Real Estate IRR Model

Levered equity return analysis — construction to stabilized hold

v2.0

Project assumptions

Construction facility structure

Con. loan takes out land mortgage

Land FMV ($)

Land mortgage ($)

Construction cost ($)

Construction loan LTC (%)

Construction interest ($) ← calculate in Construction Financing tab

Year 1 NOI ($)

NOI growth (%/yr)

Hold period (yrs)

Exit cap rate (%)

Perm LTV (%)

Perm interest rate (%)

Perm amortization (yrs)

Capital stack

Equity requirement

Returns summary

Cash flow model

Construction financing assumptions

Facility includes land mortgage takeout?

Yes — land mortgage drawn at close

Hard construction cost ($)

Construction loan LTC (%)

Annual interest rate (%)

Land mortgage to take out ($)

Loan summary

Monthly draw schedule

Enter draw % per month — must sum to 100%

Draw total: 100.0%

Monthly interest schedule