Development Modeling
Construction draws, interest reserves, lease-up curves, stabilization. From dirt to stabilized NOI in one model.
Ground-up development models are the most complex in CRE — construction phasing, draw schedules, interest reserves, lease-up absorption, stabilization. Your analyst builds it from scratch every time, and the model is different every time. One changed assumption cascades through dozens of linked tabs.
Describe the project in chat — land basis, hard costs, timeline, target rents. Upload the GC budget and construction schedule to the Data Room. Apers builds the full development pro forma with construction draws, interest reserves, lease-up curves, and stabilized operating projections. Approve each section, open it in Google Sheets, and save the model to your Library.
Four Steps to a Development Pro Forma
Describe the project
Enter the development parameters in chat — land basis, hard costs, soft costs, construction timeline, unit mix, target rents. Upload the GC budget to the Data Room for Apers to parse.
Apers builds the timeline
Construction draws, interest reserve sizing, lease-up absorption curves, and stabilized operating projections — all modeled monthly with dynamic formulas that recalculate when inputs change.
Review and approve
Before writing cells, Apers shows the draw schedule, interest carry assumptions, and lease-up curve it plans to use. Approve section by section, or run sub-chats to stress-test construction delays or rent assumptions.
Export and share
The finished pro forma opens in Google Sheets with full formula transparency. Save to your Library for LP reporting, download as .xlsx, or share with your development partner.
Ground-Up Economics
Land basis, hard costs, soft costs, contingency, construction timeline, lease-up period, stabilization — the full development pro forma with institutional detail.
Construction Funding
Monthly draw schedules, interest reserve sizing, developer equity timing, and LP co-invest mechanics — modeled across the full construction lifecycle.
Stabilized Reversion
Lease-up absorption curves, concession burn-off, stabilized NOI, and exit valuation — from certificate of occupancy to disposition.
Approve Every Step
Apers shows its plan before writing a single cell — which draw curves it will use, which lease-up assumptions it will apply, and how it will calculate the stabilized reversion. Approve one section at a time or switch to Fast Mode.
Google Sheets + Library
The development pro forma lives in Google Sheets with full version history and formula transparency. Save to your Library for LP reporting, download as .xlsx, or share with your construction lender.
Models
Frequently Asked Questions
What does a development model in Apers include?
Apers builds the full development pro forma — construction draws, interest reserves, lease-up absorption curves, stabilized operating projections, and reversion analysis. Every phase from land acquisition through stabilized NOI is modeled in a single connected workbook.
How does Apers handle lease-up assumptions?
Describe your target rents, absorption rate, and concession strategy in chat. Apers models the lease-up curve month by month, showing occupancy progression, concession burn-off, and the path to stabilized NOI. You can adjust the absorption pace and see the impact on returns instantly.
Can Apers model construction interest reserves?
Yes. The XL-2 engine calculates interest accruing on drawn balances throughout the construction period and tracks the reserve balance. When draws shift or the timeline changes, interest reserve requirements recalculate automatically.
What documents do I need for development modeling?
Upload the GC budget, construction schedule, and any site plans or entitlement documents to the Data Room. You can also provide market rent comps and comparable lease-up data. The UDPE engine reads scanned PDFs, native spreadsheets, and other common formats.
How does changing the timeline affect the model?
When you adjust the construction period or lease-up timeline, every connected assumption updates — draw schedules, interest accrual, stabilization date, and permanent financing takeout. One change cascades through the entire model automatically.