Synthetic example: every name, party and figure in this record is fictional.
Riverside Office Center — Phoenix, AZ
Deal ID: uw_2026_b8c2d4 | Scenario: Value-Add Bridge | Status: In Progress
42,500 SF | 1998 Vintage | $5,000,000 Purchase | $117/SF | 6.0% Cap Rate (in-place)
This file is a second worked example in the conformance corpus. It exists to show that the .uw.md format is not multifamily-only: every concept in Parkview-Apts-Glendale-AZ.uwx.md has an analogue here for a different asset class (suburban office) and a different debt instrument (bridge loan with interest reserve).
Deal Context
Riverside is a 42,500 SF Class B suburban office property in north Phoenix at 73% occupancy. The seller is a regional REIT divesting non-strategic assets; the property has been undermanaged with two of the three top-floor tenants approaching natural roll-down in the next 18 months. Thesis: acquire below replacement cost, lease the vacancy through a local broker, retain or replace the rolling tenants at market terms, then refinance into permanent debt at year 2 once stabilized NOI supports a 1.30x DSCR.
json
{
"_meta": {
"section": "deal_context",
"provenance": {
"source": "manual",
"actor": "analyst",
"agent_id": null,
"agent_version": null,
"timestamp": "2026-04-25T08:45:00Z",
"notes": null
},
"quality": {
"confidence": "high",
"human_review_required": false,
"flags": [],
"partial": false,
"provisional": false
},
"lifecycle": {
"revision": 1,
"superseded": false
}
},
"_notes": "Bridge DSCR is thin at close (1.03x) — interest reserve sized for 18 months. Refi feasibility hinges on backfilling Suite 300 by month 12.",
"deal_summary": "42,500 SF suburban office in north Phoenix, 73% occupied. Bridge-financed value-add — lease vacancy, manage rollover, refi into permanent debt at year 2.",
"investment_thesis": "Class B office at $117/SF (~50% of replacement cost). Local broker network gives us conviction on filling 11,500 SF of vacancy within 12 months at $22/SF NNN. Rolling rents already at-market — credit on those is a wash.",
"value_creation_strategy": "Fill 11,500 SF vacancy at $22/SF NNN over 12 months. Hold occupancy through Year 2 rollover with 50% renewal probability at flat rents. Take out the bridge with permanent debt at year 2.",
"hold_strategy": "value_add_then_refi",
"exit_strategy_description": "Refinance into 5-year permanent CMBS or life co debt at year 2 once stabilized NOI exceeds $400,000.",
"deal_goal": "14% levered IRR with downside protected by below-replacement-cost basis."
}Property
json
{
"_meta": {
"section": "property",
"provenance": {
"source": "manual",
"actor": "analyst",
"agent_id": null,
"agent_version": null,
"timestamp": "2026-04-25T08:50:00Z",
"notes": null
},
"quality": {
"confidence": "high",
"human_review_required": false,
"flags": [],
"partial": false,
"provisional": false
},
"lifecycle": {
"revision": 1,
"superseded": false
}
},
"rentable_square_feet": 42500,
"year_built": 1998,
"year_renovated": 2014,
"building_class": "B",
"stories": 3,
"parking_spaces": 170,
"parking_ratio_per_1000_sf": 4,
"occupancy_pct": 0.73,
"submarket": "North Phoenix / Deer Valley"
}Rent Roll
Office tenant variant — the spec's rent_roll section accepts a tenants array (see Part IV §4) when the asset class is office, retail, or industrial.
