--- uw_version: "1.1" deal_id: "uw_2026_a3f9b1" deal_name: "Parkview Apartments — Glendale, AZ" created: "2026-04-24T09:00:00Z" last_modified: "2026-04-24T15:42:00Z" property_address: "1234 W Camelback Rd" city: "Glendale" state: "AZ" zip: "85301" asset_class: "multifamily" asset_subtype: "garden_style" loan_type: "permanent" scenario: "stabilized_acquisition" pipeline_state: L0_ingestion: "complete" L1_screening: "complete" L2_underwriting: "complete" L4_structuring: "complete" L5_compliance: "in_progress" L6_risk: "pending" L7_assembly: "pending" status: "in_progress" deal_stage: "full_underwrite" recommendation: "pending" quick_metrics: purchase_price: 7200000 loan_amount: 5040000 noi_underwritten: 396635 dscr: 1.109 ltv: 0.70 debt_yield: 0.0787 cap_rate: 0.0551 irr_projected: 0.063 equity_required: 2400000 flags: - "dscr_warning_amortizing" - "loss_to_lease_present" blocking_flags: [] tier: "analyst" institution_config_id: null created_by: "wizard" source_documents: - "parkview_rent_roll_apr2026.xlsx" - "parkview_t12_2025.pdf" --- # Parkview Apartments — Glendale, AZ > **Deal ID:** uw_2026_a3f9b1 | **Scenario:** Stabilized Acquisition | **Status:** In Progress — Full Underwrite > **48 Units** | **1987 Vintage** | **$7,200,000 Purchase** | **$150,000/Unit** | **5.51% Cap Rate** --- ## Deal Context {#deal_context} Parkview is a 48-unit garden-style multifamily in the Camelback corridor of Glendale, AZ — a stable, infill westside Phoenix submarket with consistent renter demand driven by proximity to State Farm Stadium, Banner Health campuses, and the Westgate entertainment district. The property has been owner-operated for 14 years with below-market rents and deferred professional management, which is exactly the inefficiency that creates the buy opportunity here. The thesis is straightforward: acquire at a realistic in-place yield, replace management, push rents toward market over the first 18 months through natural turnover, and hold for 5 years as the submarket continues to absorb population growth from Phoenix metro expansion. No heavy value-add capital required — this is an income play with a moderate rent-growth kicker, not a repositioning. The owner is motivated — estate sale situation, wants a clean close. LOI accepted at $7.2M. 45-day due diligence, 30-day close. We are competing against one other buyer who is likely financing through a local bank. ```json uw:section=deal_context source=user ts=2026-04-24T09:15:00Z v=1 confidence=high { "_meta": { "section": "deal_context", "version": 1, "superseded": false, "source": "user", "agent_id": "user", "agent_version": null, "actor": "jared", "timestamp": "2026-04-24T09:15:00Z", "confidence": "high", "human_review_required": false, "flags": [], "input_hash": null, "notes": null }, "_notes": "DSCR tightens once IO burns off — model at amortizing rate before committing. Check if lender will go 24mo IO.", "deal_summary": "48-unit garden-style multifamily in Glendale AZ (westside Phoenix). Stabilized acquisition, owner-operated with below-market rents. Buy at in-place yield, professionalize management, push rents through natural turnover. 5-year hold.", "investment_thesis": "Owner-operated asset with 6.8% loss-to-lease. Management replacement + lease-up to market rents over 18 months without capital outlay. Infill submarket with positive population growth and limited new supply at this price point.", "acquisition_rationale": "Estate sale — motivated seller, clean title, no major deferred maintenance flagged in preliminary walk. LOI accepted at $7.2M after 3 weeks of marketing.", "value_creation_strategy": "Replace property management (current PM charges 10% — benchmark is 5.5%). Execute lease renewals at market rents through natural turnover. No renovation capex required on units themselves — common areas recently updated by seller.", "hold_strategy": "long_term_hold", "exit_strategy_description": "Refinance at year 5 into agency debt if NOI supports; alternatively sell into a market with cap rate compression if Phoenix growth narrative holds. Exit cap assumption of 6.0% is 50bps wide of current market — conservative.", "deal_goal": "Cash-flowing stabilized asset at sub-market entry with rent-growth optionality. Target 6%+ levered IRR with downside protected by infill location and functional demand.", "special_circumstances": "Estate sale. Current owner is out-of-state heir, not a sophisticated real estate operator. Management is month-to-month with a local PM firm. Seller wants clean close — no seller financing, no contingencies beyond standard DD.", "known_risks_user_identified": [ "DSCR compresses to ~1.11x once IO period ends — tight if NOI doesn't grow as projected", "Loss-to-lease means current income understates potential but also means leases are stale and renewal risk exists", "Phoenix metro supply pipeline is elevated for 2026-2027 — may pressure rent growth in year 2", "Seller's T-12 prepared by management company, not CPA — expenses may be understated" ], "known_opportunities_user_identified": [ "Management fee reduction from 10% to 5.5% adds ~$19k NOI immediately", "Natural turnover at 25-30%/yr means rents can reach market within 18-24 months without buyouts", "Submarket has <5% vacancy — strong renter demand provides cushion on lease-up timing" ], "deal_history": "Off-market introduction through estate attorney. No formal listing. Two offers submitted — ours and one local buyer. Seller chose us on certainty of close.", "time_constraints": { "loi_deadline": "2026-04-10", "due_diligence_period_days": 45, "close_deadline": "2026-06-24", "hard_deadline": true, "notes": "Seller has estate court approval deadline in late June — hard close required by June 24." }, "competitive_situation": "One competing offer from a local Phoenix buyer believed to be using a community bank bridge loan. Our conventional 70% LTV permanent financing at a known lender gives us execution certainty advantage.", "lender_preferences": { "preferred_lender_type": "bank", "preferred_loan_type": "conventional", "rate_ceiling_pct": 0.065, "min_io_period_months": 12, "max_recourse": "partial", "notes": "Prefer 24mo IO if available. At 12mo IO, DSCR at amortizing is 1.11x — acceptable but tight. 24mo IO gives time for rent growth to build before full debt service kicks in." }, "investor_context": { "portfolio_role": "core_plus", "target_market_fit": "Secondary Phoenix metro, B-class multifamily — fits buy box", "buy_box_fit": "strong", "buy_box_exception_reason": null, "tax_considerations": "Cost segregation study planned at acquisition. Bonus depreciation on personal property components.", "depreciation_strategy": "Cost seg year 1 to accelerate depreciation on short-life components" }, "deal_tags": ["multifamily", "phoenix_metro", "stabilized", "estate_sale", "below_market_rents", "management_upside"], "ai_synthesis": { "generated": false, "summary": null, "key_risks_identified": [], "key_strengths_identified": [], "overall_impression": null, "generated_by": null, "generated_at": null } } ``` --- ## Property {#property} Parkview Apartments is a two-story, wood-frame garden-style apartment complex comprising 48 units across four buildings on a 1.8-acre parcel. Built in 1987, the property received a common area renovation in 2023 (new leasing office, resurfaced parking, landscaping refresh). Unit interiors are original but functional — no deferred maintenance flagged in the walk-through; appliances aging but operational. The Camelback/Glendale submarket sits between Loop 101 and the I-17 corridor, with strong renter demand from healthcare workers (Banner Thunderbird Medical Center 1.2 miles), sports/entertainment employees (State Farm Stadium 3 miles), and workforce renters priced out of Scottsdale and Tempe. ```json uw:section=property source=wizard:step_1 ts=2026-04-24T09:05:00Z v=1 confidence=high { "_meta": { "section": "property", "version": 1, "superseded": false, "source": "wizard:step_1", "agent_id": "wizard", "agent_version": "4.0.0", "actor": "jared", "timestamp": "2026-04-24T09:05:00Z", "confidence": "high", "human_review_required": false, "flags": [], "input_hash": null, "notes": null }, "_notes": null, "address": { "street": "1234 W Camelback Rd", "city": "Glendale", "state": "AZ", "zip": "85301", "county": "Maricopa", "apn": "148-23-456", "legal_description": "Parkview Estates Lot 7, Maricopa County, AZ", "coordinates": { "lat": 33.5095, "lng": -112.1845 } }, "asset_class": "multifamily", "asset_subtype": "garden_style", "year_built": 1987, "year_renovated": 2023, "total_units": 48, "total_nra_sqft": 41400, "land_area_sqft": 78408, "land_area_acres": 1.80, "stories": 2, "building_class": "B", "construction_type": "wood_frame", "parking_spaces": 72, "parking_ratio": 1.5, "parking_type": "surface", "amenities": ["laundry_room", "pool", "covered_parking_partial", "leasing_office"], "condition": "average_good", "deferred_maintenance_est": 0, "recent_capex_description": "Common area renovation 2023: new leasing office, parking resurfacing, landscaping.", "recent_capex_amount": 185000, "zoning": "R-3 Multi-Family Residential", "flood_zone": "X — Minimal flood hazard", "opportunity_zone": false, "hud_qualified_census_tract": false, "environmental_concerns_noted": false } ``` --- ## Ownership & Acquisition {#ownership} Current owner is the Hartwell Family Trust, administered by an out-of-state executor following the death of the original owner in late 2025. Property has been under the same ownership since 2011. No existing debt — property is free and clear, which simplifies the transaction. ```json uw:section=ownership source=wizard ts=2026-04-24T09:08:00Z v=1 confidence=high { "_meta": { "section": "ownership", "version": 1, "superseded": false, "source": "wizard", "agent_id": "wizard", "agent_version": "4.0.0", "actor": "jared", "timestamp": "2026-04-24T09:08:00Z", "confidence": "high", "human_review_required": false, "flags": [], "input_hash": null, "notes": null }, "_notes": null, "transaction_type": "acquisition", "current_owner": "Hartwell Family Trust", "acquisition_date": null, "acquisition_price": null, "current_estimated_value": 7200000, "existing_debt": { "outstanding_balance": 0, "rate": null, "maturity": null, "lender": null, "prepayment_penalty_est": 0 }, "borrowing_entity": { "name": "Camelback Realty Partners LLC", "type": "llc", "state_of_formation": "AZ", "year_formed": 2019, "ein": "85-XXXXXXX" }, "ownership_structure_notes": "Single-member LLC, managing member is the principal borrower.", "key_man_identified": true, "foreign_ownership_pct": 0, "anonymous_ownership_flags": false } ``` --- ## Rent Roll {#rent_roll} As of April 1, 2026. 45 of 48 units occupied (93.75% physical occupancy). Three vacancies: two 1BR units undergoing make-ready, one 2BR on notice. In-place rents are below market across both unit types — average 4.5% loss-to-lease on 1BR, 3.9% on 2BR. Seven units are month-to-month. No concessions currently offered. | Type | Count | Avg SF | Avg In-Place | Avg Market | Loss-to-Lease | Occupancy | |---|---|---|---|---|---|---| | 1BR/1BA | 24 | 750 | $1,050 | $1,100 | $50 | 91.7% (22/24) | | 2BR/2BA | 24 | 975 | $1,225 | $1,275 | $50 | 95.8% (23/24) | | **Total** | **48** | **863** | **$1,138** | **$1,188** | **$50** | **93.8%** | ```json uw:section=rent_roll source=agent:L0-01 ts=2026-04-24T10:12:00Z v=1 confidence=high { "_meta": { "section": "rent_roll", "version": 1, "superseded": false, "source": "agent:L0-01", "agent_id": "L0-01", "agent_version": "1.0.0", "actor": "system", "timestamp": "2026-04-24T10:12:00Z", "confidence": "high", "human_review_required": false, "flags": ["7_units_month_to_month"], "input_hash": "sha256:e3b0c44298fc", "notes": "Parsed from parkview_rent_roll_apr2026.xlsx. 48 unit records found, 0 parse errors." }, "_notes": null, "rent_roll_type": "multifamily", "as_of_date": "2026-04-01", "total_units": 48, "occupied_units": 45, "vacant_units": 2, "notice_units": 1, "model_units": 0, "down_units": 0, "physical_occupancy_pct": 0.9375, "economic_occupancy_pct": 0.9167, "gross_potential_rent_monthly": 54600, "gross_potential_rent_annual": 655200, "in_place_rent_monthly": 51210, "in_place_rent_annual": 614520, "loss_to_lease_monthly": 2400, "loss_to_lease_pct": 0.044, "concessions_monthly": 0, "concessions_annual": 0, "net_effective_rent_monthly": 51210, "month_to_month_units": 7, "month_to_month_pct": 0.1458, "units": "[ 48 unit records — see source file parkview_rent_roll_apr2026.xlsx ]", "unit_mix_summary": [ { "unit_type": "1BR/1BA", "count": 24, "avg_sqft": 750, "avg_rent_inplace": 1050, "avg_rent_market": 1100, "loss_to_lease_avg": 50, "occupancy_pct": 0.9167, "pct_of_total": 0.50 }, { "unit_type": "2BR/2BA", "count": 24, "avg_sqft": 975, "avg_rent_inplace": 1225, "avg_rent_market": 1275, "loss_to_lease_avg": 50, "occupancy_pct": 0.9583, "pct_of_total": 0.50 } ], "lease_expiration_schedule": [ { "month": "2026-05", "expiring_count": 4, "expiring_rent_monthly": 4500, "pct_of_total_income": 0.088 }, { "month": "2026-06", "expiring_count": 6, "expiring_rent_monthly": 6900, "pct_of_total_income": 0.135 }, { "month": "2026-07", "expiring_count": 5, "expiring_rent_monthly": 5875, "pct_of_total_income": 0.115 }, { "month": "2026-08", "expiring_count": 8, "expiring_rent_monthly": 9400, "pct_of_total_income": 0.183 }, { "month": "2026-09", "expiring_count": 6, "expiring_rent_monthly": 7050, "pct_of_total_income": 0.138 }, { "month": "2026-10", "expiring_count": 4, "expiring_rent_monthly": 4800, "pct_of_total_income": 0.094 }, { "month": "2026-11", "expiring_count": 3, "expiring_rent_monthly": 3525, "pct_of_total_income": 0.069 }, { "month": "2026-12", "expiring_count": 2, "expiring_rent_monthly": 2400, "pct_of_total_income": 0.047 } ] } ``` --- ## Operating Statement {#operating_statement} T-12 through December 2025. Prepared by property management company, not CPA-certified. Expense audit recommended — management fee is stated at 10% (above market benchmark of 5-6%) and utilities appear understated vs. comparable properties. NOI of $412,000 is treated as a ceiling, not a floor, in underwriting. | Line Item | T-12 Actual | UW | Variance | Note | |---|---|---|---|---| | Gross Potential Rent | $655,200 | $655,200 | — | At current asking rent | | Vacancy / Credit Loss | ($32,760) | ($45,864) | ($13,104) | UW 7% vs. T-12 5% | | Other Income | $18,000 | $21,600 | $3,600 | Add parking income | | **EGI** | **$640,440** | **$630,936** | | | | Real Estate Taxes | ($52,000) | ($58,000) | ($6,000) | Sale will trigger reassessment | | Insurance | ($24,500) | ($28,800) | ($4,300) | Benchmarked to 0.4% | | Management Fees | ($64,044) | ($34,701) | $29,343 | 10% → 5.5% on EGI | | Payroll & Benefits | ($26,400) | ($28,800) | ($2,400) | Benchmarked | | Utilities | ($21,600) | ($24,000) | ($2,400) | Slightly understated | | Repairs & Maintenance | ($21,600) | ($24,000) | ($2,400) | Benchmarked | | Contract Services | ($8,400) | ($9,600) | ($1,200) | Benchmarked | | Administrative | ($6,000) | ($7,200) | ($1,200) | Benchmarked | | Professional Fees | ($4,800) | ($4,800) | — | | | Replacement Reserves | ($14,400) | ($14,400) | — | $300/unit | | **Total OpEx** | **($228,344)** | **($234,301)** | | | | **NOI** | **$412,096** | **$396,635** | | | ```json uw:section=operating_statement variant=t12 source=agent:L0-02 ts=2026-04-24T10:18:00Z v=1 confidence=medium { "_meta": { "section": "operating_statement", "version": 1, "superseded": false, "source": "agent:L0-02", "agent_id": "L0-02", "agent_version": "1.0.0", "actor": "system", "timestamp": "2026-04-24T10:18:00Z", "confidence": "medium", "human_review_required": true, "flags": ["management_fee_above_market", "utilities_potentially_understated", "not_cpa_certified"], "input_hash": "sha256:a1b2c3d4e5f6", "notes": "Management company-prepared. Management fee at 10% of EGI is 450bps above market benchmark. Recommend requesting trailing 24-month statements and utility bills." }, "_notes": "CPA review or utility bill cross-check needed before credit committee.", "period_type": "T12", "period_start": "2025-01-01", "period_end": "2025-12-31", "annualized": true, "statement_prepared_by": "management_company", "cpa_certified": false, "income": { "gross_potential_rent": 655200, "less_vacancy_credit_loss": 32760, "vacancy_pct": 0.050, "less_concessions": 0, "less_loss_to_lease": 0, "other_income": { "laundry": 12000, "parking": 0, "pet_fees": 3600, "late_fees": 2400, "storage": 0, "utility_reimbursements": 0, "cable_internet": 0, "vending": 0, "lease_termination_fees": 0, "insurance_proceeds": 0, "other": 0, "total": 18000 }, "effective_gross_income": 640440 }, "expenses": { "real_estate_taxes": 52000, "insurance": 24500, "management_fees": 64044, "management_fee_pct_egi": 0.100, "payroll_benefits": 26400, "utilities": { "electric": 8400, "gas": 4800, "water_sewer": 7200, "trash": 1200, "total": 21600 }, "repairs_maintenance": 21600, "contract_services": 8400, "marketing_advertising": 0, "administrative": 6000, "professional_fees": 4800, "capital_expenditures_actual": 0, "replacement_reserves": 14400, "other_expenses": 0, "total_operating_expenses": 228344 }, "net_operating_income": 412096, "expense_ratio": 0.3565, "noi_margin": 0.6435, "noi_per_unit": 8585, "noi_per_sqft": 9.95, "anomalies": ["management_fee_10pct_of_egi_above_market_benchmark_5.5pct"], "non_recurring_items": [] } ``` --- ## Underwritten NOI {#noi_model} Underwriting applies three key adjustments to the T-12: (1) vacancy normalized to 7% reflecting submarket average versus the owner's reported 5%; (2) management fee reduced from 10% to 5.5% EGI, reflecting market rate and the new management agreement in negotiation; (3) real estate taxes reassessed to reflect post-sale value using Maricopa County's transfer reassessment methodology. All other expenses benchmarked to asset class norms — utilities and payroll slightly above T-12 actuals to reflect conservative underwriting. ```json uw:section=noi_model source=engine:calculations.ts ts=2026-04-24T11:05:00Z v=1 confidence=high { "_meta": { "section": "noi_model", "version": 1, "superseded": false, "source": "engine:calculations.ts", "agent_id": "engine", "agent_version": "3.2.1", "actor": "system", "timestamp": "2026-04-24T11:05:00Z", "confidence": "high", "human_review_required": false, "flags": [], "input_hash": "sha256:f7e8d9c0b1a2", "notes": null }, "_notes": null, "underwriting_basis": "stabilized", "income": { "gross_potential_rent": { "value": 655200, "source": "rent_roll", "per_unit_monthly": 1138, "per_sqft_annually": 15.82, "rationale": "In-place rents at current market asking — not marked to full market to avoid loss-to-lease assumption risk" }, "vacancy_credit_loss": { "value": 45864, "rate_applied": 0.070, "source": "underwritten", "vs_t12_actual": 0.050, "vs_submarket_avg": 0.048, "rationale": "Normalized to 7% — T-12 actual of 5% reflects owner's aggressive management; submarket avg 4.8% per CoStar Q1 2026; underwrite to 7% to cushion for management transition turnover" }, "concessions": { "value": 0, "rationale": "No concessions currently offered; none assumed" }, "loss_to_lease": { "value": 0, "rationale": "Rent roll underwritten at in-place rents, not market rents — loss-to-lease is upside, not included in base case" }, "other_income": { "value": 21600, "vs_t12": 3600, "non_recurring_excluded": 0, "breakdown": { "laundry": 12000, "pet_fees": 4800, "late_fees": 2400, "parking_add": 2400 } }, "effective_gross_income": 630936 }, "expenses": { "real_estate_taxes": { "value": 58000, "per_unit": 1208, "source": "reassessment_estimate", "sale_triggers_reassessment": true, "reassessment_basis": "70% of purchase price per Maricopa County methodology = $5,040,000 AV × 1.15% = $57,960, rounded to $58,000", "benchmark_low": 48000, "benchmark_high": 64000 }, "insurance": { "value": 28800, "pct_of_estimated_value": 0.0040, "source": "benchmark" }, "management_fees": { "value": 34701, "rate_pct": 0.055, "applied_to": "egi", "source": "contract" }, "payroll_benefits": { "value": 28800, "per_unit": 600, "source": "benchmark" }, "utilities": { "value": 24000, "per_unit": 500, "source": "benchmark" }, "repairs_maintenance": { "value": 24000, "per_unit": 500, "source": "benchmark" }, "contract_services": { "value": 9600, "per_unit": 200, "source": "benchmark" }, "marketing_advertising": { "value": 7200, "per_unit": 150, "source": "benchmark" }, "administrative": { "value": 0, "source": "benchmark" }, "professional_fees": { "value": 4800, "source": "actual" }, "replacement_reserves": { "value": 14400, "per_unit": 300, "source": "benchmark" }, "total_operating_expenses": 234301, "expense_ratio": 0.3713, "expense_per_unit": 4881, "expense_per_sqft": 5.66, "vs_benchmark_assessment": "within_range" }, "net_operating_income": 396635, "noi_per_unit": 8263, "noi_per_sqft": 9.58, "noi_margin": 0.6287, "vs_t12_noi": 412096, "vs_t12_variance_pct": -0.0374, "variance_explanation": "UW NOI is 3.7% below T-12 due to higher vacancy assumption (+200bps) and higher tax estimate post-reassessment, partially offset by management fee reduction.", "projections": { "year_1": { "revenue_growth_rate": 0.030, "expense_growth_rate": 0.025, "projected_egi": 649864, "projected_opex": 240159, "projected_noi": 409705 }, "year_2": { "projected_noi": 423197 } } } ``` --- ## Valuation {#valuation} Income approach produces a value of $7,198,000 at the underwritten NOI and a 5.51% market cap rate — essentially at purchase price, confirming the deal is priced at market. No appraisal in hand yet; ordered, expected within 20 days of contract execution. ```json uw:section=valuation source=engine:calculations.ts ts=2026-04-24T11:06:00Z v=1 confidence=medium { "_meta": { "section": "valuation", "version": 1, "superseded": false, "source": "engine:calculations.ts", "agent_id": "engine", "agent_version": "3.2.1", "actor": "system", "timestamp": "2026-04-24T11:06:00Z", "confidence": "medium", "human_review_required": true, "flags": ["appraisal_not_yet_received"], "input_hash": "sha256:f7e8d9c0b1a2", "notes": null }, "_notes": "Appraisal ordered 2026-04-22, expected 2026-05-12. UW value essentially at purchase price — deal is priced at market, not below.", "purchase_price": 7200000, "purchase_price_per_unit": 150000, "purchase_price_per_sqft": 174, "gross_rent_multiplier": 11.75, "income_approach": { "cap_rate_applied": 0.0551, "cap_rate_source": "market_comparable", "cap_rate_range": { "low": 0.050, "mid": 0.0551, "high": 0.060 }, "noi_used": 396635, "noi_source": "underwritten", "indicated_value": 7198000, "value_per_unit": 149958, "value_per_sqft": 174 }, "appraised_value": null, "appraised_as_of": null, "appraiser_name": null, "appraisal_report_date": null, "appraisal_approach": null, "appraisal_cap_rate": null, "sales_comparison": { "indicated_value": null, "price_per_unit_range_low": 135000, "price_per_unit_range_high": 165000, "comp_count": null }, "uw_value_vs_purchase_price_pct": -0.0003, "uw_value_vs_appraised_pct": null, "appraisal_inflation_flag": false, "value_used_for_ltv": 7200000, "value_used_for_ltv_basis": "purchase_price" } ``` --- ## Debt Structure {#debt_structure} Conventional permanent loan at 70% LTV. Rate locked at 5.875% fixed for 5-year term with 30-year amortization and 12 months interest-only. **Key flag:** DSCR at amortizing debt service is 1.109x — below the 1.20x warning threshold. Deal passes the 1.0x error threshold with cushion, but lender conversations should explore 24-month IO as a primary ask. ```json uw:section=debt_structure source=wizard:step_4 ts=2026-04-24T09:45:00Z v=1 confidence=high { "_meta": { "section": "debt_structure", "version": 1, "superseded": false, "source": "wizard:step_4", "agent_id": "wizard", "agent_version": "4.0.0", "actor": "jared", "timestamp": "2026-04-24T09:45:00Z", "confidence": "high", "human_review_required": false, "flags": ["dscr_warning_amortizing"], "input_hash": null, "notes": null }, "_notes": "Ask First Western Bank about 24mo IO — their current sheet shows 24mo IO available on multifamily <$7.5M. Would push amortizing DSCR risk past year 2 rent growth.", "loan_amount": 5040000, "loan_purpose": "acquisition", "loan_type": "conventional", "rate_type": "fixed", "interest_rate": 0.05875, "rate_index": "fixed", "rate_spread_bps": null, "rate_floor_pct": null, "rate_cap_pct": null, "note_rate_at_close": 0.05875, "amortization_years": 30, "loan_term_years": 5, "io_period_months": 12, "balloon_year": 5, "balloon_payment_est": 4762000, "recourse": "partial", "prepayment_type": "stepdown", "prepayment_schedule": "5-4-3-2-1", "origination_fee_pct": 0.010, "exit_fee_pct": null, "lender_name": "First Western Bank", "lender_type": "bank", "annual_debt_service": 357612, "monthly_debt_service": 29801, "sizing_metrics": { "ltv": 0.700, "dscr_underwritten": 1.109, "dscr_inplace": 1.153, "debt_yield": 0.0787, "debt_yield_inplace": 0.0818, "binding_constraint": "ltv", "max_loan_at_ltv": 5040000, "max_loan_at_dscr": 4620000, "max_loan_at_debt_yield": 4420000, "headroom_ltv_bps": 0, "headroom_dscr": 0.109, "headroom_debt_yield_bps": 187 }, "stress_dscr": { "plus_100bps": null, "plus_200bps": null, "plus_300bps": null }, "covenants": [ { "type": "min_dscr", "threshold": "1.10x (tested annually against trailing 12-month NOI)", "test_frequency": "annual", "cure_period_days": 90, "remedy_cascade": "Notice → 90-day cure → cash trap if uncured → default at 1.00x" }, { "type": "min_occupancy", "threshold": "85% physical occupancy", "test_frequency": "quarterly", "cure_period_days": 60, "remedy_cascade": "Notice → 60-day cure period" } ] } ``` --- ## Sources & Uses {#sources_uses} ```json uw:section=sources_uses source=engine:calculations.ts ts=2026-04-24T11:07:00Z v=1 confidence=high { "_meta": { "section": "sources_uses", "version": 1, "superseded": false, "source": "engine:calculations.ts", "agent_id": "engine", "agent_version": "3.2.1", "actor": "system", "timestamp": "2026-04-24T11:07:00Z", "confidence": "high", "human_review_required": false, "flags": [], "input_hash": "sha256:f7e8d9c0b1a2", "notes": null }, "_notes": null, "total_project_cost": 7440000, "sources": { "senior_loan": 5040000, "mezzanine_debt": null, "preferred_equity": null, "equity_sponsor": 2400000, "equity_lp": null, "seller_financing": null, "government_grant": null, "tax_credit_equity": null, "other": null, "total": 7440000 }, "uses": { "purchase_price": 7200000, "closing_costs": { "broker_commission": 0, "title_insurance": 28000, "transfer_taxes": 21600, "legal_fees": 15000, "due_diligence": 12000, "loan_origination_fee": 50400, "appraisal": 4500, "environmental": 2800, "survey": 2500, "inspection": 2200, "other": 0, "total": 139000 }, "renovation_budget": null, "renovation_contingency": null, "operating_reserves": 96000, "interest_reserve": null, "rate_cap_cost": null, "other_reserves": 5000, "total": 7440000 }, "equity_metrics": { "equity_total": 2400000, "equity_pct_of_cost": 0.3226, "equity_per_unit": 50000, "equity_per_sqft": 58, "loan_to_cost": 0.6774 }, "sources_uses_balanced": true } ``` --- ## DCF & Hold Period {#dcf} 5-year hold. Revenue growth 3%/yr, expenses 2.5%/yr. Exit at 6.0% cap rate (50bps above going-in) applied to year-6 NOI. Levered IRR of ~6.3% reflects the stabilized, income-oriented nature of this investment — this is not a value-add play. | Year | EGI | OpEx | NOI | Debt Service | Levered CF | CoC | |---|---|---|---|---|---|---| | 1 (IO) | $630,936 | $234,301 | $396,635 | $296,100 | $100,535 | 4.19% | | 2 | $649,864 | $240,159 | $409,705 | $357,612 | $52,093 | 2.17% | | 3 | $669,360 | $246,163 | $423,197 | $357,612 | $65,585 | 2.73% | | 4 | $689,441 | $252,317 | $437,124 | $357,612 | $79,512 | 3.31% | | 5 | $710,124 | $258,625 | $451,499 | $357,612 | $93,887 | 3.91% | **Exit:** Year-6 NOI $465,044 ÷ 6.0% = $7,750,733 gross. Net proceeds to equity ~$2,845,000. **Levered IRR:** ~6.3% | **Equity Multiple:** ~1.35x ```json uw:section=dcf source=engine:dcfEngine.ts ts=2026-04-24T11:10:00Z v=1 confidence=high { "_meta": { "section": "dcf", "version": 1, "superseded": false, "source": "engine:dcfEngine.ts", "agent_id": "engine", "agent_version": "3.2.1", "actor": "system", "timestamp": "2026-04-24T11:10:00Z", "confidence": "high", "human_review_required": false, "flags": [], "input_hash": "sha256:f7e8d9c0b1a2", "notes": null }, "_notes": null, "hold_period_years": 5, "analysis_start_date": "2026-07-01", "assumptions": { "revenue_growth_rate": 0.030, "expense_growth_rate": 0.025, "exit_cap_rate": 0.060, "exit_cap_rate_source": "going_in_plus_50bps_expansion", "exit_cap_spread_over_going_in_bps": 50, "disposition_costs_pct": 0.020, "discount_rate": 0.070, "going_in_cap_rate": 0.0551 }, "annual_cash_flows": [ { "year": 1, "gross_potential_rent": 655200, "effective_gross_income": 630936, "total_expenses": 234301, "net_operating_income": 396635, "annual_debt_service": 296100, "net_cash_flow_levered": 100535, "net_cash_flow_unlevered": 396635, "cash_on_cash_return": 0.0419, "cumulative_equity_invested": 2400000, "loan_balance_eoy": 5040000 }, { "year": 2, "gross_potential_rent": 674856, "effective_gross_income": 649864, "total_expenses": 240159, "net_operating_income": 409705, "annual_debt_service": 357612, "net_cash_flow_levered": 52093, "net_cash_flow_unlevered": 409705, "cash_on_cash_return": 0.0217, "cumulative_equity_invested": 2400000, "loan_balance_eoy": 4985000 }, { "year": 3, "gross_potential_rent": 695101, "effective_gross_income": 669360, "total_expenses": 246163, "net_operating_income": 423197, "annual_debt_service": 357612, "net_cash_flow_levered": 65585, "net_cash_flow_unlevered": 423197, "cash_on_cash_return": 0.0273, "cumulative_equity_invested": 2400000, "loan_balance_eoy": 4927000 }, { "year": 4, "gross_potential_rent": 715954, "effective_gross_income": 689441, "total_expenses": 252317, "net_operating_income": 437124, "annual_debt_service": 357612, "net_cash_flow_levered": 79512, "net_cash_flow_unlevered": 437124, "cash_on_cash_return": 0.0331, "cumulative_equity_invested": 2400000, "loan_balance_eoy": 4865000 }, { "year": 5, "gross_potential_rent": 737432, "effective_gross_income": 710124, "total_expenses": 258625, "net_operating_income": 451499, "annual_debt_service": 357612, "net_cash_flow_levered": 93887, "net_cash_flow_unlevered": 451499, "cash_on_cash_return": 0.0391, "cumulative_equity_invested": 2400000, "loan_balance_eoy": 4800000 } ], "exit_analysis": { "exit_year": 5, "exit_noi": 451499, "cap_rate": 0.060, "exit_value_gross": 7750733, "disposition_costs": 155015, "exit_value_net": 7595718, "loan_balance_at_exit": 4800000, "net_proceeds_to_equity": 2795718, "exit_value_per_unit": 161474, "exit_value_per_sqft": 183 }, "returns": { "levered_irr": 0.063, "unlevered_irr": 0.057, "equity_multiple": 1.35, "avg_cash_on_cash": 0.0326, "total_equity_distributions": 391612, "npv": 76400, "discount_rate_used": 0.070, "payback_period_years": null }, "sensitivity_matrix": { "exit_cap_rate_axis": [0.050, 0.055, 0.060, 0.065, 0.070], "rent_growth_axis": [0.01, 0.02, 0.03, 0.04, 0.05], "irr_grid": [ [0.094, 0.101, 0.108, 0.115, 0.122], [0.079, 0.086, 0.093, 0.100, 0.107], [0.063, 0.070, 0.077, 0.084, 0.091], [0.047, 0.054, 0.061, 0.068, 0.075], [0.031, 0.038, 0.045, 0.052, 0.059] ] } } ``` --- ## Stress Tests {#stress_tests} ```json uw:section=stress_tests source=engine:calculations.ts ts=2026-04-24T11:12:00Z v=1 confidence=high { "_meta": { "section": "stress_tests", "version": 1, "superseded": false, "source": "engine:calculations.ts", "agent_id": "engine", "agent_version": "3.2.1", "actor": "system", "timestamp": "2026-04-24T11:12:00Z", "confidence": "high", "human_review_required": false, "flags": ["moderate_stress_fails_dscr"], "input_hash": "sha256:f7e8d9c0b1a2", "notes": null }, "_notes": "Moderate and severe stress scenarios fail minimum DSCR. This is consistent with the tight base case DSCR. Discuss with lender.", "base_dscr": 1.109, "base_debt_yield": 0.0787, "base_noi": 396635, "scenarios": [ { "name": "base_case", "label": "Base Case", "revenue_shock_pct": 0, "expense_shock_pct": 0, "rate_shock_bps": 0, "cap_rate_expansion_bps": null, "resulting_egi": 630936, "resulting_opex": 234301, "resulting_noi": 396635, "resulting_debt_service": 357612, "resulting_dscr": 1.109, "resulting_debt_yield": 0.0787, "resulting_ltv": 0.700, "resulting_exit_value": null, "passes_dscr_minimum": true, "minimum_dscr_threshold": 1.0, "passes_debt_yield_minimum": true, "minimum_debt_yield_threshold": 0.070 }, { "name": "mild_stress", "label": "Mild Stress (-10% Rev, +5% Exp)", "revenue_shock_pct": -0.10, "expense_shock_pct": 0.05, "rate_shock_bps": 0, "cap_rate_expansion_bps": null, "resulting_egi": 567842, "resulting_opex": 246016, "resulting_noi": 321826, "resulting_debt_service": 357612, "resulting_dscr": 0.900, "resulting_debt_yield": 0.0639, "resulting_ltv": null, "resulting_exit_value": null, "passes_dscr_minimum": false, "minimum_dscr_threshold": 1.0, "passes_debt_yield_minimum": false, "minimum_debt_yield_threshold": 0.070 }, { "name": "moderate_stress", "label": "Moderate Stress (-20% Rev, +10% Exp)", "revenue_shock_pct": -0.20, "expense_shock_pct": 0.10, "rate_shock_bps": 0, "cap_rate_expansion_bps": 100, "resulting_egi": 504749, "resulting_opex": 257731, "resulting_noi": 247018, "resulting_debt_service": 357612, "resulting_dscr": 0.691, "resulting_debt_yield": 0.0490, "resulting_ltv": null, "resulting_exit_value": null, "passes_dscr_minimum": false, "minimum_dscr_threshold": 1.0, "passes_debt_yield_minimum": false, "minimum_debt_yield_threshold": 0.070 }, { "name": "severe_stress", "label": "Severe Stress (-30% Rev, +15% Exp)", "revenue_shock_pct": -0.30, "expense_shock_pct": 0.15, "rate_shock_bps": 0, "cap_rate_expansion_bps": 200, "resulting_egi": 441655, "resulting_opex": 269446, "resulting_noi": 172209, "resulting_debt_service": 357612, "resulting_dscr": 0.482, "resulting_debt_yield": 0.0342, "resulting_ltv": null, "resulting_exit_value": null, "passes_dscr_minimum": false, "minimum_dscr_threshold": 1.0, "passes_debt_yield_minimum": false, "minimum_debt_yield_threshold": 0.070 } ], "break_even": { "break_even_occupancy_pct": 0.857, "break_even_rent_per_unit_monthly": 1031, "break_even_rent_per_sqft_annually": null, "current_vs_breakeven_occupancy_cushion": 0.080, "current_vs_breakeven_rent_cushion_pct": 0.010 }, "rate_sensitivity": null } ``` --- ## Market Analysis {#market_analysis} The Glendale/West Phoenix submarket is a supply-constrained, workforce-renter market with vacancy below the Phoenix metro average. Rent growth has moderated from 2021–2022 peaks but remains positive at ~3% annually. New supply pipeline is concentrated in the Scottsdale and Tempe corridors — not meaningful competition at this price point. Cap rates for B-class multifamily in this submarket have stabilized in the 5.25–5.75% range after the 2023–2024 correction. ```json uw:section=market_analysis source=agent:L2-CRE-07 ts=2026-04-24T12:30:00Z v=1 confidence=medium { "_meta": { "section": "market_analysis", "version": 1, "superseded": false, "source": "agent:L2-CRE-07", "agent_id": "L2-CRE-07", "agent_version": "1.0.0", "actor": "system", "timestamp": "2026-04-24T12:30:00Z", "confidence": "medium", "human_review_required": false, "flags": [], "input_hash": null, "notes": "Market data from web search; CoStar data not connected. Recommend CoStar validation before credit committee." }, "_notes": null, "market": "Phoenix Metro", "submarket": "Glendale / West Phoenix", "market_tier": "2", "data_as_of": "2026-04-01", "data_sources": ["CoStar Q1 2026 Phoenix Market Report (secondary)", "CBRE Phoenix Multifamily Outlook 2026", "Marcus & Millichap Phoenix Multifamily 2026"], "vacancy": { "current_rate": 0.048, "prior_year_rate": 0.051, "yoy_change_bps": -30, "trend": "improving", "source": "CoStar Q1 2026" }, "rents": { "avg_asking_per_unit": 1195, "avg_asking_per_sqft": 1.44, "yoy_rent_growth_pct": 0.029, "trend": "moderate", "by_unit_type": [ { "unit_type": "1BR/1BA", "avg_asking_rent": 1095, "vs_subject_rent": 45 }, { "unit_type": "2BR/2BA", "avg_asking_rent": 1295, "vs_subject_rent": 70 } ] }, "supply": { "units_under_construction": 420, "units_planned_12mo": 180, "units_planned_24mo": 320, "pct_of_existing_stock": 0.018, "major_projects": ["Camelback Commons (148 units, est. delivery Q3 2026)", "Stadium View Apts (272 units, est. Q1 2027)"], "supply_assessment": "moderate" }, "demand": { "net_absorption_trailing_12mo": 680, "employment_growth_pct": 0.024, "population_growth_pct": 0.019, "major_employers": ["Banner Thunderbird Medical Center", "State Farm", "USAA", "Abrazo Health"], "demand_drivers": ["healthcare employment growth", "westside Phoenix population expansion", "affordability relative to Scottsdale/Tempe"], "outlook": "positive" }, "cap_rates": { "range_low": 0.0525, "range_mid": 0.0551, "range_high": 