

Overview

Trying to solve for equity partner-level pre-income tax returns on a value-add or core play? Our Standard Version tool is a 100% unlocked Excel file suited for a highly granular level of property and investment analysis across the entire risk profile spectrum.

For value add, a blended average approach for up to each of 4 unit types (e.g., studio, 1/1, 2/2, 3/2, or market rate vs. affordable)  is used to simulate their construction and remarketing budgets and timelines, operating savings, rent premiums and rent growth schedules. A detailed renovation budget is provided that allows for a base program cost and variations on that base program by unit type, including an optional diminished scope for subsets of units within each unit type.

The model has fully transparent formulas that can be further tailored to suit the particulars of your transactions.

* Includes the Multi-Year Back Of The Envelope Analysis Tool, a $69 value

User-friendly Features

  • Compatible with Excel on PC and Mac
  • Searchable PDF User Guide
  • Detailed annotations tied to select cells
  • Two-page assumptions input and reporting screen optimized for dashboard-style viewing
  • Persistent calculation checks and data validation protections to prevent faulty inputs
  • Hyperlink navigation enables fast, intuitive movement across all tabs

Functional Highlights

  • Quick inputting of the apartment unit mix only instead of the entire rent roll, as well as full rent roll inputting with tagging of units as renovated vs. unrenovated

  • Renovation of 4 unit types modeled on a monthly basis, with post-renovation rent bump, and with or without post-renovation operating and maintenance savings for each unit type
  • Operating expense modeling based on either T12 values grown, or independent inputs

  • Tenant buyout modeling
  • Simultaneous two-variable sensitivity analysis tables.

Debt Capabilities

Common to both loans

  • amortizing or interest only, or amortizing with an interest-only period
  • fixed or floating rate, with option for floating rate floor
  • interest rate calculation bases of 30/360, 365/365, Actual/360

Senior acquisition loan

  • funding at transaction closing
  • holdback of 100% LTC of renovation budget

Optional subsequent refinancing

  • sized as the lesser of LTV, DSCR and Debt Yield tests
  • cash-out excess proceeds are available if the loan sizing permits.

Equity Capabilities

Positions supported

  • sponsor/owner (GP)
  • third party investor (LP)

Investment

  • Pari Passu at closing and any post-closing operating-, financing- and capital item-related deficits

Distributions

Cash flow waterfall

  • Pref Tier: Pari Passu Preferred Return (includes return of capital)
    • IRR hurdle is based on the performance of the third party investor’s invested dollars with daily compounding (XIRR-based)
  • Tier 1: above the Pref tier XIRR through a final hurdle, with sponsor promote defined as share of tier cash flow above and beyond the sponsor deal ownership position share
  • Tier 2: residual profit split with sponsor promote share.

Model Timeline

11 years

Model Tabs

1     Rent Roll Inputs
2     Assumptions Inputs
3     Detailed Renovation Budget Inputs
4     Capital Structure Exhibit
5     Monthly Cash Flow Inputs
6     Annual Cash Flow Exhibit
7     Stabilized Pro-Forma Exhibit
8     Sensitivity Tables Exhibit
9     Renovation Timing Exhibit
10   Joint Venture Partnership Structure Exhibit
11   IRR Waterfall Exhibit
12   Joint Venture Returns Summary Exhibit
13   Floating Interest Rate Index Inputs
14   Acquisition Loan Monthly Amortization Schedule Exhibit
15   Permanent Loan Monthly Amortization Schedule Exhibit

Reports

  • Institutional-quality print-ready reporting tabs are brandable to your company

See Sample Reports here

Included With Purchase

  • Blank template (inputs are all set to zero)
  • Template with a sample deal loaded in
  • Searchable PDF User Guide
  • Multi-Year Back Of The Envelope Analysis Tool, an $89 value
  • Ability to upgrade to the Professional model by just paying the difference in price

Support Options

Standard and Priority Support are available.

  • Standard Support (included in base price) provides email-based support through our ticketing system.
  • Priority Support (+$100) is front of line, screenshare-based assistance. This level of support was previously only available to REFM consulting clients.