json
{
"_meta": {
"section": "rent_roll",
"provenance": {
"source": "manual",
"resolution": "user_input",
"actor": "analyst",
"agent_id": null,
"agent_version": null,
"timestamp": "2026-04-25T09:00:00Z",
"notes": null
},
"quality": {
"confidence": "high",
"human_review_required": false,
"flags": [],
"partial": false,
"provisional": false
},
"lifecycle": {
"revision": 1,
"superseded": false
}
},
"_notes": "Suite 300 vacant since Q3 2025. Two top-floor tenants (Granite Engineering, Synthesis Health) on 36-month leases expiring late Y2.",
"as_of_date": "2026-04-01",
"total_rentable_sf": 42500,
"occupied_sf": 31000,
"vacant_sf": 11500,
"occupancy_pct": 0.73,
"weighted_avg_rent_psf": 21.5,
"tenants": [
{
"tenant_id": "T-001",
"tenant_name": "Granite Engineering LLC",
"suite": "Suite 100",
"leased_sf": 9500,
"annual_base_rent": 209000,
"rent_psf": 22,
"lease_start": "2023-08-01",
"lease_expiration": "2027-07-31",
"lease_type": "NNN",
"tenant_credit": "private",
"anchor_tenant": false
},
{
"tenant_id": "T-002",
"tenant_name": "Synthesis Health PC",
"suite": "Suite 200",
"leased_sf": 10000,
"annual_base_rent": 215000,
"rent_psf": 21.5,
"lease_start": "2023-09-15",
"lease_expiration": "2027-09-14",
"lease_type": "NNN",
"tenant_credit": "private",
"anchor_tenant": true
},
{
"tenant_id": "T-003",
"tenant_name": "Northstar Insurance Group",
"suite": "Suite 201",
"leased_sf": 7000,
"annual_base_rent": 145600,
"rent_psf": 20.8,
"lease_start": "2024-02-01",
"lease_expiration": "2029-01-31",
"lease_type": "NNN",
"tenant_credit": "non_investment_grade",
"anchor_tenant": false
},
{
"tenant_id": "T-004",
"tenant_name": "Flagstone Architects",
"suite": "Suite 202",
"leased_sf": 4500,
"annual_base_rent": 96750,
"rent_psf": 21.5,
"lease_start": "2025-03-01",
"lease_expiration": "2030-02-28",
"lease_type": "NNN",
"tenant_credit": "private",
"anchor_tenant": false
},
{
"tenant_id": "T-VAC-300",
"tenant_name": null,
"suite": "Suite 300",
"leased_sf": 0,
"vacant_sf": 11500,
"annual_base_rent": 0,
"rent_psf": 0,
"lease_expiration": null,
"tenant_credit": null,
"anchor_tenant": false
}
]
}NOI Model
json
{
"_meta": {
"section": "noi_model",
"provenance": {
"source": "system/calculations.ts",
"actor": "system",
"agent_id": null,
"agent_version": null,
"timestamp": "2026-04-25T11:00:00Z",
"notes": null
},
"quality": {
"confidence": "high",
"human_review_required": false,
"flags": [],
"partial": false,
"provisional": false
},
"lifecycle": {
"revision": 1,
"superseded": false
}
},
"_notes": "Year-1 underwritten — assumes 73% occupancy held through Y1; Suite 300 backfill modeled in Y2.",
"income": {
"gross_potential_rent": {
"value": 935000,
"source": "market",
"per_unit_monthly": null,
"per_sqft_annually": null,
"rationale": "All 42,500 RSF at the $22/SF NNN market rent the investment thesis underwrites; in-place rolling rents are already at market."
},
"vacancy_loss": 252450,
"effective_gross_income": 682550,
"expense_reimbursements": 187500,
"other_income": 12000
},
"expenses": {
"property_taxes": 142000,
"insurance": 38000,
"utilities": 86550,
"repairs_maintenance": 62000,
"management_fee": 36000,
"general_admin": 18000,
"total_operating_expenses": 382550
},
"net_operating_income": 300000,
"noi_per_sf": 7.06
}Debt Structure (Bridge)
json
{
"_meta": {
"section": "debt_structure",
"provenance": {
"source": "manual",
"actor": "analyst",
"agent_id": null,
"agent_version": null,
"timestamp": "2026-04-25T13:00:00Z",
"notes": null
},
"quality": {
"confidence": "high",
"human_review_required": false,
"flags": [],
"partial": false,
"provisional": false
},
"lifecycle": {
"revision": 1,
"superseded": false
}
},
"_notes": "Bridge debt with 18-month interest reserve sized into the loan. Typical for value-add office where in-place NOI doesn't service permanent debt.",
"loan_type": "bridge",
"lender_type": "debt_fund",
"loan_amount": 3250000,
"ltv": 0.65,
"ltc": 0.6,
"interest_rate_type": "floating",
"interest_rate_index": "SOFR_30D",
"interest_rate_spread_bps": 350,
"all_in_rate_at_close": 0.09,
"term_months": 36,
"amortization": "interest_only",
"extension_options": "two_12_month_extensions",
"interest_reserve": 250000,
"interest_reserve_months": 18,
"annual_debt_service": 292500,
"underwritten_noi": 300000,
"dscr": 1.026,
"debt_yield": 0.0923,
"recourse": "non_recourse_with_carve_outs",
"exit_test_dscr": 1.3
}Sources & Uses
json
{
"_meta": {
"section": "sources_uses",
"provenance": {
"source": "system/calculations.ts",
"actor": "system",
"agent_id": null,
"agent_version": null,
"timestamp": "2026-04-25T13:05:00Z",
"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 (2,150,000): 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": 2150000
},
"sources": {
"loan_amount": 3250000,
"sponsor_equity": 2150000,
"total": 5400000
},
"uses": {
"purchase_price": 5000000,
"closing_costs": 150000,
"total": 5400000,
"escrows": [
{
"name": "interest",
"upfront": 250000
}
]
},
"total_sources": 5400000,
"total_uses": 5400000
}Valuation
json
{
"_meta": {
"section": "valuation",
"provenance": {
"source": "manual",
"resolution": "user_input",
"actor": "analyst",
"agent_id": null,
"agent_version": null,
"timestamp": "2026-04-25T14:00:00Z",
"notes": null
},
"quality": {
"confidence": "high",
"human_review_required": false,
"flags": [],
"partial": false,
"provisional": false
},
"lifecycle": {
"revision": 1,
"superseded": false
}
},
"purchase_price": 5000000,
"appraised_value": 5050000,
"underwritten_value": 5000000,
"going_in_cap_rate": 0.06,
"exit_cap_rate_assumption": 0.0675,
"valuation_method": "income_capitalization",
"price_per_sf": 117.65,
"stabilized_value_estimate": 6300000
}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.
