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

Ocotillo Senior Living - Chandler, AZ

Stabilized assisted-living and memory-care community in the southeast Phoenix metro, operated under a third-party management agreement. The underwriting case holds census in the high 80s and assumes care-fee growth in line with the prevailing wage environment rather than ahead of it, since labor is the dominant cost line and the operator has limited pricing power mid-year.

Property

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    "section": "property",
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      "actor": "test-fixture",
      "agent_id": null,
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      "timestamp": "2026-08-12T09:00:00Z",
      "notes": null
    },
    "quality": {
      "confidence": "high",
      "human_review_required": false,
      "flags": [],
      "partial": false,
      "provisional": false
    },
    "lifecycle": {
      "revision": 1,
      "superseded": false
    }
  },
  "_notes": null,
  "total_units": 120,
  "assisted_living_units": 88,
  "memory_care_units": 32,
  "total_beds": 138,
  "year_built": 2015,
  "year_renovated": 2023,
  "building_class": "A",
  "asset_subtype": "assisted_living_memory_care",
  "operator": "Sonoran Care Partners",
  "management_agreement_expiration": "2031-12-31",
  "licensed_beds": 138,
  "stories": 2,
  "land_area_acres": 5.1,
  "condition": "good"
}

Rent Roll

{
  "_meta": {
    "section": "rent_roll",
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      "source": "manual",
      "actor": "test-fixture",
      "agent_id": null,
      "agent_version": null,
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    },
    "quality": {
      "confidence": "high",
      "human_review_required": false,
      "flags": [],
      "partial": false,
      "provisional": false
    },
    "lifecycle": {
      "revision": 1,
      "superseded": false
    }
  },
  "_notes": "Senior housing is a census business, not a lease-based rent roll. This section carries the unit census and the average monthly rate; care fees vary by acuity level and are carried in the income model rather than per unit here.",
  "total_units": 120,
  "occupied_units": 106,
  "occupancy": 0.8833333333,
  "vacancy_pct": 0.1166666667,
  "average_monthly_rate": 5800,
  "unit_mix": [
    {
      "type": "assisted_living",
      "units": 88,
      "occupied_units": 79,
      "average_monthly_rate": 5400
    },
    {
      "type": "memory_care",
      "units": 32,
      "occupied_units": 27,
      "average_monthly_rate": 6900
    }
  ],
  "acuity_mix": [
    {
      "level": "level_1",
      "residents": 34
    },
    {
      "level": "level_2",
      "residents": 41
    },
    {
      "level": "level_3",
      "residents": 31
    }
  ]
}

NOI Model

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    },
    "quality": {
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      "human_review_required": false,
      "flags": [],
      "partial": false,
      "provisional": false
    },
    "lifecycle": {
      "revision": 1,
      "superseded": false
    }
  },
  "_notes": "Care revenue is level-of-care fees billed above room and board. total_labor_expense is a subtotal of the three labor lines inside expenses; it sits at the model level so the expense lines still foot to total_operating_expenses without double counting.",
  "income": {
    "gross_potential_revenue": 8352000,
    "vacancy_loss": 974400,
    "care_revenue": 1908000,
    "community_fees": 212000,
    "other_income": 148000,
    "effective_gross_income": 9645600
  },
  "expenses": {
    "salaries_wages": 3180000,
    "employee_benefits": 668000,
    "contract_labor": 142000,
    "dietary_food": 720000,
    "housekeeping_laundry": 218000,
    "activities_transportation": 165000,
    "marketing": 195000,
    "repairs_maintenance": 240000,
    "utilities": 385000,
    "management_fee": 482280,
    "property_taxes": 410000,
    "insurance": 268000,
    "general_admin": 205000,
    "replacement_reserve": 60000,
    "total_operating_expenses": 7338280
  },
  "total_labor_expense": 3990000,
  "net_operating_income": 2307320,
  "expense_ratio": 0.7607904122,
  "labor_ratio": 0.4136601145,
  "care_revenue_ratio": 0.1978104006,
  "revpor_monthly": 7583.0188679245,
  "rate_growth_pct_y1": 0.035
}

Valuation

{
  "_meta": {
    "section": "valuation",
    "provenance": {
      "source": "manual",
      "actor": "test-fixture",
      "agent_id": null,
      "agent_version": null,
      "timestamp": "2026-08-12T09:00:00Z",
      "notes": null
    },
    "quality": {
      "confidence": "high",
      "human_review_required": false,
      "flags": [],
      "partial": false,
      "provisional": false
    },
    "lifecycle": {
      "revision": 1,
      "superseded": false
    }
  },
  "_notes": null,
  "purchase_price": 29800000,
  "going_in_cap_rate": 0.0774268456,
  "price_per_unit": 248333.3333333333,
  "exit_cap_rate": 0.08
}

Debt Structure

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  "_meta": {
    "section": "debt_structure",
    "provenance": {
      "source": "manual",
      "actor": "test-fixture",
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      "timestamp": "2026-08-12T09:00:00Z",
      "notes": null
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    "quality": {
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      "flags": [],
      "partial": false,
      "provisional": false
    },
    "lifecycle": {
      "revision": 1,
      "superseded": false
    }
  },
  "_notes": null,
  "loan_amount": 18476000,
  "interest_rate": 0.074,
  "loan_term_years": 7,
  "amortization_years": 30,
  "io_period_months": 0,
  "annual_debt_service": 1535089.1,
  "dscr": 1.5030528173,
  "ltv": 0.62,
  "debt_yield": 0.1248820091,
  "recourse": "non_recourse"
}

