11
Auto-extracted
from 64-page OM
Sample work product · Atlantic Yards II
The Lull· Sample Pack№ 1 · Atlantic Yards IIDemonstration Deal · Multifamily
Demonstration · Not for executionAtlantic Yards II
Atlantic Yards II
142‑Unit Class A Multifamily
Brooklyn, NY · Senior debt + mezzanine request · The Lull was given a 64‑page offering memorandum, a current rent roll, and a T‑12. Below is the work product the engine drafted in four minutes — exactly as it would land on a credit committee's desk.
Headline. Repeat sponsor, fully‑leased Class A asset in a thin‑trading submarket, capital stack sized cleanly to mid‑cycle metrics. Q1 supply pressure is the single watch‑item. The reconciled value is $80.85M ± 2.4%; the all‑in capital stack of $57.8M attaches at 71.5% loan‑to‑value. Conviction A.
§ IStack Summary — Valuationfour methods · reconciled
Reconciled valuation · multi‑method
The four methods agree within 240 basis points.
DCF runs an explicit ten‑year cash‑flow model with year‑by‑year rent roll, op‑ex line items, and a 6.00% terminal cap. Direct Cap loads the trailing twelve at 5.65% submarket cap. Replacement Cost prices land plus build at $415/sqft on 116,400 sqft. Sales Comp uses six 2025–2026 transactions in a 1.5‑mile radius adjusted for vintage and finish.
DCF
$80.6M
10‑yr · 6.00% term cap
Direct Cap
$79.5M
$4.49M · 5.65%
Replacement Cost
$83.0M
116.4k sqft · $415 PSF
Sales Comp
$81.2M
6 comps · adj. $572 PSF
Reconciled value$80.85M ± 2.4%
Sources & Uses
Sources
Senior debt$48,500,000
Mezzanine$9,300,000
Sponsor equity$15,200,000
LP equity$5,200,000
Total Sources$78,200,000
Uses
Acquisition price$74,000,000
Closing costs (1.0%)$740,000
Capex · unit upgrades$2,560,000
Interest reserve (12 mo)$900,000
Total Uses$78,200,000
§ IISummary Memo Memo · IC voice2‑page screen
Internal Committee · Senior Debt Screen
Atlantic Yards II — 142‑Unit Class A
Brooklyn, NY · $48.5M senior · 5+1+1 · 36 mo IO
Loan
$48.5M
LTV
62.5%
Debt Yield
9.4%
DSCR (UW)
1.42x
Coupon
SOFR + 285
Term
5 + 1 + 1
IO
36 mo
Asset
Class A Multi
ASponsor
AAsset
BMarket
AStack
·Tax
A green-flag · B caution · C blocker · · not applicable
Conviction. 96.4% leased, 142‑unit Class A asset delivered in 2019 with elevator buildings, in‑unit washers, and ground‑floor amenity. Sponsor is a repeat borrower with $1.4B realized track record across three prior multifamily exits — two of them in our book. In‑place rents are 5.8% below new‑lease asking, leaving organic rent growth on the table without a value‑add story we have to underwrite. Debt yield of 9.4% sits above our 9.0% multifamily floor; DSCR of 1.42x clears the 1.30x covenant by 12 points.
Caution. Brooklyn submarket Q1 deliveries are +6.4% YoY against a flat absorption print, pressuring concessions in the 6–8 week range. 28% of in‑place rents sit within 4% of new‑lease asking and would face rollover risk if the supply wave persists into 2027. Recommend trimming senior attachment two points (60.5% LTV) or layering a 12‑month NOI debt‑yield covenant set 50 bps inside today's mark.
Recommendation. Advance to term sheet. Senior at $48.5M / SOFR + 285 / 36 mo IO with the trimmed attachment and DY covenant. Mezzanine sized to 75% CLTV ($9.3M, 11.50% coupon) carried co‑terminus with a 3/2/1 step‑down. Borrower is on the call Wednesday — counterparty memo and term sheet will be in their inbox before close.
§ IIIIC Memo Memo · Excerptpp. 1–2 of 5
Asset · Sponsor · Market · Underwriting
The four committee‑facing sections, drafted from the canonical record.
