Greystone Capital Group — Multifamily Syndication Calculator

Multifamily Syndication · Greystone Capital Group

Deal Underwriting

Investor Returns

Sensitivity Analysis

Property Basics

Purchase Price$3,500,000

Number of Units40

Average Rent / Unit / Mo$950

Vacancy + Credit Loss %7%

Other Income / Unit / Mo$30

Operating Expenses

OpEx Ratio % of EGI45%

Property Taxes / Unit / Yr$1,200

Insurance / Unit / Yr$400

CapEx / R&M Reserve / Unit / Yr$800

Financing

LTV %75%

Interest Rate6.5%

Amortization (years)30 yr

Loan Closing Costs %1.5%

NOI (Year 1)
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Going-In Cap
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DSCR

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Price / Unit

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GRM

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Debt Service/yr

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EGI

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Monthly CF

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Income Statement

Gross Potential Rent—

Other Income—

Vacancy & Credit Loss—

Effective Gross Income—

Operating Expenses—

NOI—

Annual Debt Service—

Cash Flow (Year 1)—

Sources & Uses

Purchase Price—

Loan Amount—

Loan Closing Costs—

Acq Closing Costs (2%)—

Total Equity Needed—

Equity / Unit—

Equity Structure

LP Equity %80%

GP Equity %20%

Acquisition Fee % of Price2%

Asset Mgmt Fee % of EGI2%

Preferred Return & Waterfall

LP Preferred Return %8%

LP Split After Pref70%

Hold Period (years)5 yr

Annual Rent Growth %3%

Exit Assumptions

Exit Cap Rate6.5%

Selling Costs % of Sale Price3%

Remaining Loan Balance %90%

Investor IRR (LP)

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Equity Multiple

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LP CoC (Yr 1)
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Total LP Equity
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Sale Price (Exit)

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Exit NOI

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Loan Payoff

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Net Proceeds

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LP Returns

LP Equity Invested—

Total Cash Flow (LP share)—

LP Exit Proceeds—

Total LP Return—

Equity Multiple—

Avg Annual CoC—

GP Returns

Acquisition Fee—

Asset Mgmt Fees (total)—

GP Equity Invested—

GP Exit Proceeds—

Total GP Compensation—

Equity Waterfall Visualization

LP 80%

GP 20%

Cap Rate vs NOI — Implied Value

Price/Unit vs Rent — CoC Return

Exit Cap vs Hold Period — LP IRR

Vacancy vs OpEx Ratio — DSCR