42 townhome units · Raleigh, NC · Meridian Land Co. LLC · First lien, $5.20M commitment · $1.50M borrower equity in
The structured model extracted from the deal file. Every value carries its source and a market benchmark — hover any dotted term for lineage. Three items are flagged; all three are priced into the structure rather than assumed away.
| Line item | Budget | Per lot | Benchmark range | Status |
|---|---|---|---|---|
| Clearing & gradingSource: Budget_v3_horizontal.xlsx · C6Extraction: Cell extraction · Jul 2 · confidence 98% · matches Carolina Grading GMP schedule of valuesBenchmark: 14 Wake–Johnston Co. townhome projects, 2024–26, graded-site basis | $412,000 | $9.8K | $8.4–11.9K | In range |
| StormwaterSource: Budget_v3_horizontal.xlsx · C7Extraction: Cell extraction · Jul 2 · confidence 97% · geotech report notes shallow rock at pond 2Benchmark: 12 comparable dual-pond sites, Wake Co. 2024–26: $8.2–11.4K per lotBelow range — two wet ponds on rock-prone east parcel; overrun risk | $286,000 | $6.8K | $8.2–11.4K | Flagged |
| Roads & pavingSource: Budget_v3_horizontal.xlsx · C8Extraction: Cell extraction · Jul 2 · confidence 99% · linear-foot cost checked against plat road lengthBenchmark: NCDOT-spec residential street costs, Triangle region Q2 2026 | $598,000 | $14.2K | $12.8–16.5K | In range |
| Water & sewerSource: Budget_v3_horizontal.xlsx · C9Extraction: Cell extraction · Jul 2 · confidence 98% · main lengths verified against utility plan sheet U-2Benchmark: City of Raleigh connection + main costs, 2025–26 lettings | $744,000 | $17.7K | $15.9–19.8K | In range |
| Dry utilitiesSource: Budget_v3_horizontal.xlsx · C10Extraction: Cell extraction · Jul 2 · confidence 99% · Duke Energy will-serve letter on fileBenchmark: Duke Energy / Spectrum joint-trench costs, 2025–26 | $212,000 | $5.0K | $4.3–6.1K | In range |
| ContingencySource: Budget_v3_horizontal.xlsx · C12Extraction: Cell extraction · Jul 2 · confidence 99% · ratio computed against hard-cost subtotalBenchmark: Luma policy band for entitled horizontal with geotech risk factorsBelow policy band given rock risk; sized into structure (see Decision) | $250,000 | 8.6% of hard cost | 10–15% | Flagged |
| Assumption | Submitted | Benchmark range | Status |
|---|---|---|---|
| Average sale priceSource: Davidson-Homes_LOI_24-lots.pdf · pricing scheduleExtraction: LOI takedown pricing blended with broker comp sheet · confidence 96%Benchmark: 9 competing townhome communities, SE Raleigh submarket, trailing 6 mo | $385,000 / unit | $368–402K | In range |
| AbsorptionSource: Submission narrative · sponsor projectionExtraction: Sponsor assumption tested against MLS absorption for the submarket · confidence 94%Benchmark: MLS attached-product absorption, 27610/27603, trailing 12 moAbove comp range — underwritten at 1.9/mo; extends interest reserve | 2.3 units / month | 1.6–2.1 / mo | Flagged |
Benchmarks refresh as new lettings and comps close; a value drifting out of range re-opens the item, not the whole file.