IC Memo
West Loop Tower
Approved · Q3 2024
DCF Model
Sunbelt MF Portfolio
Closed · Q1 2025
Walked Away
Houston Industrial
Returns thin · 2024
Underwriting Template
House DCF · 7-yr hold
v3.2 · Standard
Return Threshold
15% IRR · 1.8× EM
Core-plus floor
Market Focus
Sunbelt MSAs
Phoenix · Atlanta · CHS
Risk Convention
Exit cap +50bps to entry
Conservative
IC Chair Question
"What's the kill case?"
Always asked
01Train

Trains on your firm.

A private knowledge graph of your underwriting conventions, return thresholds, market focus, and the questions your IC chair always asks.

OFFERING MEMORANDUM
1247 Peachtree Avenue
Sunbelt Multifamily Portfolio
$612M
94.2%
$34.6M
1,284 units
Asking $612M
SRCOM p.4 · Cover summary
T-12 Occupancy 94.2%
SRCOM p.18 · Operating data table
T-12 NOI $34.6M
SRCOM p.22 · Stabilized cashflow
Unit Count 1,284
SRCOM p.7 · Portfolio summary
02Read

Reads the deal.

Every figure carries a citation back to the source document, the page, the table it came from. Nothing in the model is detached from where it came from.

Vintage2014+
AssetGarden MF
SubmarketSunbelt MSA
Trans size$200M+
Trade windowQ2 2024 onward
Comparable Cap $/unit Src
Phoenix · Camelback 6.40% $314k RCA
Atlanta · Buckhead 6.65% $298k RCA
Charleston · Mt Pleasant 6.55% $305k FIRM
Tampa · Westshore 6.75% $282k RCA
Nashville · West End 6.50% $321k FIRM
03Source

Sources the comps.

Filtered by your screening discipline. Vintage. Asset class. Submarket. The criteria your team actually uses. Only the comps you would accept survive.

Year 5 rent growth assumption (4.2%) outside firm's historical envelope (1.8 to 3.6%).
04Model

Underwrites in your template.

Inputs in blue. Formulas in black. Cross-sheet refs in green. Stress-tested against your firm's standard sensitivities. You see what's stretched before you ask.

Greenfield Capital
IC · Confidential

Sunbelt Multifamily Acquisition

Preliminary Underwriting · 2026-05-07
Recommendation

Recommend advancing to second round. 1,284-unit portfolio across three Sunbelt submarkets, vintage 2014 to 2019, T-12 NOI of $34.6M against asking of $612M. Underwritten in firm's standard 7-year hold convention.

Deal Thesis

Mark-to-market on rent gap supports 12% NOI lift over years 1 to 3. Exit cap pricing inside firm's Sunbelt MF range (6.50 to 7.00%, n=7). Hold within firm's leverage tolerance.

Capital stack assumes 65% senior debt at SOFR + 215, 15% pref at 9% current pay, balance LP equity from Fund III sleeve.

8.4%
Going-in
14.6%
Levered IRR
2.1×
Equity Mult.
Adversarial Pass

If we walk, here's why.

CHALLENGEYear-5 rent growth at 4.2% sits above your historical Sunbelt envelope. At 2.5%, levered IRR drops to 11.1%, below your Fund III floor.
CHALLENGEComp set excludes value-add transactions. If exit cap pricing widens 25bps to reflect a softer trade window, downside IRR is 9.8%.
CHALLENGESponsor's last two Sunbelt deals missed Y2 projections by 8% and 11%. Track record adjustment compresses cash-on-cash through stabilization.
05Deliver

Delivers in your voice.

Your section structure. Your tone. The bull case in your firm's house template, alongside the kill case from an adversarial pass. The questions a skeptical IC chair would ask, surfaced before they ask them.

SCOUT

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