REFM has built and consulted on Excel models for

REFM’s Apartment / Multi-family
Building Development
Pro Forma Analysis
Excel Templates

Trusted for 10+ years by top developers
“The model has changed the game for me
interacting with investors.”
“Your model is genius.”

REFM has built and consulted
on Excel models for

There’s a right tool for every job.

That’s why we offer a suite of professionally developed Excel models
for apartment building development financial modeling.

All of our templates are 100% unlocked Excel files without restrictions.

Multi-Year B.O.T.E., Standard and Professional Bundle

$1,999ENTIRE SUITE OF EXCEL TOOLS

Product >

PriceDescription
  • IDEAL FOR
  • Time Period Analyzed
  • Calculation Basis
  • Construction/Leasing
  • Affordable Apartments
  • Retail Tenants
  • Retail Sale
  • Debt and Equity Components

B.O.T.E.

FREEStatic Analysis
  • First analytical pass
  • Snapshot of today
  • Annual
  • 1 phase
  • No
  • Yes (1)
  • Sold with apartments
  • Construction Loan and Sponsor

Multi-Year B.O.T.E.

$179Annual Pro Forma
  • Second, deeper cut
  • Up to 10 years
  • Annual
  • 1 phase
  • No
  • Yes (1)
  • Sold with apartments
  • Construction Loan
  • Permanent Loan
  • Sponsor

Standard

$799Monthly Pro Forma
  • Detailed analysis
  • Up to 15 years
  • Monthly
  • 1 phase
  • Yes
  • Yes (1)
  • Can sell separately
  • Construction Loan
  • Permanent Loan
  • Sponsor
  • Third Party Investor

Professional

$1,499Monthly Pro Forma
  • Capital raising
  • Up to 30 years
  • Monthly
  • 1 or 2 phases
  • Yes
  • Yes (5)
  • Can sell separately
  • Land Loan
  • Mezzanine Loan
  • Construction Loan
  • Permanent Loan
  • Sponsor
  • Equity Partner
  • Third Party Investor

There’s a right tool for every job.

That’s why we offer a suite of professionally developed Excel models
for apartment building development financial modeling.

All of our templates are
100% unlocked Excel files
without any restrictions.

ENTIRE SUITE OF EXCEL TOOLS

$1,999Multi-Year B.O.T.E., Standard and Professional Pro Forma Bundle

B.O.T.E.

FREEStatic Analysis
  • Ideal for: First analytical pass
  • Time period analyzed: Snapshot of today
  • Calculation basis: Annual
  • Construction/leasing: 1 phase
  • Affordable units: No
  • Retail tenants: Yes (1)
  • Retail sale: Sold with apartments
  • Debt and equity supported: Construction Loan and Sponsor

Multi-Year B.O.T.E.

$179Annual Pro Forma
  • Ideal for: Second, deeper cut
  • Time period analyzed: Up to 10 years
  • Calculation basis: Annual
  • Construction/leasing: 1 phase
  • Affordable units: No
  • Retail tenants: Yes (1)
  • Retail sale: Sold with apartments
  • Debt and equity supported: Construction Loan, Permanent Loan, Sponsor

Standard

$799Monthly Pro Forma
  • Ideal for: Detailed analysis
  • Time period analyzed: Up to 15 years
  • Calculation basis: Monthly
  • Construction/leasing: 1 phase
  • Affordable units: Yes
  • Retail tenants: Yes (1)
  • Retail sale: Can sell separately
  • Debt and equity supported: Construction Loan, Permanent Loan, Sponsor, Third Party Investor

Professional

$1,499Monthly Pro Forma
  • Ideal for: capital raising
  • Time period analyzed: Up to 30 years
  • Calculation basis: Monthly
  • Construction/leasing: 1 or 2 phases
  • Affordable units: Yes
  • Retail tenants: Yes (5)
  • Retail sale: Can sell separately
  • Debt and equity supported: Land Loan, Mezzanine Loan, Construction Loan, Permanent Loan, Sponsor, Equity Partner, Third Party Investor
The Gramercy in Arlington, VA
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

B.O.T.E. (Back Of The Envelope Analysis) Free Excel Tool

Note: the interactive Excel sample below is not fully functional, by design.
To get the functional tool, you must download the file by clicking
Add to Cart below, then View Cart, and then checking out.

