Independent CRE financial modeling

A model is only as good as what it accounts for.

Commercial real estate financial modeling for developers, investors and brokers. Cost escalation on its own line, sensitivities on every driver that moves the answer, and assumptions you can defend in the room.

Submit a deal Look inside a model

LP IRR sensitivity over a five-year hold128-unit value-add

Exit cap / rent growth	2.0%	2.5%	3.0%	3.5%	4.0%
5.25%	18.9	20.1	21.3	22.4	23.5
5.50%	17.2	18.4	19.3	20.5	21.6
5.75%	15.4	16.5	17.4	18.6	19.7
6.00%	13.7	14.8	15.9	16.9	18.0
6.25%	12.0	13.1	14.2	15.2	16.3

Base case Every model ships with full sensitivities

Services

One analyst, the full modeling desk.

Every engagement is scoped to a fixed fee, built in unlocked Excel, and delivered with the assumptions documented. Your lender, your LPs and your future self can all follow the math.

Deal Review

A fast, rigorous read on whether a deal deserves your time. The answer arrives before you have spent a week on something that was never going to pencil.

$500

Acquisition Model

A full underwriting of a building that already exists, whether stabilized or value-add. The workbook and the narrative both hold up in front of a lender, an LP, and a committee paid to find the hole.

$1,000

Development Pro-Forma

A building that does not exist yet. Ground-up, adaptive reuse or heavy reposition, modeled from land basis through stabilization.

$1,500

Model Repair

A second set of eyes on the model you already have, or the one a broker sent you. Models rarely fail loudly. They fail in one cell nobody re-read.

$500

Market Study

Defensible assumptions for a market you do not know yet, built from primary sources. Every figure carries its vintage and a confidence label.

$1,500

Debt & Refinance Analysis

What lenders will actually fund, and which term sheet wins once the fees are in the math. The analysis that belongs before you sign, not after.

$500

All services and pricing

Inside a model

What the workbook actually does.

Four views from a ground-up development model, in the order they get built. Each one feeds the next, and every figure traces back to an input you control.

Development budget

Land and acquisition	$3,200,000
Hard costs	$26,400,000
Soft costs and fees	$3,950,000
Financing and carry	$2,310,000
Contingency at 5% of hard cost	$1,320,000
Escalation allowance, 20 monthsPriced on its own line, against contingency rather than inside it	$1,620,000
Total development cost	$38,800,000

Most budgets bury cost inflation inside the contingency, then spend the contingency on something else. Escalation gets its own line and its own assumption.

Construction draw schedule$35.6M drawn over 20 months

Draws follow the build, not a straight line. Interest is capitalized on the balance outstanding in each month, which is where a flat-average model understates the carry.

Stabilized coverageMonthly net operating income against debt service

1.41x Debt service coverage 10.4% Debt yield $73.0k Monthly cushion

Coverage is tested every month, not once on a stabilized average. A lender sizes to the worst twelve months, so that is the number the model has to produce.

ReturnsEvery figure traces back to an input on the tabs above

7.80%Untrended yield on costStabilized NOI over all-in cost, no rent growth assumed

182 bpsDevelopment spreadYield on cost against a 5.98% market exit cap

34.2%Project IRRLevered, through a year-six disposition

3.38xEquity multipleNet of promote, after a refinance at month 28

Stress applied to the base case	Project IRR	Equity multiple	Spread
Base case	34.2%	3.38x	182 bps
Hard cost 6% over budget	29.4%	3.02x	149 bps
Exit cap 25 bps wider	31.9%	3.09x	157 bps
Lease-up three months slower	31.6%	3.21x	182 bps
All three together	24.1%	2.58x	124 bps

Change one assumption and all four headline numbers move. That is the point of building it this way: the output is never a figure typed into a summary tab.

Figures from a representative ground-up multifamily development. Recent engagements include a ground-up industrial condominium, a 101-unit multifamily development and a 95,000 SF adaptive reuse, all in Rhode Island.

Process

From offering memorandum to investor ready, in four steps.

Send the deal

OM, T-12 and rent roll for acquisitions; budget and plans for development. A messy broker PDF is fine, since normalizing it is the job. Mutual NDA signed the same day if you need one.

Scope and quote

A fixed fee and a delivery date come back in writing within hours. No hourly meter running, no surprise invoice at the end.

Model and review

The draft lands on schedule. We walk through it together on a call, covering every assumption and every driver, until you can defend it without me in the room.

Own everything

Unlocked, formula-transparent Excel. No black boxes, no locked tabs, no subscription. Two revision rounds included.

The full process, day by day

Joel Taglianetti · Providence, Rhode Island

The analyst behind the models

You work directly with the analyst building the model.

I am Joel Taglianetti, a commercial real estate analyst with three years underwriting acquisitions and development across the capital stack, currently at a Providence-based development firm. I have modeled $450M+ in transactions across multifamily, mixed-use and commercial deals, and I spent two summers inside a commercial bank's credit process. That experience is why I know what a lender looks for long before a memo reaches committee.

Real estate has been the dinner-table conversation in my family for many years now, and numbers have always been the part I was good at. This practice is where those two things meet. Every model is built start to finish by me: no outsourced help, no entry-level staff, no automated shortcuts.

3+ yrs CRE analysisBS Finance, URI (Summa Cum Laude)Microsoft Excel AssociateRI Salesperson License2 CRE lending internships$450M+ modeled

inVerify me on LinkedIn Work history and recommendations from sponsors and lenders

Questions

The questions clients ask most.

Completely. A mutual NDA is signed before any documents change hands, using a standard form or yours. Files are stored encrypted, never shared, and purged after the engagement on request. I never work both sides of the same deal.

For acquisitions: the OM, trailing-12 financials and rent roll. For development: land basis, budget and plans at whatever stage exists. The full institutional checklist lives on the Process page. Messy broker PDFs are normal, and cleaning them up is part of the fee.

Excel, natively. Every deliverable is an unlocked workbook with transparent formulas and no required plug-ins.

Deal Reviews arrive 48 hours from documents-in-hand, guaranteed. Acquisition Models run 3 to 5 business days, development models 5 to 8, market studies 5 to 7. Retainer clients get 48-hour priority on everything. If a date cannot be hit, you hear it before committing rather than after.

You pay for work performed, capped at 50% of the quoted fee, and that amount credits toward your next deal within 90 days. A dead deal should not cost you twice.

Two full rounds on every fixed-fee engagement, open for 30 days, covering updated debt quotes, new assumptions and revised business plans. Structural scope changes are quoted in writing before work continues.

A 50% deposit begins the work, with the balance invoiced net-7 at delivery. Retainers invoice monthly in advance. ACH, check or card. Deal Review fees always credit toward an Acquisition Model on the same deal.

All questions

Contact

Have a live deal? Send it over.

Share the basics and a fixed quote and delivery date follow within one business day, usually within hours. No sales call required unless you want one.

Email: joel@taglianettigroup.com
Book a call: 30-minute intro
Response: Within one business day, ET
NDA: Signed same day on request

Received. Talk soon.

Your deal details are in. Expect a fixed quote and a delivery date within one business day. If it is time-sensitive, email directly and say so.