I am a first year real estate analyst at a large development firm in Miami, Florida.
My modeling skills are from my perspective pretty good, I've learnt a ton from the senior guys at my office and I make models as a side gig for other real estate investors and developers.
I create models with circular debt all the time. But only with one loan. Ie 20% equity 80% debt.
I tried to create a model with 20% equity 60% senior debt and 20% mezz but the model will not calculate properly if I have two layers of circular debt in a development model.
I've asked the guys at the office but they are also unable to get past this.
Does anyone have insights on how to model multiple debts in a development model ?
I can share my models via DM.