Smith & Burns

Led underwriting and oversaw programmatic financing of a 125 unit residential project in Seattle, WA

Case Studies

Case Study

150 Unit Multi-Family Project

  • 150 Units parked at 1.03 ratio

  • Built in 2014

  • Traditional 65% financing with a guarantee, sourced internally

  • Initial underwriting in 2013

  • Proforma from feasibility through lease-up

  • 200bps spread over cap rates

  • Rental product

  • Included underwriting of an LP/GP split with a crystallization; a GP tiered waterfall; and a sub-GP tiered waterfall

Case Study

260 Unit Multi-Family Project

  • 260 units parked at 0.85 parking ratio

  • Built in 2015

  • Traditional 65% financing with a guarantee, sourced internally

  • Proforma from feasibility through lease-up

  • 250bps spread over cap rates

  • Rental product

  • Included underwriting of a landowner; tiered waterfall with a clawback for the seller; a GP/LP Partnership; multi-tiered triggered promote.

Case Study

65 key Luxury Tent Resort

  • Feasibility only

  • Created a seasonal model that reflected a monthly change in operations

  • Allowed for a full development budget and robust P&L including staffing, activities, retail, events, and operations inputs

  • Included financing assumptions for both development and operations

  • Underwrote a payout scenario that included a landowner, 3 tiers of distributions, and an LP/GP partnership

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