Commercial Real Estate Development Financial Model

A commercial development pro forma model is the financial model used to underwrite ground-up office, retail, industrial, or other commercial construction projects. It forecasts segment-level revenues, hard and soft costs, lease-up timing, and returns through stabilization or sale. The TILT commercial model handles up to 20 commercial segments per project, each with its own lease structure.

Yes. The model is a macro-enabled Excel workbook you download and run on your own computer, in Excel for Windows or Mac. Nothing runs in the cloud, there's no per-seat licensing, and your files stay local. Everyone at your company can use it.

Yes. The TILT commercial model supports up to 20 commercial segments, each with its own use type, square footage, rent structure, and operating expenses. Office, retail, industrial, flex, and combinations all work in one project. Different segments can have different lease structures (NNN, gross, modified gross).

Yes for value-add or stabilized acquisition work. For ground-up commercial development, the model uses segment-level rent inputs (per square foot, per month, or per year) plus lease-up timing and concessions. If you need tenant-by-tenant detail at the development stage, that's a customization Justin can add.

The model includes a dedicated construction loan cash flow sheet with monthly draws, interest accrual, and payoff timing, and it calculates the loan interest automatically with no circular references or iterative calculation turned on. You can size the loan by LTC, dollar amount, stabilized DSCR, or percent of stabilized value, and run it alongside mezzanine debt, CPACE, TIF, grants, and a refinance in the full capital stack.

Yes. CPACE alongside construction debt on different rate structures, TIF as pay-as-you-go or bond, alternative loans for atypical structures, grant infusions across up to 20 dates, and bifurcated land plus construction loans are all standard. Justin built the model specifically for complex commercial capital stacks.

Yes. Up to 6 LP investors and 6 GP sponsors with configurable preferred returns, IRR hurdles, and multi-tier promote splits. The waterfall logic flows through to deal summary outputs and per-stakeholder cash flow sheets without manual reconciliation.

TILT can upgrade the model to the mixed-use version at any time. The same engine handles commercial, residential, and/or hotel in any combination. Most clients start with the asset class their first project uses and add segments as their deal flow expands.

Free spreadsheets usually cover one use type and break when you push them, with circular references and assumptions hard-coded into the formulas. The TILT model is a 1,000+ hour build that handles office, retail, and industrial segments, complex capital stacks, and full partnership waterfalls without circular references. You also get help directly from Justin, who built it, and if you ever need something it doesn't do, he can add it.

TILT can customize the model. If your project needs a specific lease structure, output sheet, or waterfall variation the standard build doesn't cover, Justin builds it in for an hourly fee. Customizations are part of how TILT operates, not a rare exception.

Every TILT model purchase includes 1 hour of complimentary setup help with Justin to walk through your first project together. Most first projects are completed inside that hour. Ongoing technical support ("what does this cell do," "how do I enable macros") is free for the life of the license. Hourly help is available if you want Justin on the line for project input or analysis.

Start with a free consultation. Justin walks through your project, confirms the model fits, and gets you set up, including one hour of complimentary setup help on your first deal. Use the contact form below or the buttons above to start the conversation.