Overview

The free Excel B.O.T.E. tool is suited for the fastest basic apartment building development feasibility assessment by solving for a stabilized yield on cost and residual land value. By design, it does not output profit or IRR values because it is purposefully not a multi-period analysis.

Overview

The free Excel B.O.T.E. tool is suited for the fastest basic apartment building development feasibility assessment by solving for a stabilized yield on cost and residual land value. By design, it does not output profit or IRR values because it is purposefully not a multi-period 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. 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 this level of analysis is called a “back of the napkin” analysis, or a “static” analysis, as it (purposefully) ignores the passage of time.

For an apartment building development, BOTE feasibility analysis focuses in on the Land Purchase Price as it relates to the going-in (Year 1) yield on cost (the Year 1 stabilized cap rate). Land Purchase Price is typically solved for on a residual basis, meaning the land value is what is left over after a targeted initial level of yield has been achieved.

The development back of the envelope thought experiment

Development BOTE analysis assumes the hypothetical situation where you could purchase the land at an assumed price today and then snap your fingers and the contemplated building would instantly appear and be at stabilized occupancy. As such, today’s hard and soft development costs, cost of debt and rents and expenses are used as inputs. The logic behind doing this is that if the deal does not look good using today’s values, about which we have a very high level of certainty, it’s not worth pursuing because we have significantly less certainty about the amounts to use for these variables years into the future.

FAR-Based vs. Units-Based analysis

A development site zoned for multi-unit residential use will typically have a density constraint in terms of the total gross square footage of building allowed on the site or a ceiling on the residential unit count. Our calculator has the ability to analyze a site both on an FAR basis as well as on a Units basis, and you can toggle between the two within a single analysis file. FAR stands for “floor area ratio”, but we like to think of it as “floor area to lot size ratio”. FAR is simply the ratio of the allowable above-ground gross building area to the site area. An example of an FAR ratio of 5.00 would be a 10,000 square foot development parcel with an allowable above-ground building area of 50,000 gross square feet.

Functions & Features

  • Compatible with Excel on PC, Mac, iPad and Android tablets
  • Solves for a stabilized yield on cost and operating margin
  • Allows for back-solving to a residual land value
  • Streamlined set of assumptions inputs
  • Units-based and FAR-based analysis types
  • Supports a NNN retail component

Debt & Equity Capabilities

Sponsor Equity and a Senior Construction Loan are supported.

Reports

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

Support

Support is available through our online ticket system.

Multi-Year B.O.T.E. (Back Of The Envelope Analysis) Excel Tool

$179.00Add to cart

Overview and Video Tour

The Multi-Year B.O.T.E. Excel tool is suited for rapid apartment building development feasibility and residual land valuation based not only on a stabilized yield on cost, but also on goal-seeking to a targeted before-tax IRR, net profit, multiple on equity or NPV metric. Includes an optional refinancing after stabilization.

Functions

  • Compatible with Excel on PC, Mac, iPad and Android tablets
  • Supports an 11-year timeline of development and operation
  • Allows for back-solving to a residual land value based on:
    • stabilized cap rate
    • net profit
    • IRR
    • multiple on equity
    • average cash on cash
    • NPV
  • Streamlined set of assumptions inputs
  • Units-based and FAR-based analysis types
  • Supports a NNN retail component, sold with the apartments at a single cap rate
  • Sale valuation based off of forward or trailing 12 months values

Features

  • Charts for:
    • development equity and debt capitalization
    • annual development costs
    • annual NOI yield on cost
    • annual NOI
    • annual cash on cash
    • equity and debt capitalization at sale
  • IRR Sensitivity Analysis data tables based on:
    • base building hard cost vs. exit cap
    • senior construction loan LTC vs. exit cap
    • land cost vs. base building hard cost.

Debt & Equity Capabilities

  • Sponsor Equity
  • Senior Construction Loan
  • Refinancing upon stabilization with a Permanent Loan that supports an upfront interest-only period and a cash out refi

Reports

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

Support

Support is available through our online ticket system.

