Synthetic example: every name, party and figure in this record is fictional.

Mill Ave Commons - Tempe, AZ

Purpose-built off-campus student housing two blocks from the Desert Valley University (DVU) Tempe campus, leased by the bed on academic-year terms. The underwriting case assumes the property re-leases at the pre-lease pace shown in the August report and holds rate flat, since the submarket has absorbed two new deliveries in the last eighteen months.

Note the negative leverage: a 5.75% going-in cap against 6.25% debt puts year-one cash-on-cash at 3.0%. The deal underwrites on rate growth and the pre-lease premium, not on current coupon.

Property

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    "quality": {
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      "human_review_required": false,
      "flags": [],
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      "provisional": false
    },
    "lifecycle": {
      "revision": 1,
      "superseded": false
    }
  },
  "_notes": null,
  "total_units": 180,
  "total_beds": 600,
  "beds_per_unit_avg": 3.3333333333,
  "year_built": 2017,
  "year_renovated": null,
  "building_class": "A",
  "asset_subtype": "purpose_built_off_campus",
  "university_served": "Desert Valley University - Tempe",
  "university_enrollment": 65000,
  "distance_to_campus_miles": 0.3,
  "shuttle_provided": false,
  "stories": 6,
  "parking_spaces": 410,
  "land_area_acres": 2.2,
  "condition": "good"
}

Rent Roll

{
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      "provisional": false
    },
    "lifecycle": {
      "revision": 1,
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    }
  },
  "_notes": "Student housing leases by the bed, not by the unit, so occupancy is a bed count. preleased_beds is the signed count for the COMING academic year and is the leading revenue indicator; occupied_beds is the current in-place count. The two are measured at different dates and are deliberately not derived from each other.",
  "as_of_date": "2026-08-01",
  "total_units": 180,
  "total_beds": 600,
  "occupied_beds": 567,
  "preleased_beds": 573,
  "preleased_as_of": "2026-08-01",
  "preleased_term_start": "2026-08-15",
  "occupancy": 0.945,
  "pre_lease_rate": 0.955,
  "vacancy_pct": 0.055,
  "average_monthly_rent_per_bed": 900,
  "lease_term_months": 12,
  "parental_guaranty_pct": 0.92,
  "unit_mix": [
    {
      "type": "4x4",
      "units": 120,
      "beds": 480,
      "occupied_beds": 454,
      "rent_per_bed": 875
    },
    {
      "type": "2x2",
      "units": 60,
      "beds": 120,
      "occupied_beds": 113,
      "rent_per_bed": 1000
    }
  ]
}

NOI Model

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      "provisional": false
    },
    "lifecycle": {
      "revision": 1,
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    }
  },
  "_notes": "Gross potential rent is quoted per bed per month across all 600 beds. Turnover/make-ready is carried as its own line because student housing turns nearly the entire property on a single August date, which makes it a materially larger and less smoothable cost than in conventional multifamily.",
  "income": {
    "gross_potential_rent": {
      "value": 6480000,
      "source": "rent_roll",
      "per_unit_monthly": null,
      "per_sqft_annually": null,
      "rationale": "Quoted per bed per month across all 600 beds: $900 x 600 beds x 12 months."
    },
    "vacancy_credit_loss": 356400,
    "utility_reimbursements": 288000,
    "parking_income": 96000,
    "admin_application_fees": 54000,
    "other_income": 42000,
    "effective_gross_income": 6603600
  },
  "expenses": {
    "payroll": 620000,
    "property_taxes": 585000,
    "insurance": 178000,
    "utilities": 512000,
    "repairs_maintenance": 295000,
    "turnover_make_ready": 268000,
    "marketing_leasing": 196000,
    "management_fee": 264144,
    "general_admin": 142000,
    "security": 88000,
    "replacement_reserve": 90000,
    "total_operating_expenses": 3238144
  },
  "net_operating_income": 3365456,
  "expense_ratio": 0.4903604095,
  "revenue_per_bed": 11006,
  "rent_growth_pct_y1": 0.03,
  "turnover_cost_per_bed": 446.6666666667
}

