Underwriting Co·Pilot

Pro-Forma · Northgate Apartments

3-year value-add hold · returns recompute live as you change the scenario

Levered IRR

0.0%

0vs target hurdle

Equity multiple

0.0x

03-yr hold

Stab. cash-on-cash

0.0%

0stabilized · net of debt svc

Exit value

$0.0M

0exit cap 5.25%

All-in$58.20MEquity$20.40MDebt$37.80MGoing-in5.00%Exit cap5.25%Hold3yRent growth3.5%Expense growth2.8%

Sample model · your build runs your real underwriting templates

$2.91M → $3.64M · occ 91% → 95%

Y3 exit · stabilized NOI carried to sale

Uses

Property purchase$56.42M

Acquisition fee (1.0%)$580K

Closing & reserves$1.20M

Total uses$58.20M

Sources

Senior debt (bridge · loan-northgate)$37.80M

LP equity (90%)$18.36M

GP co-invest (10%)$2.04M

Total sources$58.20M

✓ Sources = Uses = $58.20M

8% pref · 3-tier promote

Tier 1 (to 8% IRR pref)

LP 90

GP 10

Tier 2 (8% → 15%)

LP 80

GP 20

Tier 3 (above 15%)

LP 70

GP 30

Computed proceeds: LP $28.46M · GP $4.96M over the 3-yr hold