Standard Version: Apartment/Multi-Family Building Acquisition and Individual Unit Renovation Pro-Forma Template

$499.00$599.00

-

Academic / U.S. Military Price

To get discounted pricing, click Credentials Verification in the header and follow the instructions. Once you are approved, the discounted pricing will show.



 Download the Assumptions tab in Excel (no formulas)

 Download Sample PDF Reports

Clear
Want a discount? Become a member.
SKU: 365 Category:

An Excel-based spreadsheet analysis tool for the acquisition of an existing apartment/multi-family rental building. Allows for modeling of the renovation of individual apartment units while continuing to operate the building, identifying and highlighting the income generation and cost savings resulting from the individual unit improvement program.

A blended average approach is used to simulate the income and expense profiles of both pre- and post-renovated unit states. In other words, while there is a rent roll input tab, the model does not key off of specific unit rollovers and renovations — it approximates the unknown sequencing of the unit rollovers using an average unit renovation budget and the aforementioned blended average income and expense values.

The model is monthly in nature, and it is a 100% unlocked Excel file with fully transparent formulas that can be further tailored to suit the particulars of your transactions.

User-Friendly Features

  • Compatible with both PC and Mac
  • Includes instructions for use, with detailed annotations tied to select cells
  • Two-page assumptions input and reporting screen optimized for dashboard-style viewing
  • Persistent calculation checks and data validation protections to prevent faulty inputs
  • Hyperlink navigation enables fast, intuitive access to all tabs
  • Institutional-quality print-ready reporting tabs that are brandable to your company
  • Includes copy/paste tab for “next buyer” analysis to be housed and presented in REFM’s Valuate web-based software

Functional Highlights

The model supports the following:

  • Quick inputting of the apartment unit mix only instead of the entire rent roll, as well as full rent roll inputting with tagging of units as renovated vs. unrenovated
  • Unit batch, or unit-by-unit renovation of the apartments modeled on a monthly basis, with post-renovation rent bump, and with or without post-renovation operating and maintenance savings
  • Tenant buyout modeling
  • One layer of acquisition financing (amortizing or interest-only, or amortizing with an interest-only period), and a subsequent refinancing through an amortizing permanent loan with or without a interest-only period
  • Up to two joint venture equity partnership players, with an IRR-based Preferred Return and a residual cash flow split
  • Simultaneous two-variable sensitivity analysis.

Model Tabs

0    Model Overview and Instructions
1    Back of the Envelope Model
2    Rent Roll Inputs
3    Assumptions Inputs
4    Capital Structure Exhibit
5    Monthly Cash Flow Inputs
   Annual Cash Flow Inputs
7    Renovation Timing Exhibit
8    Joint Venture Partnership Structure Inputs
9    Stabilized Pro-Forma Exhibit
10  Joint Venture Returns Summary Exhibit
11  Profit Splitting Exhibit
12  Sensitivity Tables Exhibit
13  Acquisition Loan Monthly Amortization Schedule Exhibit
14  Permanent Loan Monthly Amortization Schedule Exhibit

Model Timeline

11 years (expandable)

Reports

Print-ready, brandable reports are included in the model. See the Sample Reports link above.

License Type And Multiple-User Pricing

Licenses are sold on a per-user basis
Multi-user pricing quotes are available here

Included With Purchase

  • Blank template (inputs are all set to zero) and a version of the template with a sample deal loaded in
  • 1 year of online ticket-based support
  • Ability to upgrade to the Pro model by just paying the difference in price

Need more power or flexibility?
Support Level

Standard Support, Priority Support

Professional Version
Mixed-Use Apartment/Multi-Family Building Acquisition and
Individual Unit Renovation Pro-Forma Template

Pricing from $999.00 | Academic and U.S. Military pricing from $649.00 (get verified)

 Download the Assumptions tab in Excel (no formulas)

This product is best suited for

Detailed monthly-based analysis of a core or value add apartment building acquisition generating a before- and after-tax IRR, average cash on cash, net profit, multiple on equity, payback period and NPV

Overview

Trying to solve for equity partner-level after-tax tax returns on a value-add or core play? Our Professional Version tool is a 100% unlocked Excel file suited for a highly granular level of property and investment analysis across the entire risk profile spectrum.

