Product workflow mockup

Review workbench demo

A static view of source-linked assumptions, reviewer status, deterministic checks, and Excel underwriting output.

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Deal file

Illustrative multifamily acquisition

Sources

5 indexed

Open variances

Reviewer gate

VP / Director

Output

House model or Keelmark proforma

Deal package

OM - sample multifamily.pdf

42 pages

Indexed

Rent Roll - 03.31.26.xlsx

Unit-level occupancy

Variance

T12 Operating Statement.xlsx

NOI baseline

Tie-out issue

ARGUS Export - Base Case.xlsx

Rollover schedule

Mapped

Sponsor Model v4.xlsx

Growth assumptions

Reviewer hold

Source-linked assumption register

Occupancy / stabilized

Stabilized occupancy

OM p. 12 | Rent roll implies 91.8%

Resolve

Value: 94.0%
Review: Medium

Occupancy / in-place

In-place occupancy

Rent Roll tab | Matches occupied units

Review

Value: 91.8%
Review: High

NOI / year 1

Year 1 NOI

T12 / Sponsor Model | Sponsor case is +6.4%

Variance

Value: $4.8M
Review: Medium

Exit / cap rate

Exit cap rate

Sponsor Model tab | No third-party support

Review

Value: 5.25%
Review: Low

Capex / reserve

Capex reserve

Internal assumption | House policy

Approved

Value: $350/unit
Review: High

Debt / interest rate

Debt interest rate

Internal debt case | Current debt memo

Approved

Value: 5.85%
Review: High

Revenue / rent growth

Market rent growth

Sponsor model / broker memo | Internal case is 2.5%

Review

Value: 3.0%
Review: Medium

Model field	Assumption and source	Value	Status
Occupancy / stabilized	Stabilized occupancyOM p. 12 \| Rent roll implies 91.8%	94.0%	Resolve
Occupancy / in-place	In-place occupancyRent Roll tab \| Matches occupied units	91.8%	Review
NOI / year 1	Year 1 NOIT12 / Sponsor Model \| Sponsor case is +6.4%	$4.8M	Variance
Exit / cap rate	Exit cap rateSponsor Model tab \| No third-party support	5.25%	Review
Capex / reserve	Capex reserveInternal assumption \| House policy	$350/unit	Approved
Debt / interest rate	Debt interest rateInternal debt case \| Current debt memo	5.85%	Approved
Revenue / rent growth	Market rent growthSponsor model / broker memo \| Internal case is 2.5%	3.0%	Review

Variance review

High

Stabilized occupancy gap

OM shows 94.0%. Rent roll implies 91.8% occupied units.

Sources: OM p. 12 / Rent Roll tab
Model impact: Changes Year 1 revenue bridge.
Reviewer action: Hold export until reviewer selects source.

Medium

Sponsor NOI above T12 baseline

Sponsor Year 1 NOI is 6.4% above T12-derived run rate.

Sources: T12 / Sponsor Model
Model impact: Affects debt yield and going-in cap rate.
Reviewer action: Use T12 baseline or document bridge.

Low

Rollover schedule mismatch

ARGUS rollover timing differs from sponsor model schedule.

Sources: ARGUS Export / Sponsor Model
Model impact: Review before downside case circulation.
Reviewer action: Approve internal case after analyst note.

Excel model output

Inputs!D18

Stabilized occupancy

OM / Rent Roll

Reviewer gate

Approved value

Pending

Inputs!D31

Exit cap rate

Sponsor Model

Reviewer gate

Approved value

5.25%

Inputs!D44

Capex reserve

Internal assumption

Approved

Approved value

$350/unit

Debt!F12

Debt interest rate

Internal debt case

Approved

Approved value

5.85%

Inputs!D22

Year 1 NOI

T12 / Sponsor Model

Variance review

Approved value

Pending

Cell	Input field	Approved value	Source	Reviewer status
Inputs!D18	Stabilized occupancy	Pending	OM / Rent Roll	Reviewer gate
Inputs!D31	Exit cap rate	5.25%	Sponsor Model	Reviewer gate
Inputs!D44	Capex reserve	$350/unit	Internal assumption	Approved
Debt!F12	Debt interest rate	5.85%	Internal debt case	Approved
Inputs!D22	Year 1 NOI	Pending	T12 / Sponsor Model	Variance review

IC-ready notes

Three assumptions remain gated before model export: stabilized occupancy, Year 1 NOI, and rollover timing. Capex reserve and debt rate are approved for model output.

Keelmark can map approved assumptions into an existing team Excel model, or into professionally structured Keelmark proformas for portfolios and deal types without a clean in-house template.