json
{
"_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": 682550
},
"expenses": {
"total_operating_expenses": 382550
},
"net_operating_income": 300000,
"reconciles_to_noi_model": true
}Preliminary Sizing
Loan sizing against the three standard constraints. The governing test is dscr; the proposed loan of $3,250,000 exceeds it.
json
{
"_meta": {
"section": "preliminary_sizing",
"provenance": {
"source": "manual",
"actor": "analyst",
"agent_id": null,
"agent_version": null,
"timestamp": "2026-08-26T09:00:00Z",
"notes": null
},
"quality": {
"confidence": "medium",
"human_review_required": false,
"flags": [],
"partial": false,
"provisional": false
},
"lifecycle": {
"revision": 1,
"superseded": false
}
},
"sizing_basis": {
"noi_underwritten": 300000,
"value_basis": 5000000,
"annual_debt_constant": 0.09
},
"constraints": [
{
"test": "max_ltv",
"limit": 0.75,
"max_loan": 3750000
},
{
"test": "min_dscr",
"limit": 1.25,
"max_loan": 2666667
},
{
"test": "min_debt_yield",
"limit": 0.09,
"max_loan": 3333333
}
],
"max_supportable_loan": 2666667,
"governing_constraint": "dscr",
"proposed_loan": 3250000,
"proposed_within_constraints": false,
"cushion": -583333
}Borrower / Sponsor
Riverside Office Investors LLC — single-principal sponsorship; figures PFS-stated pending CPA verification.
json
{
"_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": "Tom Calloway",
"role": "managing_member",
"ownership_pct": 1,
"is_guarantor": true,
"is_key_man": true,
"net_worth_stated": 5850000,
"liquid_assets_stated": 357500,
"contingent_liabilities_stated": 0,
"years_cre_experience": 15,
"pfs_received": true,
"tax_returns_received": false,
"figures_verified": false,
"verification_basis": "pfs_stated"
}
],
"entity": {
"name": "Riverside Office Investors LLC",
"type": "llc",
"state": "AZ"
},
"financial_summary": {
"global_net_worth": 5850000,
"global_liquidity": 357500,
"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
Midtown Phoenix suburban office fundamentals as of 2026-08.
json
{
"_meta": {
"section": "market_analysis",
"provenance": {
"source": "manual",
"actor": "analyst",
"agent_id": null,
"agent_version": null,
"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": "Midtown Phoenix",
"data_as_of": "2026-08-01",
"vacancy": {
"current_rate": 0.185,
"trend": "stable"
},
"rents": {
"yoy_growth_pct": 0.005,
"trend": "flat"
},
"cap_rates": {
"range_low": 0.08,
"range_high": 0.095,
"subject_going_in": 0.06
},
"supply": {
"note": "No speculative office supply; elevated sublease availability keeps effective rents flat."
}
}Validation
Financial-validity engine run over the 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": null
},
"quality": {
"confidence": "high",
"human_review_required": false,
"flags": [],
"partial": false,
"provisional": false
},
"lifecycle": {
"revision": 1,
"superseded": false
}
},
"overall_status": "clean",
"financial_validity": [
{
"flag_id": "FV-04",
"metric": "dscr",
"value": 1.026,
"threshold": {
"type": "min",
"min": 1.2,
"max": null
},
"band": "warning",
"message": "DSCR 1.026 at quick_metrics.dscr is below the warning threshold of 1.2",
"suppressed": false,
"suppress_reason": null
}
],
"completeness": [],
"cross_section_consistency": [],
"thresholds_used": {
"dscr_error_below": 1,
"dscr_warning_below": 1.2,
"ltv_warning_above": 0.75,
"ltv_error_above": 0.85,
"cap_rate_warning_below": 0.03,
"cap_rate_warning_above": 0.15,
"vacancy_warning_below": 0.02,
"vacancy_warning_above": 0.4,
"opex_ratio_warning_below": 0.2,
"opex_ratio_warning_above": 0.7,
"irr_warning_below": 0.05,
"irr_warning_above": 0.4,
"annual_rent_growth_warning_above": 0.08,
"equity_multiple_warning_below": 1,
"equity_multiple_warning_above": 5
}
}