For value add, a blended average approach for up to each of 7 unit types (e.g., studio, 1/1, 2/2, 3/2, or market rate vs. affordable)  is used to simulate their construction and remarketing budgets and timelines, operating savings, rent premiums and rent growth schedules. A detailed renovation budget is provided that allows for a base program cost and variations on that base program by unit type, including an optional diminished scope for subsets of units within each unit type.

The model has fully transparent formulas that can be further tailored to suit the particulars of your transactions.

* Includes the Multi-Year Back Of The Envelope Analysis Tool, a $69 value

** Also includes the Standard Version Analysis Tool, a $499 value

User-friendly Features

  • Compatible with Excel on PC and Mac
  • Searchable PDF User Guide
  • Detailed annotations tied to select cells
  • Two-page assumptions input and reporting screen optimized for dashboard-style viewing
  • Persistent calculation checks and data validation protections to prevent faulty inputs
  • Hyperlink navigation enables fast, intuitive movement across all tabs

Functional Highlights

  • Quick inputting of the apartment unit mix only instead of the entire rent roll, as well as full rent roll inputting with tagging of units as renovated vs. unrenovated

 

  • Renovation of 4 unit types modeled on a monthly basis, with post-renovation rent bump, and with or without post-renovation operating and maintenance savings for each unit type
  • Operating expense modeling based on either T12 values grown, or independent inputs

 

  • Conversion of any affordable/rent-controlled units to fair market, on a monthly basis, including tenant buyout cases
  • Simultaneous two-variable sensitivity analysis tables.

Debt Capabilities

Common to all loans

  • amortizing or interest only, or amortizing with an interest-only period
  • fixed or floating rate, with option for floating rate floor
  • interest rate calculation bases of 30/360, 365/365, Actual/360

Senior acquisition loan

  • initial funding at or after transaction closing
  • future funding or holdback of up to 100% LTC of renovation budget and operating and financing deficits during a finite availability period

Mezzanine loan

  • funding at or after transaction closing

Optional subsequent refinancing

  • sized as the lesser of LTV, DSCR and Debt Yield tests
  • cash-out excess proceeds are available if the loan sizing permits.

Equity Capabilities

Positions supported

  • sponsor/owner (GP)
  • partner (Co-GP)
  • third party investor (LP)

Investment

  • Pari Passu at closing and for any post-closing operating-, financing- and capital item-related deficits not funded by debt

Distributions

Cash flow waterfall 1 (GP/LP structure)

Hybrid LP IRR- and LP Equity Multiple-based, with return of capital coming either from both operating cash flow and capital events, or exclusively from capital events

  • Pref Tier: Preferred Return (includes return of capital), with optional sponsor participation pari passu
    • IRR hurdle is based on the performance of the LP’s invested dollars with daily compounding (XIRR-based)
    • Optional minimum equity multiple to the LP if IRR-related distributions do not satisfy the threshold
  • Tiers 1, 2, and 3:
    • IRR- and any optional minimum equity multiple-related cash flows above the prior tier through the current tier hurdle(s)
    • sponsor promote at each tier defined as share of tier cash flow above and beyond the sponsor deal ownership position share
  • Tier 4: residual profit split with sponsor promote share; no equity multiple mechanics.

Cash flow waterfall 2 (GP/Co-GP structure)

Hybrid Co-GP IRR- and Co-GP Equity Multiple-based (same mechanics as waterfall 1, with return of capital coming from the setting in waterfall 1)

  • Pref Tier: Preferred Return (includes return of capital), with optional sponsor participation pari passu
    • IRR hurdle is based on the performance of the Co-GP’s invested dollars with daily compounding (XIRR-based)
    • Optional minimum equity multiple to the Co-GP if IRR-related distributions do not satisfy the threshold
  • Tiers 1, 2, and 3:
    • IRR- and any optional minimum equity multiple-related cash flows above the prior tier through the current tier hurdle(s)
    • GP promote at each tier defined as share of tier cash flow above and beyond the sponsor deal ownership position share
  • Tier 4: residual profit split with sponsor promote share; no equity multiple mechanics.

