Marlowe Yard
1. Investor Home
2. Investment Summary
3. Detailed Memo
4. Financial Model
4.1 Financials
4.2 Dashboards
5. Valuation Report
6. Data Room
6.1 Document Index
6.2 Market & Demand
6.3 Sales & Operator
6.4 Comparable Assets
6.5 Development & Exit
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RiNo · Denver
Marlowe Yard
A 48-home boutique for-sale condominium in Denver's RiNo, raising debt and equity together.
Financial Highlights
Gross dev value
$72.2M
48 homes sold out
Land / site value
$11.0M
Secured RiNo corner
Total project cost
$53.3M
Land, build, fees
Finance / interest
$2.78M
Rolled up at 9.5%
Development profit
$18.8M
35.3% on cost · 26.1% on GDV
Sources of Funds
Debt 60%
Equity 40%
Senior development loan
$32.0M
Equity
$21.3M
LP equity $16.0M · GP co-invest $2.0M · Land-partner rollover $3.3M
The Ask
Loan application
$32.0M
Senior development loan
60% LTC · 44% LTGDV · 32-month term · first charge · repaid from sales
Investment memorandum
$16.0M
LP equity
26% net IRR · 1.7x · 8% pref, then 80/20 to an 18% hurdle
Sale mandate
$59M
Bulk sale of the building
All 48 homes to one buyer, ~18% below retail · clears the senior loan 1.8x · a downside exit