Commercial Real Estate Development Pro Forma
Is the project worth building, and how should it be financed?
- Sources & uses and construction budget
- Lease-up, NOI and exit valuation
- Debt sizing, IRR and equity multiple
Quigley Capital
A private investment firm focused on commercial real estate, land, special situations and select long-term investments. Plus lessons from 30 years in business and entrepreneurship, and the Excel models behind real deals.
=C7+Walkthrough_Uplift| 6 | ($ in millions) | Initial | Verified | Final |
|---|---|---|---|---|
| 7 | Offer for 51% | 51.0 | 67.0 | 97.0 |
| 8 | Change vs. initial | – | +16.0 | +46.0 |
| 9 | Implied value (100%) | 100.0 | 131.4 | 190.2 |
| 10 | QoE EBITDA | – | – | ~9.0 |
| 11 | Price trade-downs | 0 | 0 | 0 |
What we do
A closed, private fund that invests our own capital, alongside a select few business partners, in commercial real estate, land, special situations and select long-term investments.
About the fund → 02Lessons from 30 years of building businesses and closing deals, through videos and our blog.
Start learning → 03Institutional-quality models built in Excel from real deal work. One-time purchase, immediate download.
Shop the models →AI in our analysis
We use AI in every part of the business: screening deals, underwriting and building models, due diligence, KPI reporting, portfolio operations, and building and running our companies and websites. AI sorts the data, reads the documents and drafts the first pass. Then we check every number against the source before we rely on it.
AI never makes the final decision. Investing and entrepreneurship are still a people business. Relationships, trust and negotiation are the pillars. AI makes our analysis and strategy sharper, and people make the call.
Our AI stackClaudeChatGPTGitHub
=VERIFY(AI_DRAFT(Every_Workstream), Source)| 3 | Workstream | AI drafts | Status |
|---|---|---|---|
| 4 | Deal screening | Summarize & rank | ✓ Verified |
| 5 | Underwriting & models | Build & stress-test | ✓ Verified |
| 6 | Due diligence | Read docs & contracts | ✓ Verified |
| 7 | KPI reporting | Clean raw data | ✓ Verified |
| 8 | Portfolio operations | Track & report | ✓ Verified |
| 9 | Companies & websites | Build & run | ✓ Live |
The model library
Institutional-quality models built in Excel. One-time purchase, immediate download.
Each model is an extension of real deal work. Launching soon at $50–$150. Ask to be notified and you'll hear first.
Is the project worth building, and how should it be financed?
What can I pay for this property, and what will it return?
Can this business carry the debt and still pay me?
How many providers and patients does the practice need to profit?
How fast can we grow, and how long does the cash last?
What should we charge, and who should we hire next?
We also build fully custom models for complex deals and unique businesses.
On YouTube
Business, entrepreneurship and step-by-step model walkthroughs, from someone who has built companies, closed deals and invested his own money.
Contact
Questions about a model, a custom build, a consulting request, or a topic you'd like covered? Send a note and Patrick will get back to you.
patrick@patrickquigley.com