0.0600, "trend": "stable", "source": "CBRE / Marcus & Millichap Q1 2026" }, "comparable_sales": [ { "address": "4820 N 67th Ave, Glendale AZ", "property_name": "Desert View Apts", "sale_date": "2026-01", "units_or_sqft": 52, "year_built": 1984, "sale_price": 7540000, "price_per_unit": 145000, "price_per_sqft": 168, "cap_rate": 0.0558, "distance_miles": 1.8, "notes": "B-class garden, similar vintage, 94% occupancy at sale" }, { "address": "2250 W Bethany Home Rd, Phoenix AZ", "property_name": "Bethany Gardens", "sale_date": "2025-11", "units_or_sqft": 64, "year_built": 1991, "sale_price": 9600000, "price_per_unit": 150000, "price_per_sqft": 171, "cap_rate": 0.0541, "distance_miles": 2.4, "notes": "Larger but similar quality and vintage" }, { "address": "5540 N 51st Ave, Glendale AZ", "property_name": "Westwood Place", "sale_date": "2025-08", "units_or_sqft": 36, "year_built": 1979, "sale_price": 4680000, "price_per_unit": 130000, "price_per_sqft": 155, "cap_rate": 0.0612, "distance_miles": 0.9, "notes": "Older vintage, lower quality — represents floor" } ], "comparable_rentals": [ { "property_name": "Camelback Village Apts", "address": "4200 W Camelback Rd", "units": 60, "unit_type": "1BR/1BA", "asking_rent_per_unit": 1095, "asking_rent_per_sqft": 1.46, "occupancy_pct": 0.950, "year_built": 1989, "distance_miles": 0.6, "concessions": "None" }, { "property_name": "Glendale Palms", "address": "6700 N 43rd Ave", "units": 80, "unit_type": "2BR/2BA", "asking_rent_per_unit": 1310, "asking_rent_per_sqft": 1.40, "occupancy_pct": 0.938, "year_built": 1993, "distance_miles": 1.1, "concessions": "None" } ], "market_risk_rating": "moderate", "market_narrative": "The Glendale/West Phoenix multifamily submarket is a functionally stable, supply-constrained workforce housing corridor. Vacancy at 4.8% is 80bps below the broader Phoenix metro average of 5.6%, supported by strong healthcare and services employment anchors. Rent growth has normalized to 2.9% annually following the post-pandemic correction, with forward projections of 2.5-3.5% annually through 2028. New supply is below 2% of existing stock annually, concentrated in luxury product at higher price points that competes minimally with this asset. Cap rates have stabilized in the 5.25-6.00% range following the 2023-2024 correction from compressed levels. The primary risk is elevated Phoenix metro-wide supply deliveries in 2026-2027 creating headline noise, but the specific Glendale workforce segment is insulated by its price point." } ``` --- ## Borrower & Sponsor {#borrower_sponsor} Single-principal LLC, 14 years of CRE experience, 6 assets under management. Financial strength is adequate — NW-to-loan ratio above policy minimum, liquidity slightly below preferred threshold but within range given 0 existing loan exposure on the subject entity. ```json uw:section=borrower_sponsor source=wizard ts=2026-04-24T09:30:00Z v=1 confidence=medium { "_meta": { "section": "borrower_sponsor", "version": 1, "superseded": false, "source": "wizard", "agent_id": "wizard", "agent_version": "4.0.0", "actor": "jared", "timestamp": "2026-04-24T09:30:00Z", "confidence": "medium", "human_review_required": true, "flags": ["pfs_not_verified", "liquidity_to_loan_ratio_below_preferred"], "input_hash": null, "notes": "Figures are PFS-stated. CPA letter requested, expected before end of DD period." }, "_notes": "Liquidity ratio is 9.5% vs 10% preferred minimum — marginal. CPA verification will either clear or flag.", "principals": [ { "name": "James Camelback", "role": "managing_member", "ownership_pct": 1.00, "is_guarantor": true, "is_key_man": true, "net_worth_stated": 8400000, "liquid_assets_stated": 480000, "contingent_liabilities_stated": 0, "years_cre_experience": 14, "pfs_received": true, "tax_returns_received": false, "figures_verified": false, "verification_basis": "pfs_stated" } ], "financial_summary": { "global_net_worth": 8400000, "global_liquidity": 480000, "nw_to_loan_ratio": 1.667, "nw_to_loan_policy_min": 1.0, "liquidity_to_loan_ratio": 0.095, "liquidity_to_loan_policy_min": 0.10, "global_debt_service_annual": 312000, "global_dscr": 2.14, "all_figures_verified": false, "unverified_flag": true }, "real_estate_portfolio": { "total_properties": 6, "total_value_stated": 12600000, "total_debt_stated": 7200000, "implied_equity": 5400000, "portfolio_ltv": 0.571, "asset_classes_managed": ["multifamily", "single_family_rental"], "markets_active_in": ["Phoenix Metro", "Tucson"] }, "track_record": { "deals_completed": 8, "total_deal_volume": 18000000, "avg_hold_period_years": 5, "similar_asset_class_experience": true, "similar_market_experience": true, "deals_in_default_or_loss": 0, "summary_narrative": "14 years acquiring and managing B-class multifamily in Phoenix and Tucson metro. 8 completed acquisitions with no defaults or losses. Currently managing 6 properties totaling 180 units. Clean operating history." }, "entity_structure_flags": [], "key_man_risk_flag": true, "sponsor_narrative": "James Camelback is an experienced Phoenix metro multifamily operator with 14 years in the market and a clean track record across 8 acquisitions. His portfolio is concentrated in B-class garden-style multifamily — the same product as the subject — giving him directly applicable experience. The single-principal LLC structure presents standard key-man risk, mitigated by the stabilized nature of the asset and straightforward operations." } ``` --- ## Due Diligence {#due_diligence} Due diligence in process. Appraisal and Phase I ordered. Title commitment received — clean. Inspection scheduled for next week. ```json uw:section=due_diligence source=user ts=2026-04-24T09:50:00Z v=1 confidence=medium { "_meta": { "section": "due_diligence", "version": 1, "superseded": false, "source": "user", "agent_id": "user", "agent_version": null, "actor": "jared", "timestamp": "2026-04-24T09:50:00Z", "confidence": "medium", "human_review_required": true, "flags": ["appraisal_pending", "phase1_pending", "inspection_pending"], "input_hash": null, "notes": null }, "_notes": null, "appraisal": { "received": false, "appraiser_name": "Southwest Valuation Group", "appraiser_cert_no": null, "firm": "Southwest Valuation Group", "on_approved_vendor_list": null, "effective_date": null, "report_date": null, "as_is_value": null, "as_stabilized_value": null, "as_complete_value": null, "cap_rate_applied": null, "income_approach_noi": null, "sales_comp_indicated_value": null, "extraordinary_assumptions": [], "hypothetical_conditions": [], "exposure_time_months": null, "marketing_time_months": null, "uspap_compliant": null, "within_policy_age": null, "policy_max_age_months": 12, "adequacy_rating": "not_reviewed", "flags": ["ordered_2026-04-22_expected_2026-05-12"] }, "environmental": { "phase1_received": false, "phase2_received": false, "consultant_name": "AZ Environmental Consultants", "firm": "AZ Environmental Consultants", "phase1_report_date": null, "phase2_report_date": null, "rec_count": null, "rec_descriptions": [], "hrec_count": null, "crec_count": null, "vec_flag": false, "regulatory_database_hits": null, "phase2_recommended": null, "phase2_reason": null, "remediation_required": false, "remediation_cost_est": null, "clearance_status": "not_reviewed", "flags": ["ordered_2026-04-23_expected_2026-05-07"] }, "title": { "commitment_received": true, "effective_date": "2026-04-20", "title_company": "Arizona Title & Trust", "commitment_amount": 7200000, "existing_liens": [], "schedule_b_exceptions": ["Standard utility easements along north and east boundaries", "CC&Rs recorded 1987 — reviewed, no material restrictions"], "material_exceptions": [], "required_endorsements": ["ALTA 9 — Restrictions, Encroachments, Minerals", "ALTA 17 — Access"], "property_tax_current": true, "mechanic_liens_present": false, "judgment_liens_present": false, "deed_restrictions": [], "easements": ["Utility easement 5ft along north boundary", "Utility easement 5ft along east boundary"], "clearance_status": "clear" }, "survey": { "received": false, "survey_date": null, "surveyor": null, "survey_type": "alta", "encroachments_found": null, "easements_noted": [], "setback_issues": null, "parking_count_confirmed": null, "lot_size_sqft_confirmed": null, "clearance_status": "not_reviewed" }, "inspection": { "received": false, "inspector": "Pacific Building Inspection", "firm": "Pacific Building Inspection", "inspection_date": null, "building_systems_assessed": [], "deferred_maintenance_est": null, "immediate_needs": [], "short_term_needs_0_3yr": [], "long_term_needs_3_10yr": [], "major_system_remaining_life": { "roof_years": null, "hvac_years": null, "plumbing_years": null, "electrical_years": null, "elevators_years": null }, "clearance_status": "not_reviewed" }, "seismic": { "required": false, "received": false, "pml_pct": null, "clearance_status": "not_reviewed" }, "checklist": { "total_items_required": 8, "items_received": 1, "items_outstanding": ["appraisal", "phase_1_environmental", "survey", "inspection", "cpa_letter_borrower", "2yr_tax_returns", "operating_statements_2yr"], "blocking_items": ["appraisal", "phase_1_environmental"], "ready_to_close": false } } ``` --- ## Risk Assessment {#risk_assessment} *Pending — L6 agents not yet run. Preliminary assessment below based on analyst review.