Multifamily Development Model

The multifamily development model can analyze small and large multifamily development projects. I incorporated learnings from my education and private sector experience. Modules include the following:

Deals & Returns: This tab acts as a summary tab and provides high-level summaries on cost, timeline, rents, returns, and sources & uses.

10-Year Cash Flow: As the name implies, this summarizes the 10-year cash flow based on the Project Start Date. This tab also provides lender metrics like debt yield/DSCR as well as income metrics like Cash Dividend from Operations and Total Cash Dividend (including refinances and sale proceeds).

Project Assumptions: The control center of the model, all inputs (except the construction budget) are centralized here – Project Details, Unit Mix, Timeline, Revenue/Expenses, Tax Assessment, Financing (Construction/Permanent), and Sale Assumptions

Construction Budget: A detailed construction budget, to be informed by GC and subcontractor quotes.

Financing Schedule: This is an optional input tab. This tab controls the cost curve. If the general curve of cost expenditures is known, the developer may come here to make adjustments to the spending curve. This tab also informs the construction loan draw and subsequent permanent financing.

Annual P&L: The annual P&L is similar to the 10-year cash flow; however, it begins in the first growth year, which is about a year into the project. This is to skip the construction period and focus on cashflow from operations.

Monthly P&L: This is the guts of the model and serves as the basis on which all annual cash flows and return metrics are calculated.

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