FROM LAND TO CAPITAL STACK

The land tells us what may be possible. The development plan tells us what capital we need.

01LAND
02DEVELOPMENT SCENARIO
03ESTIMATED DEVELOPMENT COST
04LAND VALUE / BASIS
05PROJECTED DEVELOPMENT VALUE
06PRELIMINARY FINANCING REQUEST

DEVELOPMENT COST MODEL

Configurable preliminary assumptions.

Build the uses side of the deal per development scenario. All inputs are assumptions until verified by third-party professionals.

LAND

Land acquisition

Closing costs

Due diligence

HARD COSTS

Site work

Vertical construction

Infrastructure

Landscaping

Utilities

GC costs

Contingency

SOFT COSTS

Architecture

Engineering

Legal

Entitlements

Permitting

Insurance

Marketing

Development management

Financing costs

Other

TOTAL DEVELOPMENT COST

CAPITAL REQUIRED

Equal to total uses until sources are committed.

CAPITAL STACK BUILDER

Sources against uses.

Assemble land equity, sponsor and investor equity, senior debt and subordinate capital, then read the gap.

SOURCES

LAND EQUITY

SPONSOR EQUITY

INVESTOR EQUITY

SENIOR CONSTRUCTION LOAN

MEZZANINE / SUBORDINATE CAPITAL

PREFERRED EQUITY

PUBLIC / INCENTIVE CAPITAL

OTHER FINANCING

STACK COMPOSITION

Total project cost: $0
Debt: $0
Equity: $0
Loan-to-cost: 0.0%
Equity requirement: $0

CAPITAL GAP

Sources currently cover modeled uses.

Discuss equity participation Send to project financing

Modeled sources are proposed structures only. Nothing shown constitutes a loan application, term sheet, commitment, offer to sell securities or guarantee of financing. Land equity treatment depends on lender underwriting and appraisal.