How to model a real estate project - construction to exit

This is a walkthrough of solving the big question from round 2 of the Financial Modeling World Cup (@msexcelesports) 2025, FMWC Properties by Andrew Grigolyunovich.

It's a great introduction to some of the key ideas of modeling a real estate investment from construction through exit, with different financings (construction, mezz, and permanent loans), revenue streams and expenses, valuation, and tiered equity returns (GP vs LP), as well as some scenario work to optimize for the best possible GP return.

You can buy the case on the FMWC shop (link below), although if you want to learn financial modeling it's better value (and more fun!) to sign up to take part in the competition rather than buying the cases after the fact.
https://fmworldcup.com/product/stage-...
(As ever, I don't get commission or anything like that for linking or recommending this... I just think it's fun.)

Sections
00:00 Introduction
01:36 Timeline setup
02:15 Construction costs
12:50 Construction loans
20:50 Rent revenue
30:24 NOI calculation (net operating income)
44:21 Valuation and permanent loan
54:13 Sale and equity cash flows
1:00:40 Tiered returns
1:14:04 Return optimization with scenarios