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)
Reports
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:
- Preferred Return Non-Compounded Annual
- Preferred Return Non-Compounded Annual Solution
- Preferred Return Compounded Monthly
- Preferred Return Compounded Monthly Solution
- 3-Tier Annual Waterfall with Look-Back
- Double-Promote Profit Sharing
- Double-Promote Monthly Waterfall # 1 with Look-Back
- Exercise – Rebuild Tier #3
- Double-Promote Monthly Waterfall #2 with Look-Back
- Double Promote Returns Summary Exhibit
- Alternate Compounding Periods
- Sample Partnership Structure 1
- Sample Partnership Structure 2
- Sample Partnership Structure 3
- Claw-Back.