Included With Purchase

  • Blank templates for Units- and FAR-based analyses
  • Copies of the templates with a sample deal loaded in
  • Credit of what you pay towards future purchase of the Tools Bundle

Overview and Video Tour

The Multi-Year B.O.T.E. Excel tool is suited for rapid apartment building development feasibility and residual land valuation based not only on a stabilized yield on cost, but also on goal-seeking to a targeted before-tax IRR, net profit, multiple on equity or NPV metric. Includes an optional refinancing after stabilization.

Functions

  • Compatible with Excel on PC, Mac, iPad and Android tablets
  • Supports an 11-year timeline of development and operation
  • Allows for back-solving to a residual land value based on:
    • stabilized cap rate
    • net profit
    • IRR
    • multiple on equity
    • average cash on cash
    • NPV
  • Streamlined set of assumptions inputs
  • Units-based and FAR-based analysis types
  • Supports a NNN retail component, sold with the apartments at a single cap rate
  • Sale valuation based off of forward or trailing 12 months values

Features

  • Charts for:
    • development equity and debt capitalization
    • annual development costs
    • annual NOI yield on cost
    • annual NOI
    • annual cash on cash
    • equity and debt capitalization at sale
  • IRR Sensitivity Analysis data tables based on:
    • base building hard cost vs. exit cap
    • senior construction loan LTC vs. exit cap
    • land cost vs. base building hard cost.

Debt & Equity Capabilities

  • Sponsor Equity
  • Senior Construction Loan
  • Refinancing upon stabilization with a Permanent Loan that supports an upfront interest-only period and a cash out refi

Reports

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

Support

Support is available through our online ticket system.

Included With Purchase

  • Blank templates for Units- and FAR-based analyses
  • Copies of the templates with a sample deal loaded in
  • Credit of what you pay towards future purchase of the Tools Bundle

Standard Version
Mixed-Use Apartment Building Development Pro Forma Excel Tool

$799.00Add to cart

Overview and Video Tour

The Standard Pro Forma is a robust Excel-based analysis tool for modeling the ground-up development, operation and sale of an apartment/multi-family rental building with or without ground-floor retail and income-producing parking. It is suited for detailed monthly-based analysis and it generates before-tax IRR, net profit, cash on cash, equity multiple and NPV outputs, among others.

Functions

  • Compatible with Excel on both PC and Mac
  • Supports a 10-year timeline for development, plus an additional 6 years of operation
  • Separate unit mixes, rents and absorption for market and affordable rate units
  • Dynamic construction hard cost allocation based off of a bell-shaped curve
  • Retail tenant improvements (TIs) and leasing commissions (LCs)
  • Option to value and dispose of the retail component independently
  • Equity funding of operating and financing deficits on a pro-rata basis

Features

  • Includes instructions for use, with detailed annotations tied to select cells
  • Two-page assumptions input and reporting screen dashboard
  • Hyperlink navigation for 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 construction loan sizing and interest

Debt Capabilities

  • Senior construction loan
    • funds on a residual basis to all equity
    • fixed rate or floating interest only, with default funded interest reserve, and user ability to switch to cash interest payments at specified milestone
    • floating rate floor and cap
    • repaid from net sales proceeds of apartment building and retail unit dispositions, or from refinancing proceeds from Permanent Loan
  • Permanent loan
    • sized by the lesser of three tests (LTV, DSCR, Debt Yield)
    • option to do a cash-out refi with distribution of excess proceeds to equity
    • fixed or floating rate (with floor and cap), with option for interest-only period up front

Equity Capabilities

  • Equity positions supported
    • sponsor/developer
    • third party investor
  • Equity investment options
    • pari passu (pro-rata, simultaneously)
    • sponsor first, then third party investor
  • Equity profit sharing
    • Pari Passu Preferred Return (includes return of capital) with monthly compounding
    • Cumulative IRR hurdle based on the performance of the third party investor’s invested dollars
    • Residual profit split with sponsor promote share defined as share of residual profit above and beyond the sponsor deal ownership position share

Reports

  • Assumptions and Project Returns
  • Capital Structure
  • Unit Mix
  • Partnership Structure
  • Annual Sources and Uses
  • Annual Cash Flow
  • JV Returns Summary

Quality Controls

  • Persistent calculation checks and associated visual alerts, and data validation protections to prevent faulty inputs or faulty conclusions
    • project budget must match allocation of budget over timeline
    • senior loan must be repaid in full
    • all units must be leased
    • permanent loan must be sufficient to pay off senior loan
    • waterfall profit splits must sum to match the deal-level profit

Support and User Guide

Support is available through our online ticket system.

