36 Apartments · 850 sqm Retail · $18.1M AUD · Urban Australia
Ground-up mixed-use development: 36 residential apartments above 850 sqm of retail, urban Australia.
AUD, fully capitalized
Apartments above ground-floor retail
Ground-floor commercial tenancies
Over a nine-year lifecycle
$8.1M in, $14.1M out
All integrity checks passing
This mixed-use project delivers 36 residential apartments above 850 sqm of ground-floor retail within an urban Australian site. The capital stack combines $10.0M in senior construction debt with $8.1M in investor equity to fund the $18.1M project cost, with a strategy built around a standard development timeline and operating hold period leading to a 2035 exit.
Land acquisition and construction commencement
Construction completion — six-quarter build
Lease-up and stabilization period begins
Exit disposition at 5.25% cap rate
The financial model underwrites the full project lifecycle, from initial land acquisition through the final exit disposition.
The draw schedule front-loads land costs and distributes hard costs following a standard bell-curve pattern.
Residential and retail tenancies are modeled on separate stabilization timelines, reflecting distinct mixed-use absorption dynamics.
Annual escalations are applied to both residential and retail base rents, compounding throughout the entire hold period.
Exit valuations utilize standardized cap rate and disposition cost assumptions, paired with a transition to amortizing permanent debt.
The model is organized across eight integrated tabs, tracing all outputs back to a single input sheet.
All model inputs are centralized on one sheet for streamlined updates.
Provides a quarterly S-curve cost allocation with full draw reconciliation.
Tracks the transition from construction financing to permanent amortizing debt.
Models the occupancy stabilization timelines for residential and retail components.
Calculates key performance metrics including NOI, cash flow, and debt coverage.
Ensures static reconciliation between total project costs and funding sources.
Analyzes exit valuations and investor-level performance metrics like IRR.
Provides formula-driven integrity checks to verify all model calculations.
55% of total capitalization
45% of total capitalization
Fully capitalized
Quarterly construction draws totaling $16.6M across seven quarters, front-loaded with land acquisition in Q1 2027.
Across seven quarters
Q1 2027, Q4 2027, Q1 2028, Q2 2028
$1.2M completion draw
$10.0M senior debt facility transitions from interest-only construction financing to a 25-year amortizing permanent loan at exit.
Senior debt draws $10.0M at 6.2% interest-only. Draws follow the S-curve schedule across seven quarters.
Debt converts to a 25-year amortizing permanent loan at 5.8% upon stabilization.
Remaining $8.8M loan balance repaid at exit from gross proceeds of $23.5M.
55% of total capitalization
Construction to permanent
After 6 years of amortization
Stabilized by Year 2, ramping from 40% at opening
Stabilized over six quarters, trailing residential absorption
Stabilized margin held consistently through the hold period
Across 2027–2028
At 2035 exit
Nine-year lifecycle
$8.1M in → $14.1M out
At exit in 2035, the property sells for $23.5M at a 5.25% cap rate. After repaying $8.8M in senior debt and $586K in disposition costs (2.5% of gross value), investors receive $14.1M in net proceeds — returning 2.03x on $8.1M of deployed equity over a nine-year hold.