Independent advisory · Austin, Texas
Financial modeling and underwriting for commercial real estate.
Acquisition and development underwriting, model review, JV structuring and debt sizing for investors, developers, lenders and brokerage groups.
- Asset types
- Multifamily, industrial, student housing, self-storage, for-sale residential
- Engagements
- Acquisition and development underwriting, model review, JV and debt structuring
- Clients
- Brokerage, investment, development and operating groups
- Software
- Excel / VBA, ARGUS, Yardi, MRI, SQL
- Colliers
- JLL
- Hines
- WinnResidential
- Stonebridge
- Summer Street Advisors
- Summit Capital Partners
- Citigroup
- The Lightstone Group
Services
Scope of services
Model review and repair
Line-by-line review of existing models: formula integrity, hard-coded inputs, circular references, debt and waterfall logic. Written findings with corrections. Fixed fee from $1,500; three-business-day turnaround.
Acquisition and development underwriting
Screening models through full pro formas. Multifamily, industrial, student housing, self-storage and for-sale residential.
JV and waterfall structuring
LP/GP distribution waterfalls with IRR and equity-multiple hurdles, preferred return and promote tiers.
Debt sizing
Loan sizing on DSCR, LTV and debt yield constraints. Capital stack and sources and uses.
Process automation
VBA and template development for recurring underwriting, reporting and budgeting workflows.
Budgeting and reporting
Annual operating budgets, variance analysis, and investor and partner-level reporting.
Operating partners
Underwriting partnerships
For operators with an active acquisition pipeline, Isaac Advisors provides ongoing underwriting support and will consider fee-plus-promote arrangements on select transactions.
Engagements
Representative engagements
Reverse-engineered an existing model and process; delivered in days on a timeline originally scoped in weeks.
Acquisition underwriting model; used to close more than $330M of transactions.
Automated credit underwriting and deal-structuring processes.
Rebuilt and automated the annual budgeting process for a new regional office.
Standardized process for auditing historical financials and reconciling operating expenses.
Samples
Sample models
Sanitized models across asset types and deal stages, available on request.
Model review
Complimentary model review
Submit a model for a high-level review of structure, formula integrity and key assumptions. Findings are returned by email at no cost. Corrections can be scoped separately as a model review and repair engagement.
Principal
Evan Isaac
Evan Isaac is the principal of Isaac Advisors and has more than 20 years of experience in real estate finance. He was previously Asset Manager at The Lightstone Group, responsible for a $230M portfolio, and Real Estate Transaction Manager at Citigroup, where he managed financial planning for the Northeast portfolio of branches, data centers and office buildings. Since 2015 he has advised brokerage, investment, development and operating groups on underwriting, financial modeling and deal structure.
His practice focuses on model review: identifying formula errors, hard-coded inputs and structural issues in existing models ahead of investment committee.
- Education
- M.S. Real Estate Finance, NYU
B.S. Mechanical Engineering, Lehigh - Tools
- Excel & VBA, ARGUS, Yardi, MRI, SQL, Python
- Based in
- Austin, Texas
Clients nationwide
Contact
For engagement inquiries, please email a brief description of the transaction or model.