Scenario:
Levered IRR
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Equity multiple
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Dev spread · untrended
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Unlevered IRR
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Total equity
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Gross exit value
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Key performance indicators
Untrended = today's (2026$) rents and costs at 95% economic occupancy, before any growth. Trended = the first full stabilized year as modeled (growth applied). At exit = the buyer's forward 12 months. All figures recompute live from the working scenario.
Annual cash flows dark = unlevered project · light = levered equity ($M)
Exit valuation ·
M1 caps the unabated NOI and adds the PV of the remaining MULTE abatement (how the CBRE appraisal valued it). M2 caps the abated in-place NOI and overstates value; shown for reference.
Levered IRR · exit cap × rent growth
Recomputed live from the working scenario. Outlined cell = current settings when on the grid.
Cash flows
Operations first, financing at the bottom, exactly as the retired workbook laid it out. Flows sum across periods; balances show period-end. The "Vacancy & unleased loss" line absorbs the gap between full gross rent and rent actually collected during lease-up. Every cell comes from the verified engine.
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