Underwrite the property, set the equity structure, and see how projected cash flow and sale proceeds reach LPs and the GP. Keep preferred returns, residual splits, and investor economics beside the deal.
Free account creation. A paid plan is required to analyze your own deals.
Explore a sample multifamily report → A real published report, built on sample deal data — its syndication analysis section included.
DealWorthItIllustrative allocation$1,000,000 LP equity · No sponsor co-invest
Simplified single-year example with no prior accrued preferred, fees, taxes, or GP co-invest. The full model carries unpaid preferred across years. No GP catch-up or multi-tier IRR hurdles. Syndication modeling requires Gold or Diamond.
A real estate syndication pools capital from multiple investors to acquire or operate a property. The general partner (GP) manages the investment and may invest its own capital.
Limited partners (LPs) contribute equity and receive distributions under the agreed terms.
DealWorthIt shows how projected cash flow and sale proceeds would be shared under the terms you enter. Change a property assumption or an equity split to see how investor results change.
It does not manage investors, raise capital or move money.
How syndication economics work, in depth: the real estate syndication guide · the multifamily investing guide
The sponsor manages the investment and may contribute capital. Define its role and compensation in the model:
Co-invest and promote terms vary by deal. Enter your agreed terms rather than assuming a standard split.
Passive investors contribute equity. Define the terms for each LP group:
Legal arrangements vary; the model describes economics, not the legal documents that create them.
A waterfall cannot rescue weak property economics. Everything a syndication distributes comes from the underlying deal: the purchase, the income and expenses, the financing, the hold-period cash flow, and the refinance and sale assumptions.
The syndication model allocates projected returns; it does not create them.
That is why DealWorthIt models the syndication inside the deal analysis rather than in a separate waterfall spreadsheet. The equity structure sits on top of the same multifamily underwrite — the same NOI, the same debt, the same exit — so when an assumption moves, the LP and GP economics move with it instead of waiting for someone to re-key a second model.
The T12 and rent roll establish the operating model. The syndication structure determines how the resulting projected economics are shared.
Explore the property analysis: multifamily underwriting · T12 & rent roll analysis · real estate underwriting software
The syndication is a layer of the deal analysis, not a separate product — each stage below runs in the same workspace as the underwrite.
Silver includes 3 scenarios per deal, Gold 10, Diamond unlimited; side-by-side comparison is a Gold and Diamond feature.
Plan details and feature availability live on the pricing page.
Start with the equity required to fund the purchase, costs, and planned improvements. Allocate it between LP investors and GP co-invest. See what remains to be funded as you build the structure.
Sponsor co-invest is capital; the promote is not. Co-invest is money the sponsor puts into the deal.
The promote is its share of remaining profits. Enter contributed capital, pool ownership, and the profit split separately; a GP can earn a promote with or without co-invest.
DealWorthIt models debt plus LP and GP equity. It does not model preferred-equity or mezzanine tranches with their own economics, and manager labels like co-GP share the manager pool rather than carrying distinct terms.
Highly bespoke capital stacks may still require custom modeling.
Follow the cash in order: return capital at a refinance or sale, pay the cumulative preferred return, then divide the remaining cash using one LP/GP split.
At a refinance or sale, proceeds first return the original equity. Capital returned reduces the base the preferred return accrues on from then onward.
A rate you set per LP member group, accrued annually on unreturned capital. The pref is cumulative: whatever a year’s cash cannot pay carries forward as a deficiency and is paid first out of future cash. Accrual is simple or compound — your choice, per deal.
Cash remaining above the preferred return splits at the LP/GP percentage you set — the GP share is the promote. There is no separate GP catch-up tier; the model reports catch-up as not modeled rather than approximating one.
A preferred return is a distribution priority: one class of investors stands first in line for distributions up to a stated rate before later profit-sharing applies. It is not a promise that the deal earns enough cash to pay it.
If projected cash flow falls short, the model shows the unpaid preferred accruing as a deficiency — it does not invent the money. Modeled distributions are projections, not actual investor payments or guaranteed returns.
A promote is not the same as an acquisition or management fee. The promote is a share of profits above the preferred return; fees are compensation for work, and DealWorthIt models the two separately so neither hides inside the other.
Every sponsor fee is credited to the GP side and reported as sponsor compensation — excluded from the GP’s equity multiple and total cash returned, so the fee income never dresses up the GP’s investment return.
