The Skyline: Charlotte, NC, 0 units, development. Closes Jan 2026, 84-month hold.

Annual gross potential rent at today’s rents: —. Rents from the unit mix drive gross potential rent; growth is carried in market rent growth, not in year-one rent.

Every figure is the stabilized year — the twelve months from month — — and follows delivered units, so a line contributes nothing before the homes it is collected on are online. Utilization is the share that actually pays: pet rent at 40% means four units in ten. Growth is blank until you set it, which means the deal’s own other-income growth.

Recoveries follow the lease type: NNN recovers all operating expenses, modified gross over a base-year stop, gross nothing. TI and commissions are capital costs, never a deduction from income. Not included: every figure in the returns strip is unchanged.

Stabilized figures are the twelve months from month —. Operating expenses include replacement reserves; — of EGI. A line’s fixed share is there from delivery; the rest follows leased units up to the stabilization occupancy. A line with no growth of its own grows at the deal’s expense growth above.

Contingency is priced on the category before contingency, so it never compounds on itself. Financing costs are solved with the loan sizing and appear under Sources & Uses. Developer fee 3.0% of land, hard, soft.

Sources always tie to uses: the funding waterfall solves total cost, the commitments and the interest they fund together.

Tranches

• Construction loandebt.constructionEdit loanDelete

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  SOFR + 310 · floating · 0.75% origination · 36 months interest-only · no amortization · 36-month term · interest reserve inside LTC · 2 × 6-month extensions at 0.25%, exercised if needed

• Mezzaninedebt.mezzanineEdit loanDelete

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  11.00% fixed · 2.00% exit fee · 36 months interest-only · no amortization · 36-month term · interest reserve inside LTC

• Permanent loandebt.permanentEdit loanDelete

  —

  6.25% fixed · 30-year amortization · 120-month term

Tiers run in the order stated. The acquisition fee is a use at close funded through the stack, so the LP funds only its share of it; the asset management fee comes out of each month’s cash before the cascade, which is why it moves the LP’s return and not the deal’s. A catch-up, a tier measured on a multiple and a separate waterfall for sale proceeds are in the model and not yet on a screen; preferred equity is a tranche on Financing.

$ thousands. Operating expenses include replacement reserves and real estate taxes. DSCR reads n/a in any year with a partial year of debt service.

Value is the reversion NOI above at the exit cap; the sale lands in the final period.

DSCR reads n/a in a year without twelve months of debt service on an operating property.

Levered IRR against base n/a — downside left, upside right

Running… Axis values and swings are inputs: the centre is the deal’s own value and the step is yours to set. Bars are drawn to the largest swing.

Open a scenario to edit it; its edits are overrides of base and base does not move. A name is a label: matching Base on every figure means nothing has been overridden yet. Compare sets what the strip’s deltas measure against. Set base makes a scenario the base case and keeps the old base as a frozen copy. Rename a scenario by editing its name in the column header.

Take a second snapshot to compare two versions.

• v1The Skyline as the engine defines it9/12/2026, 12:00:00 AMToFrom

Restoring lands as v2; nothing is overwritten. IRR impact is the change in levered IRR if that field alone went back.

On the template’s values and methods throughout. Every commit that departs from it lands here with who, when and why.

A report is a view of this deal at a version: the returns strip, the sections you choose and the deviations written out. PDF and live Excel exports arrive in a later phase; nothing here is available yet.