Dominion Strategic Holdings LLC / Services
Institutional Services
Real Estate Financial Models
A real estate financial model projects the cash a property produces across the hold period, services the debt against it, splits the proceeds through the equity waterfall, and returns an IRR the partners can actually verify. It is what a deal is judged on before anyone signs.
The waterfall is where deals get misunderstood
Partners frequently agree on a split in principle and discover at exit that the arithmetic distributes it differently. Preferred return, catch-up, promote tiers — each changes who receives what and in what order.
Modelling the waterfall explicitly, before the money moves, is how those disagreements get resolved on a spreadsheet instead of with lawyers.
What you receive
- Monthly or annual cash flow projection across the full hold period
- Rent roll build with vacancy, escalation and turnover assumptions
- Debt schedule with the actual loan terms, including any interest-only period
- Equity waterfall - preferred return, catch-up and promote tiers modelled explicitly
- Levered and unlevered IRR, equity multiple and cash-on-cash by period
- Sensitivity tables on cap rate, rent growth and exit timing
Who this is for
- Investors evaluating an acquisition
- Developers underwriting a project and its financing
- Partnerships structuring or renegotiating a split
- Owners deciding whether to refinance, hold or sell
Turnaround. Real estate models are typically delivered in 4 to 7 days.
Fees are quoted per engagement and are not published. Inquire and you will receive a written proposal with a fixed fee, a fixed scope and a delivery date, at no charge.
Frequently asked questions
- What is an equity waterfall?
- The order in which cash from a property is distributed among partners - typically return of capital, then a preferred return, then a catch-up, then promote tiers that shift more of the upside to the sponsor as returns rise.
- What is the difference between levered and unlevered IRR?
- Unlevered IRR measures the return of the property itself, ignoring financing. Levered IRR measures the return to the equity after debt service. Comparing them shows exactly how much of the return is coming from leverage rather than the asset.
- Do you model Puerto Rico properties?
- Yes. The firm is based in San Juan and works on Puerto Rico, mainland United States and international assets, in English and Spanish.
Related services
Request a proposal
Tell us what decision the analysis needs to support. You will receive a written proposal with a fixed fee, a fixed scope and a delivery date — prepared at no charge and with no obligation.
787-420-4655 · daniel.torrens@dominionstrategicholdings.com · San Juan, Puerto Rico