Synthetic example: every name, party and figure in this record is fictional.
Agave Court Apartments — Scottsdale, AZ
Deal ID: uw_2026_cs7r4t | Scenario: Stabilized Acquisition | Status: In Progress
180 Units | 2016 Vintage | $48,000,000 Purchase | Senior + Mezz + Pref | 5.42% Cap Rate
This file is the capital-stack worked example for the corpus (RFC 0026, UW_FORMAT_SPEC §4.24). Agave Court is a conventionally underwritten 180-unit midrise whose financing is a four-layer stack rather than a single loan: a $24.0M amortizing senior, a $4.5M interest-only mezzanine note, $3.5M of current-pay preferred equity, and $16.0M of common equity.
The stack foots — tranche amounts sum to the $48.0M total capitalization, which equals total sources and total uses — and every stated sizing figure verifies: verifyCapitalStack recomputes each one from the tranche terms and agrees at its quantum. The senior tranche reconciles with debt_structure (the generalized CC-03), which continues to describe the same senior loan for single-loan consumers.
Deal Context
json
{
"_meta": {
"section": "deal_context",
"provenance": {
"source": "manual",
"actor": "analyst",
"agent_id": null,
"agent_version": null,
"timestamp": "2026-08-21T09:15:00Z",
"notes": null
},
"quality": {
"confidence": "high",
"human_review_required": false,
"flags": [],
"partial": false,
"provisional": false
},
"lifecycle": {
"revision": 1,
"superseded": false
}
},
"_notes": "Moderate senior leverage on purpose: the marginal dollars above 50% LTV are cheaper as mezz and pref than as a bigger senior at a worse spread, and the sponsor keeps refinance flexibility. The stack's blended coverage, not the senior DSCR, is the binding figure.",
"deal_summary": "180-unit 2016-vintage midrise in south Scottsdale. Stabilized acquisition at a 5.42% in-place cap, financed with a senior + mezzanine + preferred-equity stack over $16.0M of common equity.",
"investment_thesis": "Newer-vintage asset in a supply-constrained submarket at replacement-cost-adjacent pricing. Modest senior leverage with structured subordinate capital keeps cash-on-cash competitive without pushing the senior past comfortable coverage.",
"value_creation_strategy": "Operational: push renewals to market, add smart-home package at turn, and refinance the mezzanine at year 3-4 when NOI seasoning supports a larger senior.",
"hold_strategy": "core_plus_hold",
"exit_strategy_description": "Sell in years 5-7 to a core buyer, or refinance the whole stack into a single agency loan once the mezz burns off.",
"deal_goal": "Mid-teens levered IRR to common with the pref's current pay fully covered by in-place NOI."
}Property
json
{
"_meta": {
"section": "property",
"provenance": {
"source": "manual",
"actor": "analyst",
"agent_id": null,
"agent_version": null,
"timestamp": "2026-08-21T09:30:00Z",
"notes": null
},
"quality": {
"confidence": "high",
"human_review_required": false,
"flags": [],
"partial": false,
"provisional": false
},
"lifecycle": {
"revision": 1,
"superseded": false
}
},
"_notes": null,
"total_units": 180,
"total_nra_sqft": 171000,
"year_built": 2016,
"building_class": "A-",
"buildings": 3,
"stories": 4,
"submarket": "South Scottsdale / Osborn corridor"
}Underwritten NOI
json
{
"_meta": {
"section": "noi_model",
"provenance": {
"source": "system/calculations.ts",
"actor": "system",
"agent_id": null,
"agent_version": null,
"timestamp": "2026-08-21T12:00:00Z",
"notes": null
},
"quality": {
"confidence": "high",
"human_review_required": false,
"flags": [],
"partial": false,
"provisional": false
},
"lifecycle": {
"revision": 1,
"superseded": false
}
},
