The whole return sits on one screen. A 48-home for-sale scheme turns $53.3M of cost into $72.2M of sales, leaving $18.8M of profit and a 1.7x return to LP capital.
Dashboard · 03
$16.0M of LP equity completes a $53.3M capital stack
$32.0M
Senior loan, 60% LTC
Development facility at 9.5%
$16.0M
LP equity, the raise
The capital sought here
$2.0M
GP co-invest
Sponsor capital alongside
$3.3M
Land-partner rollover
Site owner rolls into equity
Capital stack · sources ($M)
The raise is $16.0M of LP equity. It sits alongside $2.0M of sponsor co-invest and $3.3M of rolled-over land, with a $32.0M senior loan funding the balance at 60% loan to cost.
Dashboard · 04
$72.2M of sales, $53.3M of cost, $18.8M of profit
$72.2M
Gross development value
48 homes, blended $1,176/sqft
$53.3M
Total development cost
Land, build, fees, finance
$18.8M
Development profit
Sales less all cost
26%
Profit on GDV
Margin against sales value
Gross development value to profit ($M)
The appraisal is straightforward. Gross sales of $72.2M against $53.3M of total cost leave $18.8M of profit, or 26% of the sales value.
Dashboard · 05
Margin holds at 35% on cost, 26% on value
35.3%
Profit on cost
The standard development yardstick
26%
Profit on GDV
$18.8M on $72.2M of sales
$18.8M
Development profit
Dollar margin after finance
1.87x
Project equity multiple
Before pref and promote
Profit on cost across sales-price scenarios
Profit on cost lands at 35.3% and profit on GDV at 26.1%. At the project level the scheme returns 1.87x on invested capital before the LP waterfall.
Dashboard · 06
48 homes across four types, one-bed to penthouse
48
Homes
Six storeys, four unit types
61,360
Net saleable area
Sqft across 48 homes
$1,176/sqft
Blended price
Premium boutique per sqft
$820k-$2.75M
Price range
One-bed to penthouse
Unit mix · homes and revenue by type
The mix runs from 8 one-bed homes at $820,000 to 4 penthouses at $2.75M. Twenty-six 2-bed homes form the core. Blended pricing is $1,176 per net saleable foot.
Dashboard · 07
$72.2M of sales, weighted to closings in months 26 to 31
$72.2M
Gross sales
All 48 homes
55%
Pre-sold by completion
Reservations from month 6
33 mo
Full sell-out
Closings complete by month 33
48
Homes to close
Equity returned as they settle
Closings and cumulative sales by month
Sales run to $72.2M across 48 homes. Around 55% are pre-sold by completion, with closings weighted to months 26 through 31 and full sell-out by month 33.
Dashboard · 08
$53.3M of cost, most of it construction and land
$32.0M
Hard construction
Base build and parking
$11.0M
Land
Site acquisition
$3.52M
Professional fees
Design, engineering, PM, legal
$2.78M
Finance cost
Development-loan interest
Development cost breakdown ($M)
The cost plan is $53.3M. Hard construction is $32.0M and land $11.0M. Professional fees run $3.52M and development-loan interest $2.78M, with a 5% contingency held on top.
Dashboard · 09
60% of cost from senior debt, the balance in equity
$32.0M
Senior development loan
Funds 60% of total cost
$21.3M
Total equity
Peak equity in the deal
60%
Loan to cost
Conservative for the submarket
9.5%
Loan rate
Development facility
Senior loan balance · draw and repayment ($M)
A $32.0M senior loan funds 60% of cost at 9.5%. The remaining $21.3M is equity, split between LP capital, sponsor co-invest and rolled-over land.
Dashboard · 10
1.7x and 26% net to LP capital over 32 months
26%
LP net IRR
After pref and promote
1.7x
LP equity multiple
Net to investors
$16.0M
LP equity
The capital at risk
8%
Preferred return
Paid before the promote
LP equity cash flow by period ($M)
LP capital of $16.0M earns an 8% preferred return, then splits profit 80/20 with the sponsor. The result is a 26% net IRR and a 1.7x equity multiple over the 32-month programme.
Dashboard · 11
32 months from close to sell-out
32 mo
Total programme
Close to exit
22 mo
Construction
Superstructure to fit-out
3 mo
Enabling phase
Closing, entitlement, gallery
33 mo
Sell-out
Final closings settle
Monthly development spend by category ($M)
The programme runs 32 months. Closing and enabling works take the first three months, construction runs months 3 to 25, and closings complete through to sell-out around month 33.
Dashboard · 12
Pre-sales take risk out of the exit before completion
55%
Pre-sold at completion
Contracted ahead of exit
Month 6
Reservations open
Off the sales gallery
48
Homes for sale
Across four types
$72.2M
Sales to clear
Full gross development value
Pre-sales reservations vs closings (%)
Reservations open around month 6, off the sales gallery. About 55% of homes are pre-sold by completion, which takes real risk out of the exit before the last closings settle.
Dashboard · 13
Low leverage, senior repaid first from sales
60%
Loan to cost
$32.0M senior on $53.3M of cost
44%
Loan to GDV
$32.0M against $72.2M of value
$21.3M
Peak equity
LP $16.0M · GP $2.0M · land $3.3M
2.2x
Sales cover on debt
$72.2M sales / $32.0M senior
Leverage vs typical maximums (%)
Debt is 60% of cost and 44% of value, repaid first from sales proceeds. Peak equity of $21.3M sits under the loan, and $72.2M of sales covers the senior facility 2.2 times. The low leverage gives both the lender and the equity a wide margin before value is at risk.
Dashboard · 14
RiNo demand meets a shortage of for-sale homes
$1,176/sqft
Marlowe price
Blended per net saleable foot
$900-1,300
Comparable range
Premium RiNo and LoHi condos
48
Homes delivered
Into a supply-short market
38th & Blake
Light rail
38th and Blake station, walkable
Pricing vs RiNo comparables ($/sqft)
RiNo is Denver's fastest-changing submarket, transit-served at 38th and Blake. Most new build is rental, so for-sale product is scarce. Marlowe prices at $1,176 per foot, inside the $900 to $1,300 range for premium RiNo condos.
