How is construction interest calculated?
Equity funds construction first; the loan draws only once equity is exhausted, following a bell-shaped S-curve. Interest accrues as simple interest on the outstanding balance and is capitalized (added to the loan) through construction and lease-up, until the permanent loan takes it out at stabilization — not just to certificate of occupancy. That's why it appears as a non-cash memo line in the cash flows.
Why don't two lines in the cash flow match the tiles above?
Capitalized construction interest is added to the loan balance rather than paid in cash, so it sits on a memo line and is excluded from the cash totals below it. The note under the cash flow reconciles both figures — development cost + capitalized interest = total project cost, and the same for the loan.
Going-in cap vs. stabilized yield on cost vs. exit cap?
Going-in cap is untrended NOI (today's rents) ÷ cost — the conservative underwriting number, directly comparable to the exit cap. Stabilized NOI is trended (rent growth compounded to delivery). Exit cap is the rate you sell at, applied to the forward year's NOI. The spread between going-in and exit cap is your development/reposition margin.
What's the difference between Model, Cash Flows, Lender and Investor views?
Model is your editable underwriting with the KPI tiles. Cash Flows is the full month-by-month/annual schedule. Lender View is a coverage-focused package (DSCR, debt yield, LTV, stress test, construction budget). Investor View is the white-labeled LP experience with the interactive commitment slider and waterfall.
How do I share a deal, and can I take it back?
Use Investor Link or Lender Link in the top bar to publish a secure, revocable link behind your NDA gate — recipients explore a live view, not a file. Share a copy forks the model into another user's account (without your notes or NDA). Every link can be revoked at any time from its share panel.
What does the NDA gate do?
On shared investor links, viewers must accept your confidentiality terms — with your firm's name and language — before they see any numbers. It never appears in your own workspace, and each deal can carry its own terms. Contact capture is optional.
How do I model an acquisition/reposition instead of ground-up?
In a Mixed-Use deal, the Components card has a Ground-up ↔ Acquisition/reposition toggle. Acquisition mode swaps the cost basis to purchase + closing + per-component conversion buildout, and the financing to interest-only tranches repaid at the sale. Buildout defaults to $0 (in-place) so you add conversion cost only where you convert.
Single tenant vs. rent roll on a commercial component?
The Commercial card has a Single tenant / Rent roll toggle. Rent roll lets you enter each lease — name, SF, rent $/SF, and structure (NNN / modified-gross / full-service) — and derives rentable SF and income from the roll, with reimbursements computed per lease.
Where does the market data come from?
SOFR (NY Fed) and the 10-year Treasury (FiscalData) are live. Submarket rent, income and population come from the Census ACS for the ZIP you enter — enter a ZIP to populate it. Construction $/SF are reference baselines scaled by a regional factor; verify against local cost data.
Does my work save automatically?
Signed in, your projects sync to the cloud. Signed out, work is kept in this browser. Sign in from the top-right to save across devices and enable sharing.