Modeling pref equity, and two co-gp equity sources

You gotta build the model, my dude. Start by reading up on waterfall structures and understanding promotes, preferred returns, claw-backs, etc. There's a bunch of great Primers and guides out there on waterfall structures. (Check out the "Real Estate Finance Journal - Real Estate JV Promote Calculations: Basic Concepts and Issues (Updated 2013)"). After that make sure to get a handle on how your capital stack is organized.

The Waterfall (provided I understand your structure correctly) would flow something like this: 1) Preferred Equity Payment (Can also be a PIK/Current Pay structure so make to understand how that works) 2) Construction Loan Debt Service 3) Co-GP Payment 4) Payment to yourself

For 3 and 4, your payments may be Pari-Passu (get paid at the same time based on your equity split of the remaining cash flow) or its a clawback structure (equity partner gets paid first until they get to a certain agreed upon Return %, and then your equity gets paid out until you reach a different (or same) agreed upon Return %. In the end, its really going to be dependent on how the JV agreement is organized, but it sounds like your question is geared towards how to actually set up the model, so for that I'm going to refer you to our good friend google. (Hint: "Adventures in CRE - Library of Excel Models").

Good luck!