Alkaline at a Glance

Founded in 2022, we’ve had the privilege of analyzing $6.2B+ of real estate for over 100 incredible clients across 30+ states. From acquisitions & developments, to portfolio modeling, we’ve analyzed practically everything.

Deal Coverage

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Hospitality
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Storage
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Manufactured Housing
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Mixed-Use
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Condos 
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Multifamily
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Retail
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Office
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Industrial
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SFR / BTR  
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Client Coverage

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PE Firms
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Lenders
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Limited Partners
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Brokers
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GCs

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Sponsors
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Developers
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Fund Managers
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Asset Managers
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Family Offices
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1. Multifamily Developer (Louisville, KY)

Overview: Modeled a 633-unit, multi-phased, multifamily ground-up development.
Problem: The developer needed to track construction costs and loan draws across a multi-phased development while depicting an easy-to-digest summary for investors.
Solution: Created a fully dynamic financial model with 8 sources of capital across 3 development phases.
Result: The developer successfully secured capital to fund the project.

Case Studies

2. Family Office (Dallas, TX)

Overview: Analyzed & compared a build-to-rent vs. a build-to-sell development strategy.
Problem: The client needed help analyzing the opportunity to determine if they should close on the land and proceed with the project.
Solution: Created a comprehensive financial model to analyze the return profile based on phased development, ability to sell or rent the finished units, and various partnership structures in consideration.
Result: Client determined the potential financial gain was not commensurate with the entitlement, zoning, and financing risks.

3. Investment & Development Firm (Austin, TX)

Overview: Created a 5-asset multifamily portfolio model tracking actual cash flows, forecasting future cash flows, and generating an overall return profile (208,555 SF).
Problem: The developer considered refinancing several uncrossed assets into a collateralized loan across several properties.
Solution: Using the exports from the sponsor’s asset management software, we created a model that organized & integrated existing data, while simultaneously forecasting future cash flows.
Result: The sponsor was able to better understand the requirements around crossing the assets and accurately sizing the refinance loan to cover the required DSCR minimum.

4. Asset Manager (Kansas City, MO)

Overview: Modeled an existing 13-asset industrial portfolio (4,641,737 SF).
Problem: The transaction involved significant tax credits that required several capital infusions over a ten-year span.
Solution: Developed a detailed portfolio model to track future capex and tax credits at both a project and portfolio-level. Valuation was determined by using an NPV pricing approach with a set discount rate that was fully dynamic.
Result: The financial model drove investment expectations for the client and allowed for a more informed decision regarding future operations and capitalization.

5. Lender (New York, NY)

Overview: Created a custom debt model for a multi-scenario deal structure across two “build to rent” communities (1,035 units).
Problem: Lender needed the ability to underwrite the transaction to understand peak debt, draw schedule, interest reserve requirement and paydown schedule.
Solution: Working directly with the lender & sponsor, we created a dynamic financial model that sized the interest reserve based on debt draws, tracked peak debt & debt outstanding, accounted for minimum equity multiple requirements, and structured a preferred equity tranche used to achieve the make-whole provision.
Result: The sponsor better understood capital requirements and the lender was able to raise the capital to fund the transaction.

6. Private Equity Firm (Raleigh, NC)

Overview: Created a fully dynamic analysis model to efficiently analyze future investments across manufactured housing opportunities.
Problem: Client’s existing model failed to accurately quantify non-real estate revenue and lacked flexibility to capture unique pricing matrix of possible unit-mix with varying lease-up timing assumptions.
Solution: Developed a dynamic rent roll and data-inputs page which allowed for a seamless integration of property management information into the forecasting model. Included a value add & development component that allowed for future funding of new sites as added to the project.
Result: Increased efficiency and accuracy when modeling prospective manufactured housing deals.

7. Retail Specialist ( Scottsdale, AZ)

Overview: Created a retail acquisition financial model for a leading Cannabis real estate development firm.
Problem: The acquisition team needed a more efficient method for calculating upfront costs and runway for new acquisitions.
Solution: Created an automatically updating Gantt chart to display upfront costs, and linked it to a comprehensive & dynamic acquisitions model.
Result: Provided a “2-in-1” model which allowed for both a “back of napkin” analysis and detailed underwrite, enabling the acquisitions team to analyze opportunities more efficiently.

8. Private Equity Firm (St. Petersburg, FL)

Overview: Created a multi-scenario portfolio model that analyzed the acquisition of up-to 5 operating companies, and the organic growth of 80+ varying retail stores.
Problem: The client needed to determine how much capital to raise, what the capitalization table looked like at various milestones, and the overall deal economics on a varying timeline.
Solution: Created a financial model that appropriately phased growth, projected & structured capital events, and maintained a rolling capitalization table. We designed a summary schedule that outlined deal specifics at a high level, allowing the client to efficiently present to prospective investors.
Result: Our team successfully presented the model, alongside the client, to an investment bank who exhibited interest in the opportunity. The client, using the model, was able to secure a capital commitment from a prominent family office.

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