* The deal presents a moderate risk profile. The asset is stabilized with no significant deferred maintenance, in a functionally strong submarket with positive demand fundamentals. The primary structural risk is the tight amortizing DSCR (1.11x) — a 10% revenue decline would breach the 1.0x floor, leaving no debt service coverage cushion in a stress scenario. The management transition risk during the first 6-12 months post-close is the most likely near-term operational challenge. ```json uw:section=risk_assessment source=user ts=2026-04-24T14:00:00Z v=1 confidence=low { "_meta": { "section": "risk_assessment", "version": 1, "superseded": false, "source": "user", "agent_id": "user", "agent_version": null, "actor": "jared", "timestamp": "2026-04-24T14:00:00Z", "confidence": "low", "human_review_required": true, "flags": ["preliminary_analyst_only_L6_not_run"], "input_hash": null, "notes": "Run L6 agents before credit committee submission." }, "_notes": "PRELIMINARY — not suitable for credit submission. Run full L6 agent chain.", "scoring_model_version": null, "component_scores": { "property": { "score": null, "max_score": 10, "weight": 0.25, "sub_factors": {}, "strengths": ["functional condition", "2023 common area renovation", "infill location"], "weaknesses": ["1987 vintage", "aging unit interiors"], "rationale": null }, "market": { "score": null, "max_score": 10, "weight": 0.20, "sub_factors": {}, "strengths": ["sub-5% vacancy", "positive demand drivers", "limited supply at price point"], "weaknesses": ["metro-wide supply pipeline elevated 2026-2027"], "rationale": null }, "borrower": { "score": null, "max_score": 10, "weight": 0.25, "sub_factors": {}, "strengths": ["14yr experience", "same asset class/market", "clean track record"], "weaknesses": ["single principal key-man", "liquidity marginally below preferred threshold", "unverified PFS"], "rationale": null }, "loan_structure": { "score": null, "max_score": 10, "weight": 0.30, "sub_factors": {}, "strengths": ["70% LTV — at policy maximum but not exceeding", "5yr fixed rate — no floating rate risk"], "weaknesses": ["DSCR 1.11x at amortizing — tight", "mild stress fails 1.0x threshold"], "rationale": null } }, "composite_score": null, "composite_rating_1_to_10": null, "regulatory_rating": null, "top_risks": [ "Amortizing DSCR of 1.11x — mild revenue stress fails debt coverage", "Management transition in months 1-12 post-close — vacancy risk", "Unverified borrower financial statements", "Appraisal not yet received — LTV assumption based on purchase price" ], "top_mitigants": [ "Strong submarket vacancy (4.8%) provides revenue floor", "IO period year 1 provides buffer while management transition occurs", "Loss-to-lease creates organic NOI growth path without capex", "Clean title, no existing debt, motivated seller" ], "risk_narrative": null, "recommendation": "pending_human_review", "conditions": [], "decline_reasons": [], "policy_exceptions_required": [], "approval_authority_required": null, "status": "draft", "human_review_required": true } ``` --- ## Compliance {#compliance} ```json uw:section=compliance source=agent:L5-01 ts=2026-04-24T13:00:00Z v=1 confidence=high { "_meta": { "section": "compliance", "version": 1, "superseded": false, "source": "agent:L5-01", "agent_id": "L5-01", "agent_version": "1.0.0", "actor": "system", "timestamp": "2026-04-24T13:00:00Z", "confidence": "high", "human_review_required": false, "flags": [], "input_hash": null, "notes": null }, "_notes": null, "hvcre": { "classification": "non_hvcre", "contributing_capital_test_met": true, "ltv_within_regulatory_limits": true, "pre_sold_leased_pct": null, "one_to_four_family_exclusion": false, "risk_weight_pct": 100, "regulatory_citation": "12 CFR 3.2 — HVCRE ADC definition; stabilized acquisition not subject to HVCRE", "rationale": "Permanent acquisition loan on stabilized asset — not ADC. HVCRE does not apply." }, "cra": { "eligible": true, "census_tract": "04013-408500", "census_tract_income_category": "moderate", "majority_minority_tract": true, "lmi_census_tract": true, "small_business_loan_eligible": false, "cra_category": "Community Development — affordable housing in LMI tract" }, "bsa_aml": { "ofac_sdn_clear": true, "fincen_314a_clear": true, "pep_flags": [], "anonymous_structure_flag": false, "foreign_ownership_flag": false, "high_risk_geography_flag": false, "structuring_indicators": [], "overall_bsa_risk": "low", "escalation_required": false, "escalation_reason": null }, "fair_lending": { "review_triggered": false, "trigger_reasons": [], "pricing_variance_flag": false, "appraisal_bias_flag": false, "compliance_officer_review_required": false }, "concentration": { "cre_total_pct_of_capital": null, "construction_pct_of_capital": null, "single_borrower_pct_of_tier1": null, "geographic_concentration_flag": false, "asset_class_concentration_flag": false, "within_all_concentration_limits": null, "nearest_limit_headroom_pct": null }, "policy_exceptions": [] } ``` --- ## Assumptions {#assumptions} ```json uw:section=assumptions source=engine:calculations.ts ts=2026-04-24T11:15:00Z v=1 confidence=high { "_meta": { "section": "assumptions", "version": 1, "superseded": false, "source": "engine:calculations.ts", "agent_id": "engine", "agent_version": "3.2.1", "actor": "system", "timestamp": "2026-04-24T11:15:00Z", "confidence": "high", "human_review_required": false, "flags": [], "input_hash": "sha256:f7e8d9c0b1a2", "notes": null }, "_notes": null, "assumptions": [ { "key": "vacancy_rate", "label": "Vacancy / Credit Loss Rate", "section": "noi_model", "category": "income", "value": 0.070, "unit": "pct", "source": "underwritten", "source_detail": "Normalized to 7% vs T-12 actual 5%; submarket avg 4.8%; haircut for management transition", "agent": "engine", "timestamp": "2026-04-24T11:05:00Z", "confidence": "medium", "is_overridden": false, "original_value": null, "override_rationale": null, "linked_to_policy": false, "policy_threshold": null }, { "key": "management_fee_pct", "label": "Management Fee % of EGI", "section": "noi_model", "category": "expense", "value": 0.055, "unit": "pct", "source": "user_override", "source_detail": "New management agreement in negotiation; market rate 5-6%; T-12 was 10%", "agent": null, "timestamp": "2026-04-24T09:45:00Z", "confidence": "high", "is_overridden": true, "original_value": 0.100, "override_rationale": "T-12 management fee at 10% is above market; new PM contracted at 5.5%", "linked_to_policy": false, "policy_threshold": null }, { "key": "real_estate_taxes", "label": "Real Estate Taxes (Annual)", "section": "noi_model", "category": "expense", "value": 58000, "unit": "dollar", "source": "agent_computed", "source_detail": "Maricopa County transfer reassessment: 70% of $7,200,000 purchase price × 1.15% = $57,960", "agent": "L2-CRE-02", "timestamp": "2026-04-24T11:05:00Z", "confidence": "medium", "is_overridden": false, "original_value": null, "override_rationale": null, "linked_to_policy": false, "policy_threshold": null }, { "key": "revenue_growth_rate", "label": "Annual Revenue Growth Rate", "section": "dcf", "category": "income", "value": 0.030, "unit": "pct", "source": "market_data", "source_detail": "CoStar Q1 2026 Phoenix submarket rent growth 2.9%; rounded to 3%", "agent": "L2-CRE-07", "timestamp": "2026-04-24T12:30:00Z", "confidence": "medium", "is_overridden": false, "original_value": null, "override_rationale": null, "linked_to_policy": false, "policy_threshold": null }, { "key": "expense_growth_rate", "label": "Annual Expense Growth Rate", "section": "dcf", "category": "expense", "value": 0.025, "unit": "pct", "source": "scenario_default", "source_detail": "Scenario default: stabilized_acquisition", "agent": null, "timestamp": "2026-04-24T11:05:00Z", "confidence": "high", "is_overridden": false, "original_value": null, "override_rationale": null, "linked_to_policy": false, "policy_threshold": null }, { "key": "exit_cap_rate", "label": "Exit Cap Rate", "section": "dcf", "category": "exit", "value": 0.060, "unit": "pct", "source": "underwritten", "source_detail": "Going-in cap (5.51%) + 50bps expansion. Conservative relative to market range floor of 5.25%.", "agent": null, "timestamp": "2026-04-24T11:10:00Z", "confidence": "medium", "is_overridden": false, "original_value": null, "override_rationale": null, "linked_to_policy": false, "policy_threshold": null }, { "key": "hold_period_years", "label": "Hold Period (Years)", "section": "dcf", "category": "scenario", "value": 5, "unit": "years", "source": "wizard_input", "source_detail": "Wizard step 5", "agent": null, "timestamp": "2026-04-24T09:45:00Z", "confidence": "high", "is_overridden": false, "original_value": null, "override_rationale": null, "linked_to_policy": false, "policy_threshold": null }, { "key": "replacement_reserves_per_unit", "label": "Replacement Reserves ($/unit/yr)", "section": "noi_model", "category": "expense", "value": 300, "unit": "dollar_per_unit", "source": "scenario_default", "source_detail": "Scenario default: stabilized_acquisition, B-class