A comprehensive, searchable, hyperlinked PDF User Guide is included with purchase. A sample is below.

Included With Purchase

  • Blank template (inputs are all set to zero)
  • Copy of the template with a sample deal loaded in
  • Searchable, hyperlinked PDF User Guide
  • Credit of what you pay towards future purchase of the Tools Bundle

Workbook Tabs

1    Home Page
2    Assumptions Input
3    Capital Structure Exhibit
4    Apartment Unit Mix Input
5    Monthly Sources and Uses of Funds Input
6    Monthly Cash Flow Exhibit
7    Partnership Structure Exhibit
8    Waterfall Profit Splitting Exhibit
9    Annual Sources & Uses Exhibit
10  Annual Cash Flow Exhibit
11  Joint Venture Partnership Returns Summary Exhibit
12  Permanent Loan Amortization Schedule
13  Construction Loan Interest Rates
14  Monthly Construction Bell Curve Lookup Table
15  Land Acquisition Costs Schedule Input
16  Hard Costs Budget Schedule Input – Phase 1
17  Soft Costs Budget Schedule Input – Phase 2
18  Floating Rate Index

Overview and Video Tour

The Standard Pro Forma is a robust Excel-based analysis tool for modeling the ground-up development, operation and sale of an apartment/multi-family rental building with or without ground-floor retail and income-producing parking. It is suited for detailed monthly-based analysis and it generates before-tax IRR, net profit, cash on cash, equity multiple and NPV outputs, among others.

Functions

  • Compatible with Excel on both PC and Mac
  • Supports a 10-year timeline for development, plus an additional 6 years of operation
  • Separate unit mixes, rents and absorption for market and affordable rate units
  • Dynamic construction hard cost allocation based off of a bell-shaped curve
  • Retail tenant improvements (TIs) and leasing commissions (LCs)
  • Option to value and dispose of the retail component independently
  • Equity funding of operating and financing deficits on a pro-rata basis

Features

  • Includes instructions for use, with detailed annotations tied to select cells
  • Two-page assumptions input and reporting screen dashboard
  • Hyperlink navigation for 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 construction loan sizing and interest

Debt Capabilities

  • Senior construction loan
    • funds on a residual basis to all equity
    • fixed rate or floating interest only, with default funded interest reserve, and user ability to switch to cash interest payments at specified milestone
    • floating rate floor and cap
    • repaid from net sales proceeds of apartment building and retail unit dispositions, or from refinancing proceeds from Permanent Loan
  • Permanent loan
    • sized by the lesser of three tests (LTV, DSCR, Debt Yield)
    • option to do a cash-out refi with distribution of excess proceeds to equity
    • fixed or floating rate (with floor and cap), with option for interest-only period up front

Equity Capabilities

  • Equity positions supported
    • sponsor/developer
    • third party investor
  • Equity investment options
    • pari passu (pro-rata, simultaneously)
    • sponsor first, then third party investor
  • Equity profit sharing
    • Pari Passu Preferred Return (includes return of capital) with monthly compounding
    • Cumulative IRR hurdle based on the performance of the third party investor’s invested dollars
    • Residual profit split with sponsor promote share defined as share of residual profit above and beyond the sponsor deal ownership position share

Reports

  • Assumptions and Project Returns
  • Capital Structure
  • Unit Mix
  • Partnership Structure
  • Annual Sources and Uses
  • Annual Cash Flow
  • JV Returns Summary

Quality Controls

  • Persistent calculation checks and associated visual alerts, and data validation protections to prevent faulty inputs or faulty conclusions
    • project budget must match allocation of budget over timeline
    • senior loan must be repaid in full
    • all units must be leased
    • permanent loan must be sufficient to pay off senior loan
    • waterfall profit splits must sum to match the deal-level profit

Support and User Guide

Support is available through our online ticket system.