Model Timeline

11 years

Model Tabs (update)

0     Model Overview and Instructions
1     Back of the Envelope Model
2     Rent Roll Inputs
3     Assumptions Inputs
4     Capital Structure Exhibit
5     Master Retail Leasing Exhibit
6     Retail Tenant 1 Inputs
7     Retail Tenant 2 Inputs
8     Retail Tenant 3 Inputs
9     Retail Tenant 4 Inputs
10   Retail Tenant 5 Inputs
11   Monthly Cash Flow Inputs
12   Annual Cash Flow Inputs
13   Renovation Timing Exhibit
14   Joint Venture Partnership Structure Exhibit
15   Monthly IRR Waterfall #1 Exhibit
16   Monthly IRR Waterfall #2 Exhibit
17   Sensitivity Tables Exhibit
18   Stabilized Pro Forma Executive Summary Exhibit
19   Joint Venture Partnership Returns Summary – 3 Players Exhibit
20   Joint Venture Partnership Returns Summary – 2 Players Exhibit
21   Senior Acquisition Loan Monthly Amortization Schedule Exhibit
22   Mezzanine Acquisition Loan Monthly Amortization Schedule Exhibit
23   Permanent Loan Monthly Amortization Schedule Exhibit
24   Retail TI and LC Amortization Exhibit

Reports (update)

Institutional-quality

Brandable

Included With Purchase

  • Blank template (inputs are all set to zero)
  • Template with a sample deal loaded in
  • Searchable PDF User Guide
  • Multi-Year Back Of The Envelope Analysis Tool, an $89 value
  • Standard Version Analysis Tool, a $499 value

Support Options

Standard and Priority Support are available.

  • Standard Support (included in base price) provides email-based support through our ticketing system.
  • Priority Support (+$100) is front of line, screenshare-based assistance. This level of support was previously only available to REFM consulting clients.

Professional Version: Mixed-Use Apartment/Multi-Family Building Acquisition and Individual Unit Renovation Pro-Forma Template

$999.00$1,099.00

-

Academic / U.S. Military Price

To get discounted pricing, click Credentials Verification in the header and follow the instructions. Once you are approved, the discounted pricing will show.

Clear
Want a discount? Become a member.
SKU: 82 Category:

An Excel-based spreadsheet analysis tool for the acquisition of an existing apartment/multi-family rental building with or without retail and income-producing parking components. Allows for modeling of the renovation of individual apartment units while continuing to operate the building, identifying and highlighting the income generation and cost savings resulting from the individual unit improvement program.

A blended average approach is used to simulate the income and expense profiles of both pre- and post-renovated unit states. In other words, while there is a rent roll input tab, the model does not key off of specific unit rollovers and renovations — it approximates the unknown sequencing of the unit rollovers using an average unit renovation budget and the aforementioned blended average income and expense values.

The model is monthly in nature, and it is a 100% unlocked Excel file with fully transparent formulas that can be further tailored to suit the particulars of your transactions.

User-Friendly Features

  • Compatible with both PC and Mac
  • Includes instructions for use, with detailed annotations tied to select cells
  • Two-page assumptions input and reporting screen optimized for dashboard-style viewing
  • Persistent calculation checks and data validation protections to prevent faulty inputs
  • Hyperlink navigation enables fast, intuitive access to all tabs
  • Institutional-quality print-ready reporting tabs that are brandable to your company

Functional Highlights

The model supports the following:

  • Differentiation between fair market and any affordable/rent-controlled units with respect to rent growth, operating expenses, and unit renovation schedules and budgets
  • Quick inputting of the apartment unit mix only instead of the entire rent roll, as well as full rent roll inputting with tagging of units as renovated vs. unrenovated and fair-market vs. rent-controlled
  • Unit batch, or unit-by-unit renovation of the apartments modeled on a monthly basis, with post-renovation rent bump, and with or without post-renovation operating and maintenance savings
  • Conversion of any affordable/rent-controlled units to fair market, on a monthly basis, including tenant buyout cases
  • Two layers of acquisition financing (both senior and mezzanine amortizing or interest-only, or amortizing with an interest-only period), and a subsequent refinancing through an amortizing permanent loan with or without an interest-only period
  • Up to three joint venture equity partnership players, and up to two 5-tier IRR-based waterfalls (capable of supporting a double-promote structure for the Sponsor)

