Recap

I have having difficulty underwriting and modeling a recap of an apartment building. Currently we are finishing up the development of an apartment building that we built using equity from a fund we are trying to close out. As a result we want to recap the funds equity and bring in fresh equity in order to stay in the deal. I am trying to put together an underwriting and waterfall structure that makes sense but it is confusing and difficult for me for the following reasons 1. Recap will take place in July 2. A refinance event will then take place in November in which the fresh equity will not receive any of the proceeds 3. There is a simultaneous development of a pad adjacent to our site which yields negative cash flow for a few month

I have already built out the ten year cash flow projections, I am just confused as to how this transaction will actually work and therefore confused on how to integrate it into the waterfall.