"_notes": "Foots: 4,600,000 − 276,000 − 46,000 − 92,000 + 234,000 = 4,420,000 EGI; 4,420,000 − 1,820,000 = 2,600,000 NOI. This NOI is the numerator of every coverage and debt-yield figure in the capital stack's sizing block.",
"income": {
"gross_potential_rent": {
"value": 4600000
},
"vacancy_credit_loss": {
"value": 276000
},
"concessions": {
"value": 46000
},
"loss_to_lease": {
"value": 92000
},
"other_income": {
"value": 234000
},
"effective_gross_income": 4420000
},
"expenses": {
"real_estate_taxes": {
"value": 520000
},
"insurance": {
"value": 155000
},
"management_fees": {
"value": 132600
},
"payroll_benefits": {
"value": 360000
},
"utilities": {
"value": 168000
},
"repairs_maintenance": {
"value": 175000
},
"contract_services": {
"value": 78000
},
"marketing_advertising": {
"value": 45000
},
"administrative": {
"value": 56400
},
"professional_fees": {
"value": 40000
},
"replacement_reserves": {
"value": 90000
},
"total_operating_expenses": 1820000
},
"net_operating_income": 2600000
}Valuation
json
{
"_meta": {
"section": "valuation",
"provenance": {
"source": "manual",
"resolution": "user_input",
"actor": "analyst",
"agent_id": null,
"agent_version": null,
"timestamp": "2026-08-21T14:00:00Z",
"notes": null
},
"quality": {
"confidence": "high",
"human_review_required": false,
"flags": [],
"partial": false,
"provisional": false
},
"lifecycle": {
"revision": 1,
"superseded": false
}
},
"_notes": "underwritten_value is the LTV denominator the stack's ltv_through divides by; the appraisal came in slightly above it.",
"purchase_price": 48000000,
"appraised_value": 49000000,
"underwritten_value": 48600000,
"going_in_cap_rate": 0.0542,
"valuation_method": "income_capitalization"
}Debt Structure
json
{
"_meta": {
"section": "debt_structure",
"provenance": {
"source": "manual",
"actor": "analyst",
"agent_id": null,
"agent_version": null,
"timestamp": "2026-08-21T15:00:00Z",
"notes": null
},
"quality": {
"confidence": "high",
"human_review_required": false,
"flags": [],
"partial": false,
"provisional": false
},
"lifecycle": {
"revision": 1,
"superseded": false
}
},
"_notes": "This section continues to describe the SENIOR loan only, for every single-loan consumer. The full stack — including the mezz and pref this section cannot express — lives in capital_stack, and the senior tranche there reconciles with these figures (generalized CC-03).",
"loan_type": "permanent",
"lender_type": "life_co",
"loan_amount": 24000000,
"ltv": 0.4938,
"interest_rate_type": "fixed",
"all_in_rate_at_close": 0.0595,
"term_months": 120,
"amortization_months": 360,
"io_months": 0,
"annual_debt_service": 1717458,
"underwritten_noi": 2600000,
"dscr": 1.514,
"debt_yield": 0.1083,
"recourse": "non_recourse_with_carve_outs"
}Capital Stack
json
{
"_meta": {
"section": "capital_stack",
"provenance": {
"source": "manual",
"actor": "analyst",
"agent_id": null,
"agent_version": null,
"timestamp": "2026-08-21T16:00:00Z",
"notes": null
},
"quality": {
"confidence": "high",
"human_review_required": false,
"flags": [],
"partial": false,
"provisional": false
},
"lifecycle": {
"revision": 1,
"superseded": false
}
},
"_notes": "The stack foots: 24.0 + 4.5 + 3.5 + 16.0 = 48.0M = total sources = total uses. Every sizing value below is the correctly-rounded recomputation from the tranche terms (verifyCapitalStack agrees at each figure's quantum). The pref is current-pay, so its 297,500 return sits inside the blended coverage denominator; had it been accrued, combined_dscr_thru_pref would rise to the thru-mezz figure and debt_yield_thru_mezz would not move.",
"point_in_time": "stabilization",
"tranches": [
{
"id": "senior",
"class": "senior_debt",
"position": 1,
"amount": 24000000,
"rate": 0.0595,
"amortization_months": 360,
"io_months": 0,
"term_months": 120,