multifamily", "agent": null, "timestamp": "2026-04-24T11:05:00Z", "confidence": "high", "is_overridden": false, "original_value": null, "override_rationale": null, "linked_to_policy": false, "policy_threshold": null } ], "summary": { "total_assumptions": 8, "by_source": { "scenario_default": 2, "market_data": 1, "ai_extracted": 0, "user_override": 1, "investor_profile": 0, "agent_computed": 1, "wizard_input": 1, "underwritten": 2 }, "low_confidence_count": 0, "override_count": 1 } } ``` --- ## Flags & Validation {#validation} ```json uw:section=validation source=engine:financialValidityChecker ts=2026-04-24T11:16:00Z v=1 confidence=high { "_meta": { "section": "validation", "version": 1, "superseded": false, "source": "engine:financialValidityChecker", "agent_id": "engine", "agent_version": "3.2.1", "actor": "system", "timestamp": "2026-04-24T11:16:00Z", "confidence": "high", "human_review_required": false, "flags": [], "input_hash": "sha256:f7e8d9c0b1a2", "notes": null }, "_notes": null, "overall_status": "warnings_only", "financial_validity": [ { "flag_id": "FV-001", "metric": "dscr", "value": 1.109, "threshold": { "type": "min", "min": 1.20, "max": null }, "severity": "warning", "message": "DSCR (1.109x) is below the 1.20x warning threshold. Deal passes the 1.0x error floor but has limited cushion in amortizing years. Consider requesting 24-month IO period.", "suppressed": false, "suppress_reason": null }, { "flag_id": "FV-002", "metric": "ltv", "value": 0.700, "threshold": { "type": "max", "min": null, "max": 0.75 }, "severity": "info", "message": "LTV at 70.0% is at policy maximum but within range.", "suppressed": false, "suppress_reason": null } ], "completeness": [ { "section": "due_diligence", "field": "appraisal.received", "required_for_stage": "credit_approval", "severity": "blocking", "message": "Appraisal not yet received. Required before credit approval." }, { "section": "due_diligence", "field": "environmental.phase1_received", "required_for_stage": "credit_approval", "severity": "blocking", "message": "Phase I environmental not yet received." }, { "section": "risk_assessment", "field": "composite_score", "required_for_stage": "credit_approval", "severity": "blocking", "message": "L6 risk rating agents have not run. Required before credit submission." }, { "section": "borrower_sponsor", "field": "financial_summary.all_figures_verified", "required_for_stage": "credit_approval", "severity": "warning", "message": "Borrower financial statements unverified. CPA letter required before credit approval." } ], "cross_section_consistency": [ { "flag_id": "CC-05", "sections_involved": ["noi_model", "debt_structure"], "description": "NOI used for DSCR calculation verified against noi_model.net_operating_income", "severity": "info", "field_a": { "section": "noi_model", "field": "net_operating_income", "value": 396635 }, "field_b": { "section": "debt_structure", "field": "sizing_metrics.dscr_underwritten", "value": 1.109 }, "variance": null } ], "policy_flags": [], "human_review_items": [ "DSCR at amortizing is 1.109x — discuss 24mo IO with lender", "Borrower PFS unverified — request CPA letter", "T-12 prepared by management company — request 2-year operating history and utility bills" ], "thresholds_used": { "dscr_error_below": 1.0, "dscr_warning_below": 1.20, "ltv_warning_above": 0.75, "ltv_error_above": 0.85, "cap_rate_warning_below": 0.03, "cap_rate_warning_above": 0.15, "vacancy_warning_below": 0.02, "vacancy_warning_above": 0.40, "opex_ratio_warning_below": 0.20, "opex_ratio_warning_above": 0.70, "irr_warning_below": 0.05, "irr_warning_above": 0.40, "annual_rent_growth_warning_above": 0.08, "equity_multiple_warning_below": 1.0, "equity_multiple_warning_above": 5.0 } } ``` --- ## Custom Calculations {#custom_calculations} Two supplemental metrics: true all-in yield (accounts for closing costs and reserves in the denominator) and the loan constant (useful for lender comp conversations). ```json uw:section=custom_calculations source=user ts=2026-04-24T14:10:00Z v=1 confidence=high { "_meta": { "section": "custom_calculations", "version": 1, "superseded": false, "source": "user", "agent_id": "user", "agent_version": null, "actor": "jared", "timestamp": "2026-04-24T14:10:00Z", "confidence": "high", "human_review_required": false, "flags": [], "input_hash": null, "notes": null }, "_notes": null, "calculations": [ { "calc_id": "cc_001", "label": "True All-In Yield", "description": "Cap rate on total capital deployed — NOI divided by purchase price plus all closing costs plus operating reserves. More accurate than going-in cap rate for comparing deals with different cost structures.", "category": "returns", "inputs": [ { "variable": "noi", "label": "Underwritten NOI", "value": null, "source_ref": "noi_model.net_operating_income", "is_live_ref": true }, { "variable": "purchase_price", "label": "Purchase Price", "value": null, "source_ref": "valuation.purchase_price", "is_live_ref": true }, { "variable": "closing_costs", "label": "Total Closing Costs", "value": null, "source_ref": "sources_uses.uses.closing_costs.total", "is_live_ref": true }, { "variable": "reserves", "label": "Operating Reserves", "value": null, "source_ref": "sources_uses.uses.operating_reserves", "is_live_ref": true } ], "formula_description": "NOI divided by (purchase_price + closing_costs + reserves)", "formula_expression": "noi / (purchase_price + closing_costs + reserves)", "result": 0.0533, "result_unit": "pct", "result_label": "True All-In Yield", "result_interpretation": "5.33% vs 5.51% going-in cap rate — difference reflects closing costs and reserves diluting the effective yield. Still within acceptable range.", "thresholds": { "target": 0.055, "minimum": 0.050, "maximum": null }, "passes_threshold": false, "status": "computed", "error_message": null, "written_by": "user", "timestamp": "2026-04-24T14:10:00Z", "notes": "Slightly below 5.5% target but acceptable given location quality." }, { "calc_id": "cc_002", "label": "Loan Constant", "description": "Annual debt service as a percentage of loan amount. Useful benchmark for comparing to going-in cap rate — if loan constant exceeds cap rate, the deal is negatively leveraged.", "category": "debt_metrics", "inputs": [ { "variable": "annual_ds", "label": "Annual Debt Service (amortizing)", "value": null, "source_ref": "debt_structure.annual_debt_service", "is_live_ref": true }, { "variable": "loan_amount", "label": "Loan Amount", "value": null, "source_ref": "debt_structure.loan_amount", "is_live_ref": true } ], "formula_description": "Annual debt service divided by loan amount", "formula_expression": "annual_ds / loan_amount", "result": 0.0710, "result_unit": "pct", "result_label": "Loan Constant", "result_interpretation": "Loan constant of 7.10% exceeds going-in cap rate of 5.51% — deal is negatively leveraged at amortizing debt service. This is why DSCR is only 1.11x. IO period (7.10% × IO rate only) drops effective constant to 5.87%, still above cap rate.", "thresholds": { "target": null, "minimum": null, "maximum": null }, "passes_threshold": null, "status": "computed", "error_message": null, "written_by": "user", "timestamp": "2026-04-24T14:12:00Z", "notes": "Negative leverage is the core structural risk of this deal. Year 2 NOI growth should close the gap." } ] } ``` --- ## Custom Scenarios {#custom_scenarios} Scenario: what if the lender grants 24-month IO (instead of 12-month)? Also a sensitivity sweep on exit cap rate against levered IRR. ```json uw:section=custom_scenarios source=user ts=2026-04-24T14:20:00Z v=1 confidence=high { "_meta": { "section": "custom_scenarios", "version": 1, "superseded": false, "source": "user", "agent_id": "user", "agent_version": null, "actor": "jared", "timestamp": "2026-04-24T14:20:00Z", "confidence": "high", "human_review_required": false, "flags": [], "input_hash": null, "notes": null }, "_notes": null, "scenarios": [ { "scenario_id": "scen_001", "label": "24-Month IO", "description": "Lender grants 24-month interest-only period instead of 12-month. Year 2 cash flow improves significantly while NOI grows into debt service.", "rationale": "Current 12mo IO leaves DSCR at 1.11x in year 2 — tight. 