The Skyline: a sample multifamily deal model

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 the model treats as stabilized, 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 30% means 30 units in a hundred. 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 and real estate taxes; — 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 bps · 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 · DSCR stress rate 7.00%

• 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

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

Tiers pay out in the order listed. The acquisition fee is a use at close, funded through the capital stack, so the LP funds only its share of it. The asset management fee comes out of each month’s cash flow before the waterfall, which is why it moves the LP’s return and not the deal’s. Preferred equity is drawn ahead of common equity, and its contribution is what it funded.

Operating expenses include replacement reserves and real estate taxes. DSCR reads n/a in a construction year and in a year without twelve months of debt service.

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

DSCR reads n/a when a year is not twelve months of debt service on an operating property. A shorter year shows its month count; a construction year can have twelve months of debt service and still read n/a. Cash-on-cash is operating cash over peak equity. A refinance, an equity call, and the sale are left out.

Levered IRR against base n/a — lower input left, higher input right

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

Save a second model to compare two versions.

• Standing model-V1The Skyline, as the template sets it up12 Sep 2026, 00:00:00 UTCprimarycomparingToFrom

Open… in the header puts a saved model on the desk and leaves the others where they are. Save as… files the desk under a lineage name. Restoring lands as v2; nothing is overwritten. IRR impact is how much that field alone moves levered IRR against the version you compare to.

Nothing to compare against yet: this lineage has no saved model to read against, so there is nothing a departure could be from.

A report is a view of this deal at a version. Export the figures as an Excel workbook, or print the report to PDF from your browser.