Follow a fictional deal, Sample Apartments, through two operating years and a sale. Every figure below is invented for the illustration. All terms are example-only.
| Term | Example only |
|---|---|
| Total equity | $4,000,000 |
| LP member group | $4,000,000 · 100% |
| Sponsor / GP co-invest | $0 (optional — kept at zero here so the preferred-return math stays plain) |
| Preferred return | 8% · cumulative, simple accrual |
| Residual split | 70% LP / 30% GP |
That is the mechanism; the model runs it every projection year across the full hold and reads the results out as LP IRR, equity multiples and a year-by-year distribution schedule. All terms above are example-only — preferred rates, splits and structures are negotiated per deal.
These are modeled outputs computed from your assumptions — projections of the structure you entered, not records of anything paid.
When a scenario cannot produce a full projection set, the investor tables say so rather than rendering zeros — a displayed $0 return is a financial claim, and the model refuses to make it by accident.
The metrics themselves, in the guides: NOI · DSCR · the full underwriting guide
Use DealWorthIt for deal economics. Keep investor operations and professional advice in their own workflows.
Excel remains flexible and powerful for custom waterfalls. DealWorthIt connects a defined three-step waterfall to your property model. Sophisticated or highly bespoke waterfalls may still require custom modeling.
DealWorthIt is decision-support software. It models projected deal and syndication economics from the assumptions entered; it does not provide investment, legal, tax or securities advice, and modeled results should be reviewed and validated before making investment decisions.
Real estate syndication software models how a deal’s projected returns are shared between the sponsor (GP) and passive investors (LPs). In DealWorthIt that means defining the equity structure — LP member groups, sponsor co-invest, a preferred return and a promote split — on top of the property underwrite, and reading out the projected LP and GP economics year by year.
It is modeling software, not investor-relations software: it does not manage investors, raise capital or move money.
A real estate syndication pools capital from multiple investors to acquire or operate a property. The sponsor or GP typically manages the deal and may contribute capital; passive investors or LPs typically contribute most of the equity and participate in distributions under the agreed economic structure.
The specifics — splits, preferences, fees — are negotiated per deal.
A preferred return is a distribution priority: a stated rate one class of investors accrues, and stands first in line for, before later profit-sharing tiers apply. In DealWorthIt the preferred return is set per LP member group, accrues annually on unreturned capital, and is cumulative — unpaid amounts carry forward and are paid first out of future cash.
Accrual can be simple or compounding, per deal.
No. A preferred return defines who gets paid first, not whether there is enough cash to pay them.
If the deal underperforms its projections, the preferred can go unpaid — DealWorthIt models that as an accruing deficiency rather than assuming the cash exists. No modeled distribution is a guaranteed return.
An equity waterfall is the ordered set of rules a deal uses to allocate distributable cash between investor classes. DealWorthIt models a three-step waterfall: return of capital at a refinance or sale, then the cumulative preferred return, then a single residual LP/GP split — the promote.
It does not model IRR-hurdle tier ladders or a separate GP catch-up tier.
A promote — sometimes called carried interest — is the sponsor’s share of profits above the preferred return, larger than its share of contributed capital. In DealWorthIt the promote is the GP percentage of the residual split, and it is kept strictly separate from sponsor fees and from any capital the GP co-invests.
Yes. The model computes LP IRR as a full cash-flow IRR, LP and GP equity multiples, per-side capital invested, return of capital, preferred and residual distributions, total cash returned, and a year-by-year distribution schedule.
The GP figure is an approximate annualized return rather than a cash-flow IRR, and the model labels it that way.
It supports one defined structure: return of capital, then the preferred return, then a single residual promote split. It does not support arbitrary or unlimited tiers, IRR or equity-multiple hurdles, or a GP catch-up tier — the model reports catch-up as not modeled.
Deals with waterfalls outside that structure may need custom modeling.
No. DealWorthIt is not an investor CRM, portal, transfer agent or fund administrator, and it does not process payments, execute distributions, manage capital calls or hold funds.
Its distributions are modeled projections of the structure you enter, not transactions.
No. It does not prepare K-1s or tax documents, and it does not draft PPMs, subscription agreements or operating agreements.
Syndication terms and legal documents should be reviewed by qualified legal and tax professionals.
The detailed multifamily and self-storage underwriting workflows. Both run the same waterfall — equity structure, preferred return, promote and sponsor fees — and both carry the syndication section in their reports.
Single-family and new-construction analyses do not include syndication modeling.
Syndication modeling is a Gold and Diamond feature, as is side-by-side scenario comparison; the deal report and PDF are included on every plan, and Silver includes 3 scenarios per deal, Gold 10, Diamond unlimited. Team collaboration is a Diamond feature.
Current plan details live on the pricing page.
Underwrite the property, define the structure, and hand your partners a report that shows the waterfall, the preferred return and the LP/GP economics — from one platform.