A comprehensive, searchable, hyperlinked PDF User Guide is included with purchase.

View User Guide Sample

Included With Purchase

  • Blank template (inputs are all set to zero)
  • Copy of the template with a sample deal loaded in
  • Searchable, hyperlinked PDF User Guide
  • Credit of what you pay towards future purchase of the Tools Bundle

Workbook Tabs

1    Home Page
2    Assumptions Input
3    Capital Structure Exhibit
4    Apartment Unit Mix Input
5    Monthly Sources and Uses of Funds Input
6    Monthly Cash Flow Exhibit
7    Partnership Structure Exhibit
8    Waterfall Profit Splitting Exhibit
9    Annual Sources & Uses Exhibit
10  Annual Cash Flow Exhibit
11  Joint Venture Partnership Returns Summary Exhibit
12  Permanent Loan Amortization Schedule
13  Construction Loan Interest Rates
14  Monthly Construction Bell Curve Lookup Table
15  Land Acquisition Costs Schedule Input
16  Hard Costs Budget Schedule Input – Phase 1
17  Soft Costs Budget Schedule Input – Phase 2
18  Floating Rate Index

Professional Version
Mixed-Use Apartment Building Development Pro Forma Excel Tool

$1,499.00Add to cart

Overview and Video Tour

The Professional Pro Forma is a highly-flexible Excel-based analysis tool for modeling the ground-up development, operation and sale of an apartment/multi-family rental building with or without ground-floor retail and income-producing parking. It is suited for presentation to a wide array of debt and equity capital sources, including institutional players.

Features

  • Includes instructions for use, with detailed annotations tied to select cells
  • Two-page assumptions input and reporting screen dashboard
  • Hyperlink navigation for 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 construction loan sizing and interest
  • Ability to size senior construction loan by LTC, or by back-solving based on equity investment
  • Detailed real estate tax adjustment mechanism for valuing asset sale

Debt Capabilities

  • Land loan
    • fixed interest rate with current or accruing payments
    • repayment from senior construction loan
  • Senior construction loan
    • funds on a residual basis to all equity and any mezzanine loan
    • fixed rate or floating interest only, with default funded interest reserve, and user ability to switch to cash interest payments at specified milestone
    • floating rate floor and cap
    • repaid from net sales proceeds of apartment building and retail unit dispositions, or from refinancing proceeds from Permanent Loan
  • Mezzanine loan
    • fixed or floating interest-only rate, with option for carried interest
    • floor and cap for floating rate
    • repayment from either refinancing or sale
  • Permanent loan
    • sized by the lesser of three tests (LTV, DSCR, Debt Yield)
    • option to do a cash-out refi with distribution of excess proceeds to equity
    • fixed or floating rate (with floor and cap), with option for interest-only period up front

Equity Capabilities

  • Equity positions supported
    • sponsor/developer
    • developer partner
    • third party investor
  • Equity investment options
    • all players pari passu (pro-rata, simultaneously)
    • sponsor first, then partner, then third party investor
    • sponsor and partner pari passu, then third party investor
  • Equity profit sharing
    • Preferred Return (includes return of capital)
      • Participation: Sponsor can be included or excluded from the Pref. If the sponsor is not included in the Pref, then sponsor’s return of capital occurs only after the third party investor receives: a) all of their capital back, and b) their Pref profit.
      • Accrual options:
        • only based on monthly compounding, cumulative IRR hurdle based on the performance of the third party investor’s invested dollars
        • based on both third party investor IRR hurdle and third party investor equity multiple hurdle, where the larger resulting dollar amount governs which basis determines the distribution
    • Residual profit split with sponsor promote share defined as share of residual profit above and beyond the sponsor deal ownership position share.

Reports

  • Assumptions and Project Returns
  • Project Gantt Chart
  • Stacking Plan
  • Capital Structure
  • Unit Mix
  • Partnership Structure
  • Annual and Quarterly Sources and Uses
  • Annual and Quarterly Cash Flow
  • JV Returns Summary for both 2 and 3 entities

Quality Controls

  • Persistent calculation checks and associated visual alerts, and data validation protections to prevent faulty inputs or faulty conclusions
    • project budget must match allocation of budget over timeline
    • all loans must be repaid in full
    • all units must be leased
    • permanent loan is sufficient to pay off all outstanding debt
    • waterfall profit splits must sum to match the deal-level profit

Support and User Guide

Support is available through our online ticket system.

