Synthetic example: every name, party and figure in this record is fictional.
Roosevelt Row Commons — Mixed-Use, Phoenix, AZ
Deal ID: uw_2026_mx8k2p | Scenario: Stabilized Acquisition | Status: In Progress
Three uses, one price, one loan | $40,000,000 Purchase | 6.43% Cap Rate (in-place)
This file is the mixed-use worked example for the conformance corpus (RFC 0019, UW_FORMAT_SPEC §4.23). Roosevelt Row Commons is a single property with three distinct uses under one purchase price and one loan: 120 apartments over ground-floor retail, plus an adjacent boutique hotel. It demonstrates the components section — each use states its own EGI, operating expenses, and NOI, its allocation of the single purchase price, and (for the hotel) the operating-business intermediate the mixed-use pack surfaces per component.
The property NOI foots to the sum of the component NOIs (1,300,000 + 372,000 + 900,000 = 2,572,000, RFC 0019 §3a), and the allocations sum to 1.0 (0.55 + 0.15 + 0.30). No single denominator describes this property, so the pack emits no property-level price-per-unit; each use's intensive metric divides its own allocated share instead.
Deal Context
json
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"source": "manual",
"actor": "analyst",
"agent_id": null,
"agent_version": null,
"timestamp": "2026-08-10T09:15:00Z",
"notes": null
},
"quality": {
"confidence": "high",
"human_review_required": false,
"flags": [],
"partial": false,
"provisional": false
},
"lifecycle": {
"revision": 1,
"superseded": false
}
},
"_notes": "Live-work-stay block in the Roosevelt Row arts district. The residential tower drives the majority of NOI; the boutique hotel adds operating-business upside but also operating risk. Allocation of the single price across uses is the underwriter's judgment, stated as an input.",
"deal_summary": "Three-use mixed property in downtown Phoenix: 120 apartments over 18,000 SF of street retail, plus a 90-key boutique hotel. Stabilized acquisition at a 6.43% in-place cap.",
"investment_thesis": "Own the whole block in a supply-constrained arts district. Residential provides durable base cash flow; retail captures foot traffic; the hotel harvests event- and tourism-driven RevPAR.",
"value_creation_strategy": "Hold residential for stable distributions, mark inline retail rents to market on rollover, and drive hotel GOP through revenue management.",
"hold_strategy": "core_plus_hold",
"exit_strategy_description": "Sell the residential-plus-retail podium and the hotel either together or as separated condominium interests at year 7-10.",
"deal_goal": "12-13% levered IRR with a durable residential floor under the operating-business upside."
}Property
json
{
"_meta": {
"section": "property",
"provenance": {
"source": "manual",
"actor": "analyst",
"agent_id": null,
"agent_version": null,
"timestamp": "2026-08-10T09:30:00Z",
"notes": null
},
"quality": {
"confidence": "high",
"human_review_required": false,
"flags": [],
"partial": false,
"provisional": false
},
"lifecycle": {
"revision": 1,
"superseded": false
}
},
"_notes": "Property-level counts (units, SF, keys) live inside each component; there is no single property denominator for a mixed-use block.",
"year_built": 2019,
"building_class": "A",
"buildings": 2,
"submarket": "Downtown Phoenix / Roosevelt Row"
}Components
json
{
"_meta": {
"section": "components",
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"timestamp": "2026-08-10T11:00:00Z",
"notes": null
},
"quality": {
"confidence": "high",
"human_review_required": false,
"flags": [],
"partial": false,
"provisional": false
},
"lifecycle": {
"revision": 1,
"superseded": false
}
},
"_notes": "Each use rolls up by use type (not by tenancy). Component NOIs sum to the property NOI (CC-12). allocation_pct is a stated underwriter judgment and sums to 1.0 (MU-05); it gates every price-per metric.",
"multifamily": {
"component_class": "multifamily",
"effective_gross_income": 2180000,
"operating_expenses": 880000,
"net_operating_income": 1300000,
"total_units": 120,
"nra_sqft": 96000,
"allocation_pct": 0.55
},
"retail": {
"component_class": "retail",
"effective_gross_income": 520000,
"operating_expenses": 148000,
"net_operating_income": 372000,
"nra_sqft": 18000,
"allocation_pct": 0.15
},
"hospitality": {
"component_class": "hospitality",
"effective_gross_income": 6900000,
"operating_expenses": 6000000,
"net_operating_income": 900000,
"gross_operating_profit": 1400000,
"allocation_pct": 0.3
}
}NOI Model
json
{
"_meta": {
"section": "noi_model",
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"source": "system/calculations.ts",
"actor": "system",
"agent_id": null,
"agent_version": null,
"timestamp": "2026-08-10T12:00:00Z",
"notes": null
},
"quality": {
"confidence": "high",
"human_review_required": false,
"flags": [],
"partial": false,
"provisional": false
},
"lifecycle": {
"revision": 1,
"superseded": false
}
},
"_notes": "Property NOI is the plain sum of the component NOIs — the §3a footing invariant. There is no property-level income/expense breakdown; the breakdown lives per component.",
"net_operating_income": 2572000
}Debt Structure
json
{
"_meta": {
"section": "debt_structure",
"provenance": {
"source": "manual",
"actor": "analyst",
"agent_id": null,
"agent_version": null,
"timestamp": "2026-08-10T13:30:00Z",
"notes": null
},
"quality": {
"confidence": "high",
"human_review_required": false,
"flags": [],
"partial": false,
"provisional": false
},
"lifecycle": {
