🚀 CRE Investment Intelligence

Underwrite Institutional Deals in Seconds, Not Hours.

Stop relying soly on complex, recursive Excel sheets. CRE Dev Sim is a more intuitive, institutional-quality underwriting addition to static spreadsheets that handles complex capital stacks, institutional waterfalls, and tax-deferred exits natively.

The Visual Advantage

Designed to institutional underwriting standards for commercial real estate development CRE Dev Sim gives you a real-time, high-fidelity visual dashboard. See exactly how your deal structure shifts as you toggle debt, equity, and lease-up timelines. It is not just a calculator—it is a sandbox where you can see the deal break before it actually does, in seconds.

The One-Engine Promise

Whether you are tackling Ground-Up Development, Major Renovation, Distressed Value-Add, or Stabilized Acquisitions, CRE Dev Sim adapts instantly, applying the correct institutional logic for every deal structure.

Why Professionals Choose Us

CRE Dev Sim aren't just a calculator; It is an interactive risk-intelligence platform. Build, stress-test, and refine complex joint ventures in seconds, not hours."

One Engine, Every Asset Class

Designed for total versatility. Toggle between Multifamily, Industrial, Retail, Office, Hotel, Mixed-Use, or Self-Storage. Whether you're modeling a Ground-Up Development, Major Renovation, Distressed Value-Add, or Stabilized Acquisition, the engine adapts to your deal type instantly.

Built for Your Reality

Perfect for you if you're a General Partner looking to quickly stress-test sponsor promotes, an Institutional Analyst auditing complex joint ventures, or a Real Estate Entrepreneur needing to present institutional-grade pitch decks to capital partners.

Institutional-Grade Modeling Architecture

Our simulation engine handles the heavy lifting of sophisticated deal-making, all natively integrated into one interactive workflow:

• Dynamic Debt Underwriting: Hard-coded DSCR, Debt Yield, and LTV constraints.

• Multi-Tier Promotes: Custom IRR/MOIC hurdle waterfalls.

• Tax-Deferred Logic: 1031 Exchange, Depreciation, & Recapture analysis.

• Sensitivity Analysis: IRR Heatmap for blended rates & exit cap targets.

• Stress & Breakeven: Real-time margin-of-safety testing.

• Comparison Tool: Run Scenario A vs. B side-by-side.

💻 Core Mathematical Engine

The Simulation Application

Our multi-tiered script calculation processor isolates structural variables instantly, generating clear, report-ready metrics without recursive Excel errors.

Dynamic Multi-Tier Promotes

Input custom internal rate of return (IRR) or multiple on invested capital (MOIC) hurdles. Set precise split shifts across separate independent equity layers.

Lookback Catch-Ups & Clawbacks

Accurately stress-test true net exit metrics. Toggle retroactive sponsor lookbacks or simulate capital clawback conditions to ensure alignment across full hold cycles.

Capital Stack Refinancing Windows

Model forward permanent debt assumptions natively. Enforce real-time checks against hard structural caps like Debt Service Coverage Ratio (DSCR) minimums and forward Debt Yield metrics.

💰 Transparent Infrastructure

Flexible Underwriting Plans

Choose the level of modeling depth your portfolio requires, or partner directly with us to map out completely custom ad-hoc institutional waterfalls.

Core Modeling Engine (Included in All)

These features are the foundation of your "One-Stop-Shop" and come standard.

Universal Deal Architecture
Simple Inputs: Inputs are simple to enter and understand.
Visual Timeline Controller: Drag-and-drop project timeline that automatically updates all financial snapshots and waterfall.
Automated Capital Stacks: Instant calculation of debt-to-equity ratios and total project cost breakdowns.
Integrated Waterfall Engine: Real-time visualization of capital flows from initial funding, refinance, to final exit.
Logic-Locked Safety Rails: Hard-coded underwriting standards to prevent calculation errors common in manual spreadsheets.

Free

For simple, rapid deal triage and fundamental modeling.