Asset
Atlantic Yards II is a 142‑unit elevatored Class A multifamily property delivered in 2019 on a 0.78‑acre site at the corner of Atlantic Avenue and South Portland in Fort Greene‑adjacent Brooklyn. The unit mix runs 38 studios, 64 one‑bedrooms, and 40 two‑bedrooms across 116,400 rentable square feet. In‑unit washer/dryers, GE Café finishes, and a 4,200‑sqft amenity floor with co‑working, fitness, and rooftop deck.
Mechanical systems are central VRF with individual unit metering. The property carries a 421‑a tax abatement with 12 years remaining, materially below‑market real estate taxes versus comp set. ALTA survey clean; Phase I clean; structural review by KPFF in 2024 noted no deferred capital.
Sponsor
Greenbrier Capital Partners is a Brooklyn‑based vertically integrated multifamily sponsor founded in 2008 by Marc Hennig (formerly Tishman Speyer) and Eliana Park (formerly L&L Holding). Realized track: 11 closed multifamily transactions, $1.4B aggregate, 17.8% gross IRR, 1.9x equity multiple. Two prior senior debt closings in our book — Williamsburg Yards (2022, $42M, paid in full) and Bedford‑Stuyvesant 314 (2024, $36M, current).
Co‑sponsor balance sheet is investment grade. Personal liquidity test passes with 3.4x coverage on full guarantee load. No prior loss to lender across the platform's history.
Market
The Brooklyn Class A submarket absorbed 1,840 units in calendar 2025 against 2,210 deliveries — a modest oversupply quarter we expect to reverse as the pipeline thins through 2026. Median in‑place rents at $4.18/sqft are 4.6% below new‑lease asking, and concessions at the comps run 6–8 weeks free on a 12‑month term, equating to 50–66 bps of effective rent compression.
Cap rate compression has paused. Q4 2025 saw Atlantic Yards II's direct comp set trade at 5.40%–5.85% on actual NOI, with the most recent print (888 Pacific, 184 units, October 2025) at 5.65% on $4.85M NOI — the cap rate The Lull's Direct Cap method anchors to.
Underwriting
Y1 underwritten NOI of $4.71M reflects T‑12 plus 1.8% organic rent growth (loss‑to‑lease only, no mark‑to‑market), 3.0% expense escalation, and a 25 bp vacancy widening to 4.5% to absorb supply pressure. DSCR computes at 1.42x against the underwritten coupon of 6.10% (SOFR base 3.25% + spread 2.85%). Stress at SOFR + 100 bps holds DSCR above 1.20x; debt yield holds above 8.0% through a 200 bp NOI haircut.
+ Risk & Mitigants · Capital Plan · Exit · Recommendation (pp. 3–5, not shown)
§ IVTerm Sheets · two structuressenior + mezzanine
Drafted off the same canonical deal · borrower‑facing copy
The capital stack, in two pieces.
Senior
Senior Debt — Atlantic Yards II
Indicative · subject to credit approval · Greenbrier Capital Partners, sponsor
Borrower
Special purpose entity, single‑asset, formed by Greenbrier Capital Partners
Property
615 Atlantic Avenue, Brooklyn, NY 11217 · 142 units · Class A multifamily
Loan Amount
$48,500,000
Loan‑to‑Value
62.5%
Coupon
SOFR + 285 bps · 7.50% rate floor
Term
5 years initial + 1 year extension + 1 year extension
Interest‑Only
36 months, then 30‑year amortization
Origination Fee
1.00% of committed loan amount, paid at closing
Exit Fee
0.50% of outstanding balance at payoff or maturity
Debt Yield Test
9.0% minimum at extension; 8.5% during term · cure via paydown
DSCR Covenant
1.30x minimum, tested quarterly on T‑3
Recourse
Non‑recourse with standard bad‑boy carveouts; sponsor full guaranty
Reserves
Tax, insurance, capex ($300/unit/yr), 12‑mo interest reserve at close
Prepayment
Open prepay months 12+ · 1.0% premium months 0–12
Closing
Targeted 45 days post‑application; lender legal at borrower's expense
Mezz
Mezzanine — Atlantic Yards II
Indicative · co‑terminus with senior · same SPE pledge
Borrower
Mezz holdco, pledge of equity in senior borrower
Loan Amount
$9,300,000
Combined LTV
75.0% (senior 62.5% + mezz 12.5%)
Coupon
11.50% fixed · current pay
Term
Co‑terminus with senior
Origination Fee
2.00% of committed loan amount
Step‑Down Prepay
3% / 2% / 1% in years 1, 2, 3 · open thereafter
Intercreditor
Standard CRE Finance Council form, lender approval required
Cure Rights
Senior default cure within 10 business days; equity step‑in rights
Combined DY
7.6% · stress‑tested above 6.5% through 200 bp NOI shock
Recourse
Non‑recourse with bad‑boy carveouts; sponsor 25% partial guaranty
§ VPipeline · Team Book9-stage kanban · live
Atlantic Yards II in flight, alongside the rest of the team's book
The deal sits in Term Sheet today; here's where the rest of the book lives.