Sources & Uses

{
  "_meta": {
    "section": "sources_uses",
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      "actor": "test-fixture",
      "agent_id": null,
      "agent_version": null,
      "timestamp": "2026-08-12T09:00:00Z",
      "notes": null
    },
    "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 (13,224,000): 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": 13224000
  },
  "sources": {
    "loan_amount": 18476000,
    "sponsor_equity": 13224000,
    "total": 31700000
  },
  "uses": {
    "purchase_price": 29800000,
    "closing_costs": 745000,
    "capex_reserve": 900000,
    "working_capital": 255000,
    "total": 31700000
  },
  "total_sources": 31700000,
  "total_uses": 31700000
}

DCF

{
  "_meta": {
    "section": "dcf",
    "provenance": {
      "source": "manual",
      "actor": "test-fixture",
      "agent_id": null,
      "agent_version": null,
      "timestamp": "2026-08-12T09:00:00Z",
      "notes": null
    },
    "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": 0.08,
    "annual_rate_growth": 0.035,
    "annual_wage_growth": 0.04
  },
  "levered_irr": 0.145,
  "summary": {
    "equity_multiple": 1.83
  }
}

Pipeline Log

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  "_meta": {
    "section": "pipeline_log",
    "provenance": {
      "source": "system/engine",
      "actor": "system",
      "agent_id": null,
      "agent_version": null,
      "timestamp": "2026-08-12T09:00:00Z",
      "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": "2026-08-12T09:00:00Z",
      "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",
    "provenance": {
      "source": "system/extractor",
      "resolution": "ai_extracted",
      "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": [],
      "partial": false,
      "provisional": false
    },
    "lifecycle": {
      "revision": 1,
      "superseded": false
    }
  },
  "period": "t12",
  "period_end": "2026-06-30",
  "statement_basis": "accrual",
  "income": {
    "total_revenue": 9645600
  },
  "expenses": {
    "total_operating_expenses": 7338280
  },
  "net_operating_income": 2307320,
  "reconciles_to_noi_model": true
}

Preliminary Sizing

Loan sizing against the three standard constraints. The governing test is dscr; the proposed loan of $18,476,000 fits inside it.

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  "_meta": {
    "section": "preliminary_sizing",
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    },
    "quality": {
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      "flags": [],
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      "provisional": false
    },
    "lifecycle": {
      "revision": 1,
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    }
  },
  "sizing_basis": {
    "noi_underwritten": 2307320,
    "value_basis": 29800000,
    "annual_debt_constant": 0.0831
  },
  "constraints": [
    {
      "test": "max_ltv",
      "limit": 0.75,
      "max_loan": 22350000
    },
    {
      "test": "min_dscr",
      "limit": 1.25,
      "max_loan": 22216323
    },
    {
      "test": "min_debt_yield",
      "limit": 0.09,
      "max_loan": 25636889
    }
  ],
  "max_supportable_loan": 22216323,
  "governing_constraint": "dscr",
  "proposed_loan": 18476000,
  "proposed_within_constraints": true,
  "cushion": 3740323
}

Borrower / Sponsor

Ocotillo Senior Care Group LLC — single-principal sponsorship; figures PFS-stated pending CPA verification.

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  "_meta": {
    "section": "borrower_sponsor",
    "provenance": {
      "source": "manual",
      "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,
      "superseded": false
    }
  },
  "principals": [
    {
      "name": "Elaine Marsh",
      "role": "managing_member",
      "ownership_pct": 1,
      "is_guarantor": true,
      "is_key_man": true,
      "net_worth_stated": 33256800,
      "liquid_assets_stated": 2032360,
      "contingent_liabilities_stated": 0,
      "years_cre_experience": 15,
      "pfs_received": true,
      "tax_returns_received": false,
      "figures_verified": false,
      "verification_basis": "pfs_stated"
    }
  ],
  "entity": {
    "name": "Ocotillo Senior Care Group LLC",
    "type": "llc",
    "state": "AZ"
  },
  "financial_summary": {
    "global_net_worth": 33256800,
    "global_liquidity": 2032360,
    "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

Chandler / Southeast Valley assisted living fundamentals as of 2026-08.

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      "actor": "analyst",
      "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,
      "superseded": false
    }
  },
  "market": "Phoenix Metro",
  "submarket": "Chandler / Southeast Valley",
  "data_as_of": "2026-08-01",
  "vacancy": {
    "current_rate": 0.08,
    "trend": "stable"
  },
  "rents": {
    "yoy_growth_pct": 0.04,
    "trend": "moderate"
  },
  "cap_rates": {
    "range_low": 0.075,
    "range_high": 0.0825,
    "subject_going_in": 0.0774268456
  },
  "supply": {
    "note": "AL/MC pipeline modest; labor availability, not demand, is the binding constraint in this submarket."
  }
}

Validation

Financial-validity engine run over the sections above.

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      "timestamp": "2026-08-26T09:00:00Z",
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    "quality": {
      "confidence": "high",
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      "flags": [],
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      "provisional": false
    },
    "lifecycle": {
      "revision": 1,
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    }
  },
  "overall_status": "clean",
  "financial_validity": [],
  "completeness": []
}