Situation

The sponsor identified a mixed-use property in Excelsior, Minnesota requiring a capital raise structured as a private equity real estate vehicle. The work involved standing up an underwriting model and a defensible capital stack the sponsor could carry into LP conversations — not a deck, the actual numbers.

Scope of Work

• Acquisition underwriting — rent roll, operating expenses, capex, and stabilized NOI build.
• PERE capital stack — senior debt sizing, preferred equity sleeve, common equity, and sponsor promote.
• Return waterfall — LP preferred return, catch-up, and tiered carry consistent with market terms.
• Sensitivity analysis — cap rate, rent growth, exit timing, and debt cost scenarios.
• Source & use schedule, monthly cash flow projection, and investor-ready summary economics.

Role

Fractional CFO and underwriting partner to the sponsor. The deliverable was a working model the sponsor owns and can defend line by line — not a black box.