A comprehensive, searchable, hyperlinked PDF User Guide is included with purchase. A sample is below.

Included With Purchase

  • Blank template (inputs are all set to zero)
  • Copy of the template with a sample deal loaded in
  • Searchable, hyperlinked PDF User Guide
  • Credit of what you pay towards future purchase of the Tools Bundle

Workbook Tabs

1    Executive Summary
2    Assumptions Input
3    Building Stacking Plan Input
4    Apartment Unit Mix Input
5    Monthly Sources and Uses of Funds
6    Monthly Cash Flow Exhibit
7    Master Retail Leasing Exhibit
8    Retail Tenant 1 Exhibit
9    Retail Tenant 2 Exhibit
10  Retail Tenant 3 Exhibit
11  Retail Tenant 4 Exhibit
12  Retail Tenant 5 Exhibit
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  Mezzanine Loan Interest Rates
31   Senior Construction Loan Interest Rates
32  Project Gantt Chart
33  Monthly Construction Cost Curves Lookup Table
34  Floating Rate Index

Overview and Video Tour

The Professional Pro Forma is a highly-flexible Excel-based analysis tool for modeling the ground-up development, operation and sale of an apartment/multi-family rental building with or without ground-floor retail and income-producing parking. It is suited for presentation to a wide array of debt and equity capital sources, including institutional players.

Features

  • Includes instructions for use, with detailed annotations tied to select cells
  • Two-page assumptions input and reporting screen dashboard
  • Hyperlink navigation for 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 construction loan sizing and interest
  • Ability to size senior construction loan by LTC, or by back-solving based on equity investment
  • Detailed real estate tax adjustment mechanism for valuing asset sale

Debt Capabilities

  • Land loan
    • fixed interest rate with current or accruing payments
    • repayment from senior construction loan
  • Senior construction loan
    • funds on a residual basis to all equity and any mezzanine loan
    • fixed rate or floating interest only, with default funded interest reserve, and user ability to switch to cash interest payments at specified milestone
    • floating rate floor and cap
    • repaid from net sales proceeds of apartment building and retail unit dispositions, or from refinancing proceeds from Permanent Loan
  • Mezzanine loan
    • fixed or floating interest-only rate, with option for carried interest
    • floor and cap for floating rate
    • repayment from either refinancing or sale
  • Permanent loan
    • sized by the lesser of three tests (LTV, DSCR, Debt Yield)
    • option to do a cash-out refi with distribution of excess proceeds to equity
    • fixed or floating rate (with floor and cap), with option for interest-only period up front

Equity Capabilities

  • Equity positions supported
    • sponsor/developer
    • developer partner
    • third party investor
  • Equity investment options
    • all players pari passu (pro-rata, simultaneously)
    • sponsor first, then partner, then third party investor
    • sponsor and partner pari passu, then third party investor
  • Equity profit sharing
    • Preferred Return (includes return of capital)
      • Participation: Sponsor can be included or excluded from the Pref. If the sponsor is not included in the Pref, then sponsor’s return of capital occurs only after the third party investor receives: a) all of their capital back, and b) their Pref profit.
      • Accrual options:
        • only based on monthly compounding, cumulative IRR hurdle based on the performance of the third party investor’s invested dollars
        • based on both third party investor IRR hurdle and third party investor equity multiple hurdle, where the larger resulting dollar amount governs which basis determines the distribution
    • Residual profit split with sponsor promote share defined as share of residual profit above and beyond the sponsor deal ownership position share.

Reports

  • Assumptions and Project Returns
  • Project Gantt Chart
  • Stacking Plan
  • Capital Structure
  • Unit Mix
  • Partnership Structure
  • Annual and Quarterly Sources and Uses
  • Annual and Quarterly Cash Flow
  • JV Returns Summary for both 2 and 3 entities

Quality Controls

  • Persistent calculation checks and associated visual alerts, and data validation protections to prevent faulty inputs or faulty conclusions
    • project budget must match allocation of budget over timeline
    • all loans must be repaid in full
    • all units must be leased
    • permanent loan is sufficient to pay off all outstanding debt
    • waterfall profit splits must sum to match the deal-level profit

Support and User Guide

Support is available through our online ticket system.