"accrual": "cash"
},
{
"id": "mezz",
"class": "mezzanine_debt",
"position": 2,
"amount": 4500000,
"rate": 0.105,
"amortization_months": 0,
"io_months": 120,
"term_months": 120,
"accrual": "cash"
},
{
"id": "pref",
"class": "preferred_equity",
"position": 3,
"amount": 3500000,
"rate": 0.085,
"accrual": "cash"
},
{
"id": "common",
"class": "common_equity",
"position": 4,
"amount": 16000000
}
],
"sizing": [
{
"id": "senior_dscr",
"fn": "coverage",
"over": "senior",
"value": 1.51
},
{
"id": "combined_dscr_thru_pref",
"fn": "blended_coverage",
"through": 3,
"value": 1.05
},
{
"id": "debt_yield_thru_mezz",
"fn": "debt_yield_through",
"through": 2,
"value": 0.0912
},
{
"id": "ltc_thru_mezz",
"fn": "ltc_through",
"through": 2,
"value": 0.5938
},
{
"id": "ltv_thru_mezz",
"fn": "ltv_through",
"through": 2,
"value": 0.5864
},
{
"id": "wacc",
"fn": "weighted_cost",
"over": "*",
"value": 0.0687
}
]
}Sources & Uses
json
{
"_meta": {
"section": "sources_uses",
"provenance": {
"source": "system/calculations.ts",
"actor": "system",
"agent_id": null,
"agent_version": null,
"timestamp": "2026-08-21T16:05:00Z",
"notes": null
},
"quality": {
"confidence": "high",
"human_review_required": false,
"flags": [],
"partial": false,
"provisional": false
},
"lifecycle": {
"revision": 1,
"superseded": false
}
},
"_notes": "Sources are the capital stack, layer by layer: each source line equals its tranche's amount, and the totals equal the stack's total capitalization.",
"sources": {
"loan_amount": 24000000,
"mezzanine_debt": 4500000,
"preferred_equity": 3500000,
"equity_sponsor": 16000000,
"total": 48000000
},
"uses": {
"purchase_price": 48000000,
"total": 48000000
},
"total_sources": 48000000,
"total_uses": 48000000
}Pipeline Log
json
{
"_meta": {
"section": "pipeline_log",
"provenance": {
"source": "system/engine",
"actor": "system",
"agent_id": null,
"agent_version": null,
"timestamp": "2026-08-21T16:10:00Z",
"notes": null
},
"quality": {
"confidence": "high",
"human_review_required": false,
"flags": [],
"partial": false,
"provisional": false
},
"lifecycle": {
"revision": 1,
"superseded": false
}
},
"entries": [
{
"entry_id": "log_001",
"timestamp": "2026-08-21T09:00:00Z",
"event_type": "file_created",
"agent_or_actor": "wizard",
"section_affected": null,
"status": "success",
"input_sections": [],
"output_sections": [],
"flags_raised": [],
"flags_cleared": [],
"duration_ms": null,
"input_hash": null,
"output_hash": null,
"error_code": null,
"error_message": null,
"notes": "Deal created from term sheets and T-12"
},
{
"entry_id": "log_002",
"timestamp": "2026-08-21T16:00:00Z",
"event_type": "section_written",
"agent_or_actor": "analyst",
"section_affected": "capital_stack",
"status": "success",
"input_sections": [
"noi_model",
"debt_structure",
"sources_uses"
],
"output_sections": [
"capital_stack"
],
"flags_raised": [],
"flags_cleared": [],
"duration_ms": null,
"input_hash": null,
"output_hash": null,
"error_code": null,
"error_message": null,
"notes": "Capital stack entered; sizing figures stated and verified"
}
]
}Validation
Financial-validity engine run over the capital stack and operating sections above.
json
{
"_meta": {
"section": "validation",
"provenance": {
"source": "system/financialValidityChecker",
"actor": "system",
"agent_id": null,
"agent_version": null,
"timestamp": "2026-08-26T09:00:00Z",
"notes": "Senior-only metrics; stack-aware coverage is stated and verified in the capital_stack section."
},
"quality": {
"confidence": "high",
"human_review_required": false,
"flags": [],
"partial": false,
"provisional": false
},
"lifecycle": {
"revision": 1,
"superseded": false
}
},
"overall_status": "clean",
"financial_validity": [],
"completeness": []
}