Deal Underwriting Simulator

Gross revenue—SF × $/SF

Project costs—land + const + soft + fees + tax + debt

LP equity in—construction loan fills gap

Loan amount—to bank, repaid at sale

Debt cost—interest + orig fee

Gross profit—net rev − all costs

LP share——

GP share—AGH + BPP combined

BPP total—fees + share

AGH total—fees + project share

Cost breakdown

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Residual allocation where every residual dollar lands

BPP share

AGH share

GP partner take by source stacked by AGH fees, AGH share, BPP fees, BPP share

Project basis & pricing

Total saleable SF

Land cost ($)

Total project capital ($)

Land development

Preliminary works ($)

Site prep / water / sewer ($)

Utilities ($)

Excavation / earthwork ($)

Land dev total ($)

Soft cost breakdown

Civil ($)

Architect ($)

Permits / bonds ($)

Soft total ($)

Pricing

Hard cost $/SF$200

Selling price $/SF$471

Sales tax % (on land dev + const)

Cost of sale & exit

# of lots

Commission %4.00%

Excise tax %2.00%

Escrow $/lot

Other CoS ($)

Disposition

Dispo fee % → BPP (of gross rev)1.0%

Debt structure

Land loan

% of land financed0%

Land loan rate %7.00%

Land loan term (mo)12 mo

Construction loan

Construction loan rate %8.50%

Construction term (mo)18 mo

Avg draw % (interest basis)50%

Loan orig fee %1.00%

Timing

Hold period (years)2.5 yr

Investor & GP economics

LP terms

LP name

LP equity ($M)$15M

Pref return % p.a.8.0%

LP share % of residual50%

AGH dev fees

Dev fee % → AGH (land dev + const + soft)2.0%

GC / Const Mgmt fee % → AGH4.0%

GC / Const Mgmt fee % external (3rd party)0.0%

BPP fund fees

Mgmt fee % p.a. → BPP2.0%

Acq fee % → BPP (of all-in)1.0%

GP / LP split

BPP share % of GP pool50%

AGH share % of GP pool50%

BPP 50% + AGH 50% = 100% ✓

Complete waterfall — every dollar, in order

Step	Pool	LP	BPP	AGH	3rd Party
Total / sale pool	—	—	—	—	—

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Partner ownership edit each entity's cap table; totals must equal 100% Spotlight

Every partner — every dollar — both entities — click any row to spotlight

Partner	Roles & equity	AGH fees Dev+GC	AGH share —	BPP fees Mgmt+Acq+Dispo	BPP share —	Total	% of GP

Individual take-home — click a card to spotlight

Capital: LP equity + construction loan (if LP equity < total project capital, balance funded by loan at specified rate, interest-only, repaid at sale).
Waterfall order: CoS → AGH fees (dev+GC) → BPP fees (mgmt+acq+dispo) → loan repayment → LP ROC → LP pref → residual splits.
AGH ownership: Vez 32.3%, Alex 32.3%, Francis 10%, Misty 10.2%, Cory 10.2%, Marc T 5%. BPP equity: Vez 35%, Alex 20%, Marc T 15%, Francis 10%, Misty 10%, Cory 10%.
Pre-tax. Illustrative only. Consult legal counsel before drafting OA or LPA.

LP IRR sensitivity selling price $/SF × hold period

≥ 18% 15–18% 12–15% < 12% Current deal cell is highlighted.

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