"revision": 1,
"superseded": false
}
},
"_notes": "One property-level loan covers all three uses (RFC 0019 §4). No component carries its own debt_structure (MU-06); component-level tranches are deferred to RFC 0026.",
"loan_type": "permanent",
"lender_type": "bank",
"loan_amount": 26000000,
"ltv": 0.65,
"interest_rate_type": "fixed",
"all_in_rate_at_close": 0.0625,
"term_months": 120,
"amortization_months": 360,
"io_months": 24,
"annual_debt_service": 1900000,
"underwritten_noi": 2572000,
"dscr": 1.354,
"debt_yield": 0.0989,
"recourse": "non_recourse_with_carve_outs"
}Sources & Uses
json
{
"_meta": {
"section": "sources_uses",
"provenance": {
"source": "system/calculations.ts",
"actor": "system",
"agent_id": null,
"agent_version": null,
"timestamp": "2026-08-10T13:35:00Z",
"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.equity_sponsor (14,000,000): 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": 14000000
},
"sources": {
"loan_amount": 26000000,
"equity_sponsor": 14000000,
"total": 40000000
},
"uses": {
"purchase_price": 40000000,
"total": 40000000
},
"total_sources": 40000000,
"total_uses": 40000000
}Valuation
json
{
"_meta": {
"section": "valuation",
"provenance": {
"source": "manual",
"resolution": "user_input",
"actor": "analyst",
"agent_id": null,
"agent_version": null,
"timestamp": "2026-08-10T14:30:00Z",
"notes": null
},
"quality": {
"confidence": "high",
"human_review_required": false,
"flags": [],
"partial": false,
"provisional": false
},
"lifecycle": {
"revision": 1,
"superseded": false
}
},
"_notes": "One purchase price buys the whole block. The going-in cap rate is the property NOI over that single price — an arithmetic fact about this deal, not a blended market cap rate.",
"purchase_price": 40000000,
"appraised_value": 40500000,
"underwritten_value": 40000000,
"going_in_cap_rate": 0.0643,
"valuation_method": "sum_of_the_parts",
"stabilized_value_estimate": 43000000
}Validation
Financial-validity engine run over the consolidated property figures; per-component figures live in the components section.
json
{
"_meta": {
"section": "validation",
"provenance": {
"source": "system/financialValidityChecker",
"actor": "system",
"agent_id": null,
"agent_version": null,
"timestamp": "2026-08-26T09:00:00Z",
"notes": "Consolidated-property basis; component NOIs foot to the property NOI (CC-12)."
},
"quality": {
"confidence": "high",
"human_review_required": false,
"flags": [],
"partial": false,
"provisional": false
},
"lifecycle": {
"revision": 1,
"superseded": false
}
},
"overall_status": "clean",
"financial_validity": [],
"completeness": []
}Preliminary Sizing
Consolidated-property sizing against the three standard constraints; the governing test is dscr and the proposed loan fits inside it. Component-level debt stays refused (MU-06); a component capital_stack is the sanctioned shape.
json
{
"_meta": {
"section": "preliminary_sizing",
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"agent_id": null,
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"notes": null
},
"quality": {
"confidence": "medium",
"human_review_required": false,
"flags": [],
"partial": false,
"provisional": false
},
"lifecycle": {
"revision": 1,
"superseded": false
}
},
"sizing_basis": {
"noi_underwritten": 2572000,
"value_basis": 40000000,
"annual_debt_constant": 0.0731
},
"constraints": [
{
"test": "max_ltv",
"limit": 0.75,
"max_loan": 30000000
},
{
"test": "min_dscr",
"limit": 1.25,
"max_loan": 28156632
},
{
"test": "min_debt_yield",
"limit": 0.09,
"max_loan": 28577778
}
],
"max_supportable_loan": 28156632,
"governing_constraint": "dscr",
"proposed_loan": 26000000,
"proposed_within_constraints": true,
"cushion": 2156632
}Borrower / Sponsor
Roosevelt Row Mixed-Use Ventures 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": "2026-08-26T15:00:00Z",
"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": "Alicia Fontaine",
"role": "managing_member",
"ownership_pct": 1,
"is_guarantor": true,
"is_key_man": true,
"net_worth_stated": 46800000,
"liquid_assets_stated": 2860000,
"contingent_liabilities_stated": 0,
"years_cre_experience": 18,
"pfs_received": true,
"tax_returns_received": false,
"figures_verified": false,
"verification_basis": "pfs_stated"
}
],
"entity": {
"name": "Roosevelt Row Mixed-Use Ventures LLC",
"type": "llc",
"state": "AZ"
},
"financial_summary": {
"global_net_worth": 46800000,
"global_liquidity": 2860000,
"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
Roosevelt Row / Downtown Phoenix mixed-use fundamentals as of 2026-08.
json
{
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"agent_id": null,
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"timestamp": "2026-08-26T15:00:00Z",
"notes": "Broker survey and published market reports; refresh before credit committee."
},
"quality": {
"confidence": "medium",
"human_review_required": false,
"flags": [],
"partial": false,
"provisional": false
},
"lifecycle": {
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}
},
"market": "Phoenix Metro",
"submarket": "Roosevelt Row / Downtown Phoenix",
"data_as_of": "2026-08-01",
"vacancy": {
"residential_rate": 0.055,
"retail_rate": 0.07,
"trend": "stable"
},
"rents": {
"residential_yoy_growth_pct": 0.028,
"retail_yoy_growth_pct": 0.018,
"trend": "moderate"
},
"cap_rates": {
"range_low": 0.06,
"range_high": 0.0675
},
"supply": {
"note": "Two mixed-use projects (410 units, 28k SF retail combined) delivering through 2027 within the arts district; hotel supply stable."
}
}