Real Estate Financial Modeling Tools

Professional Version: Mixed-Use Apartment/Multi-Family Building Ground-Up Development Pro-Forma Template



Academic / U.S. Military Price

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 Download the Assumptions tab in Excel (no formulas)

 Download Sample PDF Reports


An Excel-based analysis tool for the ground-up development, hold and eventual disposition of an apartment/multi-family rental building with or without ground-floor retail and with or without income-producing parking. 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
  • S-Curve distribution of Soft Costs by individual line item
  • No circular references impacting the calculation of the construction loan size and funded interest
  • Copy/paste tab for “next buyer” analysis to be housed and presented in REFM’s Valuate® web-based software

Functional Highlights

  • Fee simple land purchase or a ground lease
  • Sponsor land equity
  • Land loan with paid-current or accruing interest; loan is replaced by the Senior Loan
  • Up to two construction phases with associated unit lease-up schedules
  • Dynamic hard cost allocation based off of a Bell-Shaped curve
  • Separate unit mixes, rents and absorption for market rate and affordable/rent-controlled units
  • Up to five retail tenants with percentage rent, escalations by % and/or step, and free rent
  • Valuation and disposition of the retail component independently of the residential component
  • Up to two layers of construction financing and a permanent takeout loan
  • Up to three joint venture equity partnership players with associated 5-tier IRR-based waterfalls (double-promote structure is supported)

Equity and Debt Financing Default Settings

The model is set up to reflect the following:

  • Sponsor invests in full, then Partner (if any), then Third Party Investor (if any)
  • Any operating and financing deficits are funded by Equity on a pro-rata basis
  • Mezzanine Loan funds prior to Senior Loan, has current cash interest payments, and is repaid from Operating Cash Flow
  • Senior Loan funds last and has Funded Fees and a Funded Interest Reserve with an option to switch to cash interest payments at a user-input milestone
  • Senior Loan is repaid from net sales proceeds of apartment building and retail unit dispositions, or from refinancing proceeds from Permanent Loan.

Model Tabs

1    Back of the Envelope Model
2    Assumptions Input
3    Building Stacking Plan Input
4    Apartment Unit Mix and Operating Expenses Input
5    Monthly Sources and Uses of Funds Input
6    Monthly Cash Flow Exhibit
7    Master Retail Leasing Exhibit
8    Retail Tenant 1 Input
9    Retail Tenant 2 Input
10  Retail Tenant 3 Input
11  Retail Tenant 4 Input
12  Retail Tenant 5 Input
13  Annual Sources & Uses Exhibit
14  Quarterly Sources & Uses Exhibit
15  Annual Cash Flow Exhibit
16  Quarterly Cash Flow Exhibit
17  Capital Structure Exhibit
18  Joint Venture Partnership Structure Exhibit
19  Monthly Waterfall #1 Exhibit
20  Monthly Waterfall #2 Exhibit
21  Joint Venture Partnership Returns Summary Exhibit – 3 Equity Players
22  Joint Venture Partnership Returns Summary Exhibit – 2 Equity Players
23  Land Acquisition Costs Schedule Input
24  Soft Costs Budget Schedule Input – Phase 1
25  Soft Costs Budget Schedule Input – Phase 2
26  Hard Costs Budget Schedule Input – Phase 1
27  Hard Costs Budget Schedule Input – Phase 2
28  Monthly Retail TI and LC Amortization Schedule Exhibit
29  Monthly Permanent Loan Amortization Schedule Exhibit
30  Project Gantt Chart
31  Monthly Construction Bell Curve Lookup Table

Model Timeline

31 years (expandable)


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

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 ($179 value)

Equity Joint Venture Partnership and Waterfall Modeling Bootcamp Video Tutorial included with purchase

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

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