Underwriting & Financial Models

Underwriting Informed by Investment Judgment

A financial model is only as valuable as the assumptions and investment judgment behind it.

Brookmoor Advisory provides bespoke acquisition, development, and refinance models backed by hands-on experience in real estate acquisitions and development. Having evaluated hundreds of investment opportunities across different property types and transaction structures, I bring both technical modeling expertise and practical investment judgment to every engagement.

My work goes beyond building spreadsheets. I help clients evaluate market fundamentals, develop and pressure-test assumptions, assess construction budgets and operating expenses, and explore creative debt and equity financing structures. I also conduct highest and best use analyses to evaluate alternative property uses, redevelopment strategies, and opportunities to maximize a property's economic potential.

Rather than simply translating assumptions into Excel, I work collaboratively with clients to challenge projections, identify risks and opportunities, and explore alternative strategies that may improve a transaction's feasibility and risk-adjusted returns.

The goal isn't just to deliver a sophisticated financial model. It's to serve as a trusted analytical partner, helping clients understand what drives value, structure better transactions, and make informed real estate investment decisions.

Overview tab of the Boston ground-up development model: property, total development cost, construction loan, yield on cost, levered IRR, LP IRR, profit, capital stack and returns — Overview tab, Boston ground-up model.

What we build

Sample models

Miami

Acquisition Value-Add

Rent roll to stabilized rent roll, renovation draws, bridge-to-perm debt, tax reassessment, LP/GP waterfall.

Levered IRR: 20.3%
Untrended yield on cost: 6.45%

15 tabs: Cover, Overview, Assumptions, Rent Roll, Sources & Uses, Capex, Monthly CF, Annual, Bridge Loan, Perm Loan, Waterfall, Returns, Sensitivity, Sens Engine, Checks

Model detail

Boston

Ground-Up Development

Pre-development, S-curve draws, equity first, interest reserve without circularity, lease-up, perm refinance, delay cases.

Levered IRR: 13.3%
Untrended yield on cost: 5.42%

13 tabs: Cover, Overview, Assumptions, Budget, Sources & Uses, Monthly CF, Annual, Perm Loan, Waterfall, Returns, Sensitivity, Sens Engine, Checks

Model detail

New York

Office-to-Residential Conversion

Senior loan, C-PACE, preferred equity and common equity, each with its own return; incentive toggles; returns by tranche.

Levered IRR (common equity): 16.0%
Untrended yield on cost: 5.87%

13 tabs: Cover, Overview, Assumptions, Budget, Sources & Uses, Monthly CF, Annual, Debt, Waterfall, Returns, Sensitivity, Sens Engine, Checks

Model detail

Structures

Built from scratch when the deal needs it

Ground leasesLeasehold value, rent resets, what a lender will finance.

Condo selloutsAbsorption, deposits, release prices, inventory loans.

JV waterfallsPrefs, catch-ups, IRR and multiple hurdles, clawbacks.

Tax creditsLIHTC and historic credit equity, pay-in timing, adjusters.

C-PACEAssessment schedules, lender consent, payoff at sale.

Rescue preferred equityAccruals, minimum multiples, redemption at refinance.

Note purchasesDiscount to par, workout and foreclosure timelines.

Phased developmentShared infrastructure, phase-by-phase financing.

Office conversionsFloor plate efficiency, incentives, residual office income.

Bridge-to-permFuture funding, extension tests, takeout sizing.

Have a deal in front of you?

Send the property, the decision and the deadline. I reply within one business day.

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