Valuation

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  "_meta": {
    "section": "valuation",
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    },
    "quality": {
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      "human_review_required": false,
      "flags": [],
      "partial": false,
      "provisional": false
    },
    "lifecycle": {
      "revision": 1,
      "superseded": false
    }
  },
  "_notes": null,
  "purchase_price": 58500000,
  "going_in_cap_rate": 0.0575291624,
  "price_per_bed": 97500,
  "exit_cap_rate": 0.06
}

Debt Structure

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    },
    "lifecycle": {
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    }
  },
  "_notes": null,
  "loan_amount": 35100000,
  "interest_rate": 0.0625,
  "loan_term_years": 10,
  "amortization_years": 30,
  "io_period_months": 0,
  "annual_debt_service": 2593400.85,
  "dscr": 1.2976998918,
  "ltv": 0.6,
  "debt_yield": 0.0958819373,
  "recourse": "non_recourse"
}

Sources & Uses

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      "actor": "test-fixture",
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    },
    "quality": {
      "confidence": "high",
      "human_review_required": false,
      "flags": [],
      "partial": false,
      "provisional": false
    },
    "lifecycle": {
      "revision": 1,
      "superseded": false
    }
  },
  "_notes": "equity_metrics.equity_total equals the stated sources.sponsor_equity (25,700,000): it is the only non-debt source, so this is an identity of stated fields, not an inferred allocation or cash flow.",
  "equity_metrics": {
    "equity_total": 25700000
  },
  "sources": {
    "loan_amount": 35100000,
    "sponsor_equity": 25700000,
    "total": 60800000
  },
  "uses": {
    "purchase_price": 58500000,
    "closing_costs": 1170000,
    "capex_reserve": 850000,
    "working_capital": 280000,
    "total": 60800000
  },
  "total_sources": 60800000,
  "total_uses": 60800000
}

DCF

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    "section": "dcf",
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    },
    "quality": {
      "confidence": "medium",
      "human_review_required": false,
      "flags": [],
      "partial": false,
      "provisional": false
    },
    "lifecycle": {
      "revision": 1,
      "superseded": false
    }
  },
  "_notes": null,
  "assumptions": {
    "hold_period_years": 5,
    "exit_cap_rate": 0.06,
    "annual_rent_growth": 0.03,
    "annual_enrollment_growth": 0.015
  },
  "levered_irr": 0.118,
  "summary": {
    "equity_multiple": 1.66
  }
}

Pipeline Log

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    "provenance": {
      "source": "system/engine",
      "actor": "system",
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    },
    "quality": {
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      "flags": [],
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      "provisional": false
    },
    "lifecycle": {
      "revision": 1,
      "superseded": false
    }
  },
  "entries": [
    {
      "entry_id": "log_001",
      "timestamp": "2026-08-12T09:00:00Z",
      "event_type": "file_created",
      "agent_or_actor": "test-fixture",
      "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": null
    }
  ]
}

Operating Statement (T-12)

Trailing-twelve summary reconciled to the NOI model — same revenue, expense, and NOI totals; the line-item detail lives in the source statement.

{
  "_meta": {
    "section": "operating_statement",
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      "actor": "analyst",
      "agent_id": null,
      "agent_version": null,
      "timestamp": "2026-08-26T09:00:00Z",
      "notes": "T-12 summary reconciled to the NOI model; line detail retained in the source statement."
    },
    "quality": {
      "confidence": "medium",
      "human_review_required": false,
      "flags": [],
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      "provisional": false
    },
    "lifecycle": {
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    }
  },
  "period": "t12",
  "period_end": "2026-06-30",
  "statement_basis": "accrual",
  "income": {
    "total_revenue": 6603600
  },
  "expenses": {
    "total_operating_expenses": 3238144
  },
  "net_operating_income": 3365456,
  "reconciles_to_noi_model": true
}

Preliminary Sizing

Loan sizing against the three standard constraints. The governing test is dscr; the proposed loan of $35,100,000 fits inside it.

