Apartment Development - New York
Financial modeling and underwriting for a newly constructed multifamily apartment development in New York. Included market rent comps, expense underwriting, debt structuring, and scenario testing to support capital raising and institutional partner review.
Client
General Partner
Time Spanned
1 Week
About Project
Project Overview
A development team engaged Mayer Property Group to support feasibility planning for a new ground-up apartment project. The client wanted to evaluate how two different unit mix strategies would affect overall project performance, with inputs provided for rents, costs, lease-up timelines, and other key assumptions.
Objective
To compare projected outcomes under two distinct program structures using the same baseline cost and revenue assumptions — allowing the client to assess how unit composition would impact long-term performance and financing viability.
Scope of Work
1. Dual Scenario Modeling
We created two parallel financial models reflecting each unit mix strategy, adjusting absorption schedules, average rent profiles, and unit counts accordingly. Both models incorporated full development timelines and lease-up assumptions.
2. Client-Sourced Inputs
All assumptions — including construction cost per square foot, rent levels, expense ratios, and stabilization timelines — were provided by the client. Mayer Property Group focused on structuring those assumptions into a flexible, easy-to-compare framework.
3. Side-by-Side Analysis
The deliverables included clear financial outputs for each scenario: cash flow summaries, return metrics, and capital stack visuals. This enabled the client to weigh trade-offs in rent premiums, absorption pace, and buildout efficiency under each approach.
Outcome
The dual-scenario model gave the development team a sharper view of how unit mix decisions would impact financial feasibility, equity structure, and debt sizing. It served as a tool for both internal strategy refinement and external capital discussions.
Comprehensive financial modeling and underwriting for a ground-up mixed-use condominium project in New York. Included condo absorption analysis, sensitivity testing, and detailed cash flow modeling.
Pro forma adjustments for the acquisition of a stabilized multifamily asset in California. Included hold period and operating expense adjustments.
Scenario modeling and underwriting for the repositioning of an existing office building into student housing. Included adaptive reuse cost analysis, lease-up modeling, and exit strategy sensitivity.