Development Snapshot Spreadsheet Instructions

Structure a development deal from start to finish and understand how the numbers actually come together.

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Watch This First

Quick Start Steps

Step 1: Enter Deal Overview

Start with the core deal inputs:

  • Property details (address, size, site info)
  • Land purchase price

👉 This anchors the entire model.

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Step 2: Build Total Project Cost

Input all cost components:

  • Soft costs
  • Hard costs (if applicable)
  • Other costs (permits, etc.)

Then account for:

  • Development fee (split front/back)
  • Leasing commissions
  • Construction reserve (10%)
  • Interest reserve

👉 This builds your true all-in project cost.

Step 3: Set Financing & Capital Stack

Define your loan terms:

  • Loan-to-cost (LTC)
  • Interest rate and loan points
  • Loan term

The model calculates:

  • Loan proceeds
  • Total loan payoff
  • What can be financed vs what you need to raise

👉 This shows your real capital requirement.

Step 4: Define Deal Strategy & Income

Select your deal type:

  • Build-to-suit
  • Ground lease
  • Pad sale

Then input:

  • Rent (if applicable)
  • Lease term
  • Tenant assumptions

👉 Your strategy determines how the deal generates value.

Step 5: Analyze Exit & Returns

The model calculates:

  • Sale price range (low cap vs high cap)
  • Sales proceeds after costs
  • Return of capital
  • LP vs GP split
  • Annualized returns

👉 This is where you decide if the deal is actually worth doing.

The Golden Rule

ONLY EDIT BLUE CELLS

  • Blue cells = inputs you can change

  • Black/gray cells = formulas

Changing formulas can break the model, so tread carefully.

What This Model Is (And What It's Not)

This is a development deal structuring tool.

It’s built to:

  • Lay out the full deal from start to finish
  • Understand total project cost and capital requirements
  • Estimate returns based on real assumptions
  • Compare different deal strategies (build-to-suit, ground lease, pad sale)

It is NOT:

  • A full underwriting model
  • A sensitivity or downside analysis tool
  • A replacement for detailed deal modeling

👉 If the deal doesn’t make sense here, it won’t get better later.

How This Fits Into Your Process

  1. Use your Back-of-Napkin Sheet → filter deals
  2. Development Snapshot → structure and validate the deal
  3. Sensitivity Analysis → stress test it
  4. Then move into full underwriting

Need a hand?

Have questions or want help using the spreadsheet?

Reach out anytime:
📩 shop@hungry-inc.com