Comprehensive Modeling for a Complex Joint Venture

Industry: Real Estate Development
Project Type: Master-Planned Community – Hotel, School, Retail Mall, Offices & Apartments
Duration: Completed
Location: [Confidential / Insert Location if applicable]

Project Overview

A private landholding group approached us with an ambitious and highly intricate real estate project: a planned society development with multiple asset types—each demanding individual financial attention. The project featured a hotel, a school, a retail mall, residential apartments, and commercial office spaces—all on separate plots but connected under one vision.

To further complicate matters, the project was structured as a Joint Venture (JV) between multiple parties, which meant tight timelines, high expectations, and the need for exceptional financial clarity and coordination.

Scope of Work

• Individual Financial Models for Each Asset Type
• Consolidated Financial Model for Overall Project View
• Feasibility Study Report
• JV Support & Stakeholder Coordination
• Scenario Planning & Assumption Development
• Investor & Partner Presentation Support
• Real Estate Underwriting for Mixed-Use Projects

The Challenge

The master plan involved five distinct real estate assets, each with its own financial profile, operating model, and revenue dynamics. From education to hospitality to retail, the modeling complexity was immense.

To make things more challenging:

• Timelines were tight, and the JV needed final models approved quickly
• Each asset had its own development strategy, cost structure, and cash flow profile
• A consolidated view was needed to evaluate the full project-level ROI and feasibility
• Multiple stakeholders needed alignment on financial assumptions, risks, and timelines

Without clear, fast, and accurate financial modeling, the JV agreement could stall—or fall apart entirely.

Our Approach

Finalysiz took a multi-layered approach to handle both the complexity and the urgency:

1. Individual Models – We created tailored underwriting models for each component:
   • Hotel: Based on occupancy, ADR, and operator management assumptions
   • School: Fee-based revenue, ramp-up period, and capital grant assumptions
   • Retail Mall: Lease-up schedule and footfall-driven revenue
   • Apartments: Sales-based and rental models with detailed phasing
   • Offices: Sales-based and rental models with detailed phasing
2. Consolidated Model – Once the individual components were complete, we built a master financial model to consolidate cash flows, IRRs, and capital requirements across the entire society. This helped stakeholders view the full picture and analyze the project’s feasibility at scale.
3. Feasibility Report – We delivered a formal feasibility study, complete with scenario analysis, market comparisons, and sensitivity tests to support the project’s investment thesis.
4. Stakeholder Engagement – We worked directly with the landowner’s internal team to refine inputs and attended multiple JV meetings to defend and explain our assumptions. Our team played a key role in aligning all parties and helping drive the project to final approval.

Results

The result was a JV-approved financial package that provided clear visibility across all development components. Each property had its own tailored financial roadmap, while the consolidated model gave the joint venture partners the confidence they needed to move forward.

• The project secured approval and alignment across all JV parties
• Financial assumptions were stress-tested and validated through collaborative sessions
• The client now had a clear view of both individual asset performance and collective ROI
• The consolidated model and feasibility study served as a foundation for investment discussions, funding strategy, and phased execution planning

Services Used

Real estate underwriting services | Consolidated & asset-specific financial modeling | Feasibility study & market analysis | JV financial support | Mixed-use development planning | Real estate financial consulting