24mo IO gives the management transition and rent-growth cycle time to run before full amortization kicks in.", "type": "upside", "based_on": "base_case", "overrides": [ { "assumption_key": "io_period_months", "label": "IO Period (months)", "section_ref": "debt_structure", "field_ref": "io_period_months", "original_value": 12, "override_value": 24, "override_type": "absolute", "rationale": "Request 24mo IO from lender; available on their current multifamily sheet per loan officer" } ], "narrative_setup": "Assume lender approves 24-month IO at same rate (5.875%). IO monthly payment = $24,675 vs amortizing $29,801.", "results": { "noi": 396635, "egi": 630936, "dscr": null, "ltv": 0.700, "debt_yield": 0.0787, "irr": 0.071, "equity_multiple": 1.40, "exit_value": null, "cash_on_cash_yr1": 0.0419, "passes_min_dscr": null, "min_dscr_threshold": 1.0, "additional_metrics": { "yr2_cash_flow_with_24mo_io": 113105, "yr2_coc_with_24mo_io": 0.0471, "yr2_dscr_io": 1.340, "yr3_dscr_amortizing": 1.184 } }, "narrative_result": "With 24-month IO, year 2 cash flow rises from $52K to $113K and CoC improves from 2.2% to 4.7%. Amortizing DSCR doesn't kick in until year 3, by which point projected NOI of $423K supports a 1.18x DSCR — still below 1.20x warning threshold but with more runway. Levered IRR improves to 7.1% and equity multiple to 1.40x. This is the preferred structure.", "status": "computed", "written_by": "user", "timestamp": "2026-04-24T14:20:00Z" } ], "sensitivity_sweeps": [ { "sweep_id": "sweep_001", "label": "Levered IRR vs. Exit Cap Rate", "description": "How sensitive is levered IRR to exit cap rate assumption? Shows the range of outcomes from cap rate compression to expansion.", "variable_key": "exit_cap_rate", "variable_label": "Exit Cap Rate", "variable_values": [0.050, 0.055, 0.060, 0.065, 0.070], "output_metric": "irr", "output_label": "Levered IRR", "results": [0.094, 0.077, 0.063, 0.047, 0.031], "chart_type": "line", "status": "computed" } ] } ``` --- ## Lender Outreach {#x_lender_matrix} Tracking lenders contacted, terms quoted, and next steps. Three lenders in conversation. ```json uw:section=x_lender_matrix source=user ts=2026-04-24T10:00:00Z v=1 confidence=high { "_meta": { "section": "x_lender_matrix", "version": 1, "superseded": false, "source": "user", "agent_id": null, "agent_version": null, "actor": "jared", "timestamp": "2026-04-24T10:00:00Z", "confidence": "high", "human_review_required": false, "flags": [], "input_hash": null, "notes": null }, "_notes": null, "render_hint": { "include_in_output": false, "output_label": "Lender Outreach Log", "output_position": "appendix", "after_section_id": null, "visible_tiers": ["analyst"] }, "schema_version": null, "content": { "lenders": [ { "name": "First Western Bank", "contact": "Sarah M., CRE Lending", "status": "term_sheet_verbal", "loan_amount_quoted": 5040000, "rate_quoted": "5.875% fixed", "term_years": 5, "amortization": 30, "io_months_offered": 12, "ltv_max": 0.70, "recourse": "partial", "origination_fee": "1.0%", "notes": "Preferred lender. Verbally confirmed 12mo IO; exploring 24mo IO — answer expected by 4/28. Relationship lender, familiar with our other deals.", "next_step": "Follow up 4/28 re: 24mo IO availability", "last_contact": "2026-04-22" }, { "name": "Western Alliance Bank", "contact": "Mike T., Commercial RE", "status": "indicative_terms_received", "loan_amount_quoted": 5040000, "rate_quoted": "6.125% fixed", "term_years": 5, "amortization": 30, "io_months_offered": 0, "ltv_max": 0.70, "recourse": "full", "origination_fee": "0.75%", "notes": "Higher rate, no IO, full recourse. Less competitive. Keep as backup.", "next_step": "Hold — only engage if First Western falls through", "last_contact": "2026-04-20" }, { "name": "Triumph Bank", "contact": "Direct outreach, no response yet", "status": "outreach_sent", "loan_amount_quoted": null, "rate_quoted": null, "term_years": null, "amortization": null, "io_months_offered": null, "ltv_max": null, "recourse": null, "origination_fee": null, "notes": "Smaller community bank, known for competitive multifamily terms in Phoenix. Sent package 4/23.", "next_step": "Follow up 4/28 if no response", "last_contact": "2026-04-23" } ] } } ``` --- ## Pipeline Log {#pipeline_log} ```json uw:section=pipeline_log source=system ts=2026-04-24T15:42:00Z v=1 { "_meta": { "section": "pipeline_log", "version": 1, "superseded": false, "source": "system", "agent_id": "system", "agent_version": "1.1.0", "actor": "system", "timestamp": "2026-04-24T15:42:00Z", "confidence": "high", "human_review_required": false, "flags": [], "input_hash": null, "notes": null }, "entries": [ { "entry_id": "e001", "timestamp": "2026-04-24T09:00:00Z", "event_type": "file_created", "agent_or_actor": "uwmd:init", "section_affected": null, "status": "success", "input_sections": [], "output_sections": ["frontmatter"], "flags_raised": [], "flags_cleared": [], "duration_ms": 12, "input_hash": null, "output_hash": null, "error_code": null, "error_message": null, "notes": "File initialized via uwmd init --scenario stabilized_acquisition --address '1234 W Camelback Rd, Glendale AZ 85301'" }, { "entry_id": "e002", "timestamp": "2026-04-24T09:05:00Z", "event_type": "wizard_input", "agent_or_actor": "wizard:step_1", "section_affected": "property", "status": "success", "input_sections": [], "output_sections": ["property"], "flags_raised": [], "flags_cleared": [], "duration_ms": null, "input_hash": null, "output_hash": null, "error_code": null, "error_message": null, "notes": "Property details entered via wizard step 1" }, { "entry_id": "e003", "timestamp": "2026-04-24T09:15:00Z", "event_type": "user_edit", "agent_or_actor": "user:jared", "section_affected": "deal_context", "status": "success", "input_sections": [], "output_sections": ["deal_context"], "flags_raised": [], "flags_cleared": [], "duration_ms": null, "input_hash": null, "output_hash": null, "error_code": null, "error_message": null, "notes": "Deal narrative and investment thesis written" }, { "entry_id": "e004", "timestamp": "2026-04-24T10:12:00Z", "event_type": "agent_run", "agent_or_actor": "agent:L0-01", "section_affected": "rent_roll", "status": "success", "input_sections": [], "output_sections": ["rent_roll"], "flags_raised": ["7_units_month_to_month"], "flags_cleared": [], "duration_ms": 3420, "input_hash": "sha256:e3b0c44298fc", "output_hash": "sha256:1a2b3c4d5e6f", "error_code": null, "error_message": null, "notes": "Parsed parkview_rent_roll_apr2026.xlsx — 48 records, 0 errors" }, { "entry_id": "e005", "timestamp": "2026-04-24T10:18:00Z", "event_type": "agent_run", "agent_or_actor": "agent:L0-02", "section_affected": "operating_statement", "status": "success", "input_sections": [], "output_sections": ["operating_statement"], "flags_raised": ["management_fee_above_market", "utilities_potentially_understated", "not_cpa_certified"], "flags_cleared": [], "duration_ms": 4810, "input_hash": "sha256:a1b2c3d4e5f6", "output_hash": "sha256:2b3c4d5e6f7a", "error_code": null, "error_message": null, "notes": "Parsed parkview_t12_2025.pdf — T-12 through Dec 2025" }, { "entry_id": "e006", "timestamp": "2026-04-24T11:05:00Z", "event_type": "engine_run", "agent_or_actor": "engine:calculations.ts", "section_affected": "noi_model", "status": "success", "input_sections": ["rent_roll", "operating_statement"], "output_sections": ["noi_model"], "flags_raised": [], "flags_cleared": [], "duration_ms": 88, "input_hash": "sha256:f7e8d9c0b1a2", "output_hash": "sha256:3c4d5e6f7a8b", "error_code": null, "error_message": null, "notes": null }, { "entry_id": "e007", "timestamp": "2026-04-24T11:10:00Z", "event_type": "engine_run", "agent_or_actor": "engine:dcfEngine.ts", "section_affected": "dcf", "status": "success", "input_sections": ["noi_model", "debt_structure"], "output_sections": ["dcf", "stress_tests"], "flags_raised": ["moderate_stress_fails_dscr"], "flags_cleared": [], "duration_ms": 124, "input_hash": "sha256:f7e8d9c0b1a2", "output_hash": "sha256:4d5e6f7a8b9c", "error_code": null, "error_message": null, "notes": null }, { "entry_id": "e008", "timestamp": "2026-04-24T11:16:00Z", "event_type": "validation", "agent_or_actor": "engine:financialValidityChecker", "section_affected": "validation", "status": "success", "input_sections": ["noi_model", "debt_structure", "dcf", "valuation"], "output_sections": ["validation"], "flags_raised": ["dscr_warning_amortizing"], "flags_cleared": [], "duration_ms": 42, "input_hash": "sha256:f7e8d9c0b1a2", "output_hash": null, "error_code": null, "error_message": null, "notes": "2 financial validity flags, 4 completeness flags, 0 blocking flags on financial metrics" }, { "entry_id": "e009", "timestamp": "2026-04-24T12:30:00Z", "event_type": "agent_run", "agent_or_actor": "agent:L2-CRE-07", "section_affected": "market_analysis", "status": "success", "input_sections": ["property"], "output_sections": ["market_analysis"], "flags_raised": [], "flags_cleared": [], "duration_ms": 8920, "input_hash": null, "output_hash": null, "error_code": null, "error_message": null, "notes": "Market data via web search — CoStar not connected" }, { "entry_id": "e010", "timestamp": "2026-04-24T14:10:00Z", "event_type": "user_edit", "agent_or_actor": "user:jared", "section_affected": "custom_calculations", "status": "success", "input_sections": ["noi_model", "valuation", "sources_uses", "debt_structure"], "output_sections": ["custom_calculations"], "flags_raised": [], "flags_cleared": [], "duration_ms": null, "input_hash": null, "output_hash": null, "error_code": null, "error_message": null, "notes": "Added true all-in yield and loan constant calculations" }, { "entry_id": "e011", "timestamp": "2026-04-24T14:20:00Z", "event_type": "user_edit", "agent_or_actor": "user:jared", "section_affected": "custom_scenarios", "status": "success", "input_sections": ["debt_structure", "dcf"], "output_sections": ["custom_scenarios"], "flags_raised": [], "flags_cleared": [], "duration_ms": null, "input_hash": null, "output_hash": null, "error_code": null, "error_message": null, "notes": "Added 24mo IO scenario and exit cap rate sensitivity sweep" } ] } ``` --- *uw_2026_a3f9b1 | Parkview Apartments — Glendale, AZ | v1.1 format | Generated 2026-04-24* *Pipeline status: L0–L4 complete, L5 in progress, L6–L7 pending. Not ready for credit submission.*