Real Estate Financial Modeling
Real Estate Financial Model — Advanced Course
Most real estate modeling tutorials cover either the development side OR the operating side — rarely both, and almost never the equity waterfall that actually determines what investors take home. This course builds the full lifecycle: from raw land to stabilized asset to LP/GP distribution.
Case study: Pinnacle Tower, Mumbai — a Grade A office development modeled across a full 10-year hold, from ground-up appraisal through exit.
What's inside:
🔴 Before — blank, properly structured templates across Development, Operating Model, Debt & IRR, and Equity Waterfall — build the entire model yourself
🟢 After — the complete, fully worked solution to check your build against
🏗️ Development appraisal — GDV, Yield-on-Cost, development spread, and profit-on-cost
📊 10-year NOI waterfall — GPR → Vacancy → EGR → OpEx → NOI, year by year
💰 Debt sizing & schedule — LTV, DSCR, interest-only period, amortization
📈 Levered vs unlevered returns — see exactly how leverage amplifies equity IRR (~12-13% unlevered vs ~18-20% levered in this case)
🤝 Full 4-tier LP/GP equity waterfall — return of capital → preferred return → GP catch-up → 80/20 carried interest, with real numbers showing the GP's 14.8x MOIC
🎯 Sensitivity tables — Yield-on-Cost, DSCR, and equity IRR across rent, cap rate, and occupancy assumptions
❓ 40 interview-style Q&As covering NOI mechanics, cap rates, debt sizing, and waterfall structuring
📖 Full glossary — NOI, cap rate, GDV, YoC, DSCR, MOIC, carried interest, and more
Format: Complete Excel workbook (multi-tab: Theory, Assumptions, Development ×2, Operating Model ×2, Debt & IRR ×2, Waterfall ×2, Sensitivity, Q&A, Glossary) + branded PDF study guide.
Who this is for: Real estate PE / acquisitions candidates prepping for interviews, developers who want to formalize their underwriting, and anyone who's ever wondered how a GP ends up earning far more than their capital share through carried interest.
Precision. Discipline. Mastery.