A comprehensive, searchable, hyperlinked PDF User Guide is included with purchase. A sample is below.

View User Guide Sample

Included With Purchase

  • Blank template (inputs are all set to zero)
  • Copy of the template with a sample deal loaded in
  • Searchable, hyperlinked PDF User Guide
  • Credit of what you pay towards future purchase of the Tools Bundle

Workbook Tabs

1    Executive Summary
2    Assumptions Input
3    Building Stacking Plan Input
4    Apartment Unit Mix Input
5    Monthly Sources and Uses of Funds
6    Monthly Cash Flow Exhibit
7    Master Retail Leasing Exhibit
8    Retail Tenant 1 Exhibit
9    Retail Tenant 2 Exhibit
10  Retail Tenant 3 Exhibit
11  Retail Tenant 4 Exhibit
12  Retail Tenant 5 Exhibit
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  Mezzanine Loan Interest Rates
31   Senior Construction Loan Interest Rates
32  Project Gantt Chart
33  Monthly Construction Cost Curves Lookup Table
34  Floating Rate Index

Meet Your Model Builder

Bruce Kirsch, REFAI®
CEO of Real Estate
Financial Modeling

As the founder of Real Estate Financial Modeling (REFM), Bruce Kirsch has trained thousands of students and professionals around the world in Excel-based projection analysis. In addition, REFM’s self-study products, Excel-based templates and its Valuate® property valuation and investment analysis software are used by more than 250,000 professionals. Mr. Kirsch’s firm has assisted with modeling for the raising of billions of dollars of equity and debt for individual property acquisitions and developments, as well as for major mixed-use projects and private equity funds. Mr. Kirsch has also maintained a blog on real estate financial modeling, Model for Success, authoring more than 500 posts.

Mr. Kirsch began his real estate career at CB Richard Ellis, where he marketed highrise New York City office buildings for re-development in the Midtown Manhattan Investment Properties Institutional Group. After CBRE, Mr. Kirsch was recruited to lead acquisitions at Metropolis Development Company, and later joined The Clarett Group, a programmatic development partner of Prudential.

While at The Clarett Group, Mr. Kirsch was responsible for making development site recommendations for office, condominium and multi-family properties in the greater Washington, D.C. metropolitan area. In addition, Mr. Kirsch had significant day-to-day project management responsibilities for the entitlement, financing and marketing of the company’s existing D.C.-area development portfolio.

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.

Frequently Asked Questions

Pricing

Click on Add to Cart for the product of your choice, and then View Cart (which will appear to the right of the Add to Cart button) and complete the checkout process. Upon successful payment, you will get instant access to the Excel model(s).

Yes, we offer the chance to pay for the course over time through Affirm. You can apply for this option during the checkout process.

Yes; yes. There are no access or use restrictions whatsoever.

Pricing

If you are looking for a way to analyze the ground-up development of an apartment building, you might be interested in our Excel-based templates for sale. These templates are designed to help you estimate the costs, revenues, and returns of your project, as well as the risks and opportunities involved.

With our templates, you can:

  • Input your own assumptions and data, such as land cost, construction cost, unit mix, rent, vacancy, operating expenses, financing terms, and exit cap rate.
  • Generate a detailed pro forma statement that shows the monthly and annual cash flows, net operating income, debt service, net cash flow, and equity multiple of your project.
  • Calculate the key performance indicators, such as internal rate of return (IRR), net present value (NPV), return on cost (ROC), and return on equity (ROE).
  • Perform sensitivity analysis to see how different variables affect your project’s profitability and feasibility.
  • Create charts and graphs that visualize your project’s financial performance and risk profile.

Our templates are easy to use, customizable, and reliable. They are based on industry standards and best practices, and they have been tested and verified by experienced real estate professionals. Whether you are a developer, investor, lender, or consultant, our templates can help you make better decisions and achieve your goals.

Have a question that’s not addressed above? Email sales@getrefm.com.

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