Commercial & Specialty Capital Sizers

Full Sizer

Commercial / 5+ Multifamily / Mixed-Use Construction Sizer

How much construction capital and sponsor equity does the project require?

The calculator does the math. Ben provides the capital strategy.

Project and land

Scenario name

Property address, optional

Asset typeLand statusLand purchase price / basis

Current land value

Existing land debt

Acquisition costs

Units

Project square feet

Hard and soft costs

Total hard costs

Site work

Utility work

Landscaping

GC contingency

Owner contingency

Architecture

Engineering

Permits and impact fees

Tap / utility fees

Legal

Construction insurance

Developer fee

Tenant improvements

Leasing commissions

Other soft costs

Timeline and stabilized exit

Months to completion

Months to stabilization

Stabilized NOI

Exit cap rate

Completed value

Takeout rate

Takeout amortization

Takeout target DSCR

Takeout debt yield

Takeout LTV

Construction financing assumptions

Example modeling assumptions. Adjust as needed. Actual terms and underwriting vary by capital source, program, market, sponsor, asset, loan size, and transaction structure.

Capital Structure AssumptionMax LTC assumption

Max LT-completed-value

Max LT-stabilized-value

Minimum sponsor equity

Construction rate

Origination points

Exit fee

Per-draw fee

Number of draws

Interest reserve

Scenario notes

Notes for your advisor

Scenario result

Current modeled constraintLTC

Land cost$1,575,000

Hard costs$13,300,000

Soft costs$2,540,000

Contingency$1,064,000

Financing costs$2,065,713

Total project cost$20,544,713

Cost per unit$230,988

Cost per SF$205

Modeled completed value$25,000,000

Modeled stabilized value$27,826,087

LTC-supported facility$12,935,300

Completed-value-supported facility$16,250,000

Stabilized-value-supported facility$19,478,261

Modeled construction facility$12,935,300

Day-one land funding$1,575,000

Construction holdback$11,360,300

Interest reserve$1,862,683

Cash to close$7,609,413

Sponsor equity required$7,609,413

Modeled takeout debt$16,875,821

Modeled refinance surplus$3,940,521

Yield on cost7.8%

How this was calculated

Project costs, financing carry and user-selected leverage tests are calculated separately. Permanent takeout is sized independently from stabilized NOI and value.

Illustrative funding curve

Actual timing varies by capital source, inspections, completion percentage and project execution.

What happens if this assumption changes?

Base case and stress cases

Base case$7,609,413equity or exit capacity

Costs +10%$8,939,413equity or exit capacity

Timeline +6 months$7,958,666equity or exit capacity

NOI -10%$14,622,882equity or exit capacity

Cap rate +100 bps$10,768,404equity or exit capacity

Combined downside$9,288,666equity or exit capacity

LTC is currently the modeled construction constraint. The selected takeout produces a modeled surplus of $3,940,521.

Keep or share this scenario

Send me the scenario exactly as you’ve modeled it. I’ll review the structure, identify the constraints, and look at available capital options.

Planning estimates only. These tools do not constitute a loan quote, approval, commitment, appraisal, investment recommendation, or rate lock. Financing availability and terms vary by capital source, program, property, sponsor profile, geography, loan size, market conditions, and transaction structure. Values, rents, NOI, cap rates, costs, construction timelines, occupancy, and other projections are user assumptions unless otherwise stated.

Modeled property values are mathematical estimates based on the assumptions entered and are not appraisals. Projected returns are not guarantees of future performance. Annualized financing-cost figures may not represent regulatory APR.