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    },
    "lifecycle": {
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  },
  "sizing_basis": {
    "noi_underwritten": 3365456,
    "value_basis": 58500000,
    "annual_debt_constant": 0.0739
  },
  "constraints": [
    {
      "test": "max_ltv",
      "limit": 0.75,
      "max_loan": 43875000
    },
    {
      "test": "min_dscr",
      "limit": 1.25,
      "max_loan": 36439413
    },
    {
      "test": "min_debt_yield",
      "limit": 0.09,
      "max_loan": 37393956
    }
  ],
  "max_supportable_loan": 36439413,
  "governing_constraint": "dscr",
  "proposed_loan": 35100000,
  "proposed_within_constraints": true,
  "cushion": 1339413
}

Borrower / Sponsor

Mill Avenue Student Housing LP — single-principal sponsorship; figures PFS-stated pending CPA verification.

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  "_meta": {
    "section": "borrower_sponsor",
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      "actor": "analyst",
      "agent_id": null,
      "agent_version": null,
      "timestamp": "2026-08-26T09:00:00Z",
      "notes": "Figures are PFS-stated; CPA verification requested for the DD period."
    },
    "quality": {
      "confidence": "medium",
      "human_review_required": true,
      "flags": [],
      "partial": false,
      "provisional": false
    },
    "lifecycle": {
      "revision": 1,
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    }
  },
  "principals": [
    {
      "name": "Priya Raman",
      "role": "managing_member",
      "ownership_pct": 1,
      "is_guarantor": true,
      "is_key_man": true,
      "net_worth_stated": 63180000,
      "liquid_assets_stated": 3861000,
      "contingent_liabilities_stated": 0,
      "years_cre_experience": 15,
      "pfs_received": true,
      "tax_returns_received": false,
      "figures_verified": false,
      "verification_basis": "pfs_stated"
    }
  ],
  "entity": {
    "name": "Mill Avenue Student Housing LP",
    "type": "llc",
    "state": "AZ"
  },
  "financial_summary": {
    "global_net_worth": 63180000,
    "global_liquidity": 3861000,
    "nw_to_loan_ratio": 1.8,
    "nw_to_loan_policy_min": 1,
    "liquidity_to_loan_ratio": 0.11,
    "liquidity_to_loan_policy_min": 0.1,
    "all_figures_verified": false,
    "unverified_flag": true
  }
}

Market Analysis

Tempe / DVU purpose-built student housing fundamentals as of 2026-08.

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      "agent_id": null,
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      "timestamp": "2026-08-26T09:00:00Z",
      "notes": "Broker survey and published market reports; refresh before credit committee."
    },
    "quality": {
      "confidence": "medium",
      "human_review_required": false,
      "flags": [],
      "partial": false,
      "provisional": false
    },
    "lifecycle": {
      "revision": 1,
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    }
  },
  "market": "Phoenix Metro",
  "submarket": "Tempe / DVU",
  "data_as_of": "2026-08-01",
  "vacancy": {
    "current_rate": 0.035,
    "trend": "stable"
  },
  "rents": {
    "yoy_growth_pct": 0.032,
    "trend": "moderate"
  },
  "cap_rates": {
    "range_low": 0.055,
    "range_high": 0.06,
    "subject_going_in": 0.0575291624
  },
  "supply": {
    "note": "Two towers (1,150 beds) delivering pre-2027 within one mile of campus; DVU enrollment growth continues to absorb."
  }
}

Validation

Financial-validity engine run over the sections above.

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      "provisional": false
    },
    "lifecycle": {
      "revision": 1,
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    }
  },
  "overall_status": "clean",
  "financial_validity": [],
  "completeness": []
}