$0/forever

✓ Access to 2 of 4 deal types (Development and Stabilized), Major Reno and Distressed are PRO Only
✓ Full use of the draggable timeline and visual waterfall dashboard
✓ Automated construction draws, bridge-to-perm transitions, and interest carry logic
✓ Standard IRR Hurdle Cascades
✓ Core Debt Sizing Estimates
✕ PDF Export Deal Summary
✕ After-Tax View, account for Depreciation, Recapture, Cap gains
✕ Compare scenario A vs B slide by slide
✕ Major Renovation and Distressed Acquisition (Value-Added)
✕ Custom Preset Builder for Save/Load deals and all inputs
✕ Perm Loan refinements with Refi Cost, Amortization, Debt Yield
✕ Hard Constraints (DSCR / Debt Yield)
✕ Multi-tier Promote Splits
✕ GP Lookback & Catch-Up Logic
✕ Exit Clawback Option

Launch Free Version

Pro Simulation

Complete institutional risk architecture for professional developers and general partners.

$149/month

✓ Access to all 4 deal types (Development, Major Renovation, Distressed and Stabilized)
✓ Full use of the draggable timeline and visual waterfall dashboard
✓ Automated construction draws, bridge-to-perm transitions, and interest carry logic
✓ Standard IRR Hurdle Cascades
✓ Core Debt Sizing Estimates
✓ PDF Export Deal Summary
✓ After-Tax View, account for Depreciation, Recapture, Cap gains
✓ Multi-Tier Promotes (IRR/MOIC)
✓ Compare scenario A vs B slide by slide
✓ Custom Preset Builder for Save/Load deals and all inputs
✓ Perm Loan refinements with Refi Cost, Amortization, Debt Yield
✓ Hard Constraints (DSCR / Debt Yield)
✓ GP Lookback & Catch-Up Switch
✓ Multi-Tier Promotes (IRR/MOIC)
✓ Exit Clawbacks Option

Subscribe to Pro

Strategic Advisory

Bespoke mathematical modeling and direct structural auditing for highly non-standard structures.

Custom/per deal

✓ Everything in Pro Architecture
✓ Custom Ad-Hoc Waterfall Scripting
✓ Joint Venture Structure Advisory
✓ Rigorous Audit Logic Verification
✓ Direct 1-on-1 Developer Support

Contact Advisor

Documentation & System Logic

Technical breakdowns, audit-grade underwriting definitions, and simulation engine mechanics.

📖 The Post-Refi Capital Pivot Framework

In institutional commercial real estate underwriting, the transition from construction to operations is a critical risk vector. Our engine explicitly handles this timeline by separating it into two distinct financial mechanisms:

1. Construction Phase (Accrual Zone) To maintain administrative and input simplicity, construction loan interest is fully capitalized into the permanent loan basis. The simulation engine accumulates overruns natively without forcing mid-phase capital calls, rolling total accrued interest directly into the final payoff claim balance.

2. Operating Phase (Stabilization Zone) Once the permanent loan triggers, the asset transitions to lease-up. The model manages this timing stress using a user-defined Operational Stabilization Reserve to fence off cash flow defenses dynamically before distributions hit the profit/promote tiers.

Frequently Asked Questions

Refinance & Reserve Mechanics

What exactly does the "Operational Stabilization Reserve (Post-Refi)" input box do? +

It acts as a liquidity fence. Instead of allowing the engine to distribute 100% of the net cash generated at refinance to partners, this user input instructs the simulation to capture and lock away that exact dollar amount as Restricted Cash to absorb debt service shortfalls during lease-up.

Who "pays" for this Stabilization Reserve? +

The equity partners (LP/GP pool) pay for it out of their potential refinancing profits via opportunity cost. The engine subtracts the reserve balance directly from your net refinancing cash flow prior to calculating any distribution splits or GP promotes:

                    Net Refi Proceeds = Gross Perm Loan - Bank Construction Payoff - Refi Fees

                    Distributable Cash = Net Refi Proceeds - Operational Stabilization Reserve

Does this reserve increase the Return of Capital (ROC) or accrue a Preferred Return? +

No. To protect the mathematical integrity of your returns, the reserve is treated strictly as working capital. Because it is existing money reallocated from loan proceeds, it does not count as "new investor cash out-of-pocket." Adding it to the ROC basis would artificially inflate the preferred return obligation on cash sitting idle in a bank account, which violates audit-grade modeling standards.