Three analysts, eight active deals, all reconciled to the same canonical records. As soon as the Atlantic Yards II memo landed in committee, the deal advanced from Underwrite to Term Sheet on the team kanban — automatically, on the same activity log every other deal touches.
Screen
Hudson Yards Tower$220MEP
Brookfield Pl Retail$95MMH
Underwrite
Williamsburg 184$110MEP
Bushwick Industrial$58MRC
Term Sheet
Atlantic Yards II$48.5M + $9.3MMHA · advance
Greenpoint Multi$35MRC
IC
Astoria Office$42MEP
Closing
Bedford 314 Refi$36MMH
+ Initial IC · Quote · Asset Management · Payoff · Killed · Archived
Activity · last 7 days
- · Atlantic Yards II — Underwrite → Term Sheet (Marc Hennig, ic memo signed off A·A·B·A)
- · Atlantic Yards II — Senior + mezz term sheets drafted (4' 22" · 0 manual edits)
- · Hudson Yards Tower — Screen kicked back; sponsor LP letters incomplete (Eliana Park)
- · Bedford 314 Refi — Closing checklist 9/12; lender legal back at 16:00
- · Williamsburg 184 — UW model published; debt yield 8.7% · flag: below floor
§ VIIntelligent CRM · Auto-Extracted Contacts11 contacts · linked to deal
Eleven contacts pulled from the Atlantic Yards II OM
Every named human in the OM, linked to the deal record.
When the OM ingests, every name and signature line becomes a contact. Sponsor team, brokers, lender's counsel, leasing brokers, even the property manager — extracted, deduped against the existing CRM, and back-linked to the deal. The two highlighted rows below are repeat counterparties from prior closings; the rest are first‑touch.
NameRoleFirmStatus
Marc HennigFounding PartnerGreenbrier Capital Partners Linked · 2 prior closings
Eliana ParkCo-FounderGreenbrier Capital Partners Linked · 1 prior closing
Priya SubramanianVP, AcquisitionsGreenbrier Capital Partners First touch · sponsor side
David ChoManaging DirectorJLL Capital Markets — Multifamily First touch · selling broker
Lindsay WhittakerSenior AssociateJLL Capital Markets — Multifamily First touch · process lead
Jonathan MehtaPartner, Real EstateKramer Levin Naftalis & Frankel First touch · borrower's counsel
Sara BerkowitzCounselKramer Levin Naftalis & Frankel First touch · borrower's counsel
Devon AlbrightDirector of Asset MgmtGreystone Property Management First touch · property manager
Aaron LevittSenior Director, LeasingNewmark Knight Frank First touch · leasing broker
Mei-Ling TanAssociate, LeasingNewmark Knight Frank First touch · leasing broker
Rajiv KothariVP, ConstructionKPFF Consulting Engineers First touch · structural review
2
Deduped to existing
prior closings
9
First-touch
added to coverage queue
5
Firms touched
sponsor · broker · counsel · mgmt · engr
§ VIINotes & Reconciliationclosing
Every figure on every page above traces to the same canonical deal record extracted from the Atlantic Yards II offering memorandum. The reconciled value of $80.85M in the Stack Summary is what the LTV percentages on the term sheets compute against; the 9.4% debt yield in the Summary Memo is the same figure that drives the senior covenant; the 1.42x DSCR appears identically on the cover, in the memo, and on the term sheet — because it is the same number, not three.
On a real deal in your workspace, this entire pack drafts in under five minutes. The numbers stay reconciled as you edit any cell — change the senior attachment to 60% and the LTV percentage updates everywhere it appears, the prose paragraphs adjust their description of the stack, and the term sheets reprice off the new debt yield. Numeric drift is physically prevented.
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Atlantic Yards II is a fictional demonstration deal. Numbers reconcile internally; they do not represent a real transaction.