Model Tabs

0     Model Overview and Instructions
1     Back of the Envelope Model
2     Rent Roll Inputs
3     Assumptions Inputs
4     Capital Structure Exhibit
5     Master Retail Leasing Exhibit
6     Retail Tenant 1 Inputs
7     Retail Tenant 2 Inputs
8     Retail Tenant 3 Inputs
9     Retail Tenant 4 Inputs
10   Retail Tenant 5 Inputs
11   Monthly Cash Flow Inputs
12   Annual Cash Flow Inputs
13   Renovation Timing Exhibit
14   Joint Venture Partnership Structure Exhibit
15   Monthly IRR Waterfall #1 Exhibit
16   Monthly IRR Waterfall #2 Exhibit
17   Sensitivity Tables Exhibit
18   Stabilized Pro Forma Executive Summary Exhibit
19   Joint Venture Partnership Returns Summary – 3 Players Exhibit
20   Joint Venture Partnership Returns Summary – 2 Players Exhibit
21   Senior Acquisition Loan Monthly Amortization Schedule Exhibit
22   Mezzanine Acquisition Loan Monthly Amortization Schedule Exhibit
23   Permanent Loan Monthly Amortization Schedule Exhibit
24   Retail TI and LC Amortization Exhibit

Model Timeline

11 years (expandable)

Reports

Print-ready, brandable reports are included in the model. See the Sample Reports link above.

License Type And Multiple-User Pricing

Licenses are sold on a per-user basis
Multi-user pricing quotes are available here

Included With Purchase

  • Blank template (inputs are all set to zero) and a version of the template with a sample deal loaded in
  • Standard version of the template for crisp presentation of less complex deals
  • 1 year of online ticket-based support

SPECIAL BONUS included with purchase ($179 value)

Equity Joint Venture Partnership and Waterfall Modeling Video Tutorial

Learn the detailed mechanics of the waterfall structure in the template, and more.

Includes the following items, which never expire:

 Online access to an easily navigated 80-minute Video Tutorial, playable on any device including PC, Mac, phones and tablets

 PDF of the 60-slide presentation

 Accompanying fully-unlocked, annotated Excel file, compatible with both PC and Mac, with the following tabs:

  1. Preferred Return Non-Compounded Annual
  2. Preferred Return Non-Compounded Annual Solution
  3. Preferred Return Compounded Monthly
  4. Preferred Return Compounded Monthly Solution
  5. 3-Tier Annual Waterfall with Look-Back
  6. Double-Promote Profit Sharing
  7. Double-Promote Monthly Waterfall # 1 with Look-Back
  8. Exercise – Rebuild Tier #3
  9. Double-Promote Monthly Waterfall #2 with Look-Back
  10. Double Promote Returns Summary Exhibit
  11. Alternate Compounding Periods
  12. Sample Partnership Structure 1
  13. Sample Partnership Structure 2
  14. Sample Partnership Structure 3
  15. Claw-Back.
Don’t need so much horsepower?
Support Level

Standard Support, Priority Support

About REFM

Bruce Kirsch, REFAI
Founder & CEO

REFM is the premier financial modeling solutions provider for Excel-based pro forma for real estate transactions of all types.

Based in Atlanta, GA, REFM was founded by Bruce Kirsch in 2009. Mr. Kirsch is a recognized expert in Microsoft Excel-based financial modeling for real estate transactions. REFM has built Excel-based tools for Hines, Skanska, Four Seasons, CBRE Global Investors, Howard Hughes, Trammell Crow Residential and many others.  Mr. Kirsch is the co-author of Real Estate Finance and Investments: Risks and Opportunities, along with the founding chairman of The Wharton School’s Real Estate Department, Dr. Peter Linneman.

Mr. Kirsch holds an MBA in Real Estate from The Wharton School of the University of Pennsylvania, where he was awarded the Benjamin Franklin Kahn/Washington Real Estate Investment Trust Award for academic excellence. Prior to Wharton, Mr. Kirsch performed quantitative equity research on the technology sector at The Capital Group Companies. Mr. Kirsch served as an Adjunct Faculty member in real estate finance at Georgetown University School of Continuing Studies. Mr. Kirsch graduated with a BA in Communication from Stanford University.

Looking for self study products and access? Go to REFM's Courses Platform
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