What happens if a portion, or the entirety, of the reserve is unused at sale? +

Any unused balance remaining in the reserve pool is never lost. Upon asset sale, the engine automatically executes an asset sweep, dumping the remaining cash balance straight back into the Net Sale Distribution Pool at Exit, returning it to investors proportionally (pari passu).

Capital Calls & Risk Management

What happens if the Operational Stabilization Reserve runs completely bone dry? +

If operating deficits outlast the withheld reserve pool, the engine immediately flags an asset stress warning and shifts to a Capital Call trigger to preserve debt compliance.

How do Capital Calls alter waterfall returns compared to the Reserve? +

A Capital Call represents "Fresh External Equity" injected from investors' external accounts to save the asset. Therefore, unlike reserves, capital calls are true equity expansions. The engine increases the project's **Return of Capital (ROC)** basis by the called amount, initiates preferred return accruals on that new capital immediately, and recalibrates management fee tracking if configured to scale with invested basis.

What is the difference between Just-in-Time and Full Funding capital calls? +

The system offers two capital calling pacing settings to track JV behavior types:

Just-in-Time (Default): Calls capital month-by-month to match the exact localized dollar shortage. This maximizes investor IRR metrics by delaying capital deployment metrics.
Full Funding: Gauges the total aggregate downside gap over the model holding period and executes a single lump-sum call the first month a violation occurs, optimizing accounting cleanliness over internal yield optimization.

Dashboard & Visualizations

How can I visually trace the reserve burning down inside the interface? +

You can audit this across two distinct screens. In the **Waterfall Snapshot**, the refinance event isolates a discrete, color-coded block displaying "Restricted Cash Account Stabilization Reserve" next to your net payout metrics. Concurrently, the **Monthly Operating Heatmap** tracks a dynamic cash line illustrating the pool burning down through early months and leveling off as NOI matches and exceeds debt obligations.

✉️ Institutional Inquiries

Let's Connect

Have questions about our calculation matrices or want to consult on an upcoming programmatic joint venture framework?

Direct Support Channel

Skip the standard automated help-desk queues. Connect directly with our main engineering and modeling desk at:

kasing@credevsim.com

👨‍💻 Core Architecture & Founder

The Developer's Desk

An underwriting platform built on real-world audit logic, refined between shifts by a single founder.

Hi, I'm Kasing. I spent years working as a professional auditor at a Big 4 accounting firm, auditing public REITs, institutional developers, and complex real estate investment funds. Day after day, I saw how complex and time-consuming it is to underwrite commerical real estate deals and modeling for equity waterfall.

I built CRE Dev Sim to solve that exact problem. By moving the mathematical engine out of spreadsheets and into a dedicated simulation suite, developers, investors, lenders, sales brokers, and analysts/accountants can stress-test and see the month to month life-cycle of the complex capital stacks, multi-tier promotes, and exit clawbacks with a more intuitive and agile user experience.

Note from the Founder: This is a true solo-development project. Over the past year, after becoming a new father, I have spent every free hour between fatherhood duties and full-time work writing the code and refining the logic for this engine. Thank you for supporting independent software.

System Credits:

Development: Kasing Ng

Design: Kasing Ng

Programming: Kasing Ng

Marketing: Kasing Ng

Advisory: Kasing Ng

Institutional Projection Disclaimer:

This model provides mathematical estimates based on user-defined variables. Actual results will vary. The IRR and MOIC are highly sensitive to the exact timing of cash flows and exit assumptions. This tool does not account for specific tax liabilities or structural legal nuances. All data outputs are simulation estimates. Users are strongly advised to verify all math against a secondary, audit-grade spreadsheet framework before presenting to institutional investors or executing limited partnership agreements.