I’ve just wrapped up a new JV waterfall model with catch up clause that I am excited to share on the site. This model was built as an addition to my back-of-the envelope retail/industrial/office acquisitions model I posted a few weeks back. And like the acquisition model, I made an attempt to make this as intuitive as possible for […]
When lenders provide debt for a development project, they lend based on a Loan-to-Cost ratio (LTC), which is simply the percent of the total budget the lender will agree to lend to the borrower. So, if a project costs $10MM, and a lender loans $6MM, the lender is lending at a 60% LTC. However, the […]
Below is an overview of how LIHTC (low income housing tax credits) are calculated and applied to affordable housing projects. At the bottom of the post you will find downloadable excel files that correspond with the videos. LIHTC – An Overview LIHTC s are federal tax incentives given to the states who then award developers […]
In this post, I walk you through the A.CRE Mixed Use Development Model for Condo and Retail projects. The model is basically a reworked and expanded version of the Condo Development Model, so if you are familiar with that, this should feel and operate very similarly. This model can also be used as a condo […]
I’m excited to share the Pro Forma for Multifamily Renovation model with all of you. This multifamily renovation model is made to analyze value add apartment acquisition opportunities and has a lot of functionality that is meant to provide you an ability to get into the details and go unit by unit for up to […]
After posting the construction draw module that demonstrates how to calculate the true LTC of a development loan, I decided that since we have yet to publish a condo development model, to build upon that module to create one. This condominium model has a lot of really great functionality that will allow the user to […]
This is a dynamic amortization schedule for debt that gives the user the capability to model a loan with an interest only period up front and an amortizing floating rate debt repayment period once the interest only period is over. This module also allows the user to model other more straightforward scenarios such as an […]
I am excited to introduce our new Hotel Valuation (Acquisition) Model to underwrite both stabilized and value-add hotel opportunities. This hotel pro forma is designed to allow users to do everything from a quick back of the envelope exercise to a fulsome and detailed underwriting exercise in which the user can get into the weeds […]
The initial goal for the original Hotel Acquisition Model was to design a hotel proforma that would enable users to get deep into the weeds of practically every line item in their hotel analysis. Although I am super happy with how that hotel proforma has turned out, there are many instances where that model may […]
I’ve built a new acquisition model that I am excited to share with our readers. This is a back-of-the-envelope (BOE) valuation model that can be used for retail, office, and industrial properties. The goal was to create a sleek and clean look to the model that would enable a third party to easily understand what […]
I’ve decided to do a major overhaul of my last acquisitions model for office, industrial, and retail properties. There were a lot of things I wanted to change as well as add to the model and finally had a weekend to do it. This new and improved model includes both monthly and annual cash flows, […]
This is a 3-tiered debt module that will allow the user to add one to three tiers of debt to his or her real estate DCF model. Includes the option to layer in senior debt, secondary debt, and mezzanine debt; calculate interest on either a 30/360, actual/360, or actual/365 basis; and model additional proceeds (i.e. […]
This is an Excel model I originally built from scratch back in 2015 for quickly assessing multifamily redevelopment opportunities. It was designed to work best for scenarios where individual units will be rehabbed over the hold at varying times. It’s a simple way to quickly analyze the viability of this type of multifamily investment. Since […]
In the following video, I record my screen and narrative my steps as I build a basic construction draw schedule. I’ve also included the template and completed worksheets from this Watch Me Build exercise. Are you an Accelerator member? See the ‘Modeling Development Cash Flow course in the core curriculum. Additionally, if you’re an Accelerator […]
Every real estate developer eventually runs into an issue that reinforces, in vivid and, if unlucky, expensive detail, as to why good contracts and clean closeout processes exist. For me, RV@Olympic, our ground-up development of an RV park and campground near Olympic National Park, had a few reinforceable issues that thankfully, we were able to […]