Institutional-grade financial modeling for multifamily and mixed-use development. GP/LP waterfalls, capital stack structuring, and underwriting built to hold up under lender and IC scrutiny.
Most engagements start at one of two points: a deal is moving and there is no model yet, or there is a model that no longer answers the questions the capital side is asking.
Ground-up multifamily and mixed-use models built for investment committee review.
Distribution mechanics and stack structuring that survive legal and lender review.
Inherited single-deal models restructured into reusable, auditable tools.
I know what the lender and the investment committee will ask, because I used to be the one asking.
Before going independent, I worked at OTP Bank in project finance: authoring credit proposals, negotiating LMA-based facility agreements, and taking transactions through internal risk approval.
That changes how a model gets built. Debt sizing, covenant headroom, and the questions a credit committee raises are structural decisions made at the outset, not adjustments bolted on after the first round of comments comes back.
The result is a model that reads clearly to whoever opens it next, whether that is a lender, an LP, or the analyst who inherits it two deals later.
Client names withheld. Full underwriting detail available on request.
Phased residential-for-lease and commercial development across 31,600 m² of net lettable area, financed through milestone-linked construction draws against verified site progress, with multi-tranche debt. VAT and capital gains treatment differed across the two use types and were modeled explicitly rather than blended. Delivered as a full development cash flow model with sensitivity analysis and an investor memorandum, KG-coded and euro-denominated.
Income-restricted development on church-owned land, with rents modeled against live HUD limits by household size and tier. The capital stack combined conventional senior debt with city and state incentives, tax abatements, and New York-specific obligations including fee-in-lieu-of-parking, each carried separately through Sources and Uses. Delivered with a HUD limits tab, tax and incentives module, and distribution waterfall.
Live asset management modeling through construction completion and lease-up. Equity layered across A and C unit classes with a promissory note tranche sitting alongside equity rather than below it, requiring careful waterfall sequencing. SOFR-based construction debt priced against the live forward curve, with an unraised equity position underwritten separately from project fundamentals. Delivered as a live model with ERP integration, investor cap table, monthly waterfall, and board reporting.
If a deal is moving and the model needs to be right, describe the structure and I will tell you what it needs. Initial scoping calls are no charge.
Asset type and location, unit count or GLA, the capital structure you are targeting, and where the deal currently sits.
Fixed-fee by scope, or on retainer for sponsors with steady deal flow. Initial scoping calls are no charge.