Goal: select a rent comp set for a proposed new-construction multifamily development so a pref-equity placement package can defend its rent assumptions to lenders.

Subject: "Ballpark SLC", 1345 S Jefferson St, Salt Lake City, UT 84115 (lat 40.740259, lon -111.894936). Market id 41620 (Salt Lake City, UT). The RealAI submarket is "Salt Lake City - Ballpark" (submarket id 0fa2d1b6d4bb11cd1eebdb7dc3defe7f); ZIP 84115 maps to submarket "South Salt Lake" (c928367a3542e07745765436305f7f28); Downtown submarket is 08cefc4e7faa0e10e9a210f692583de4. Program: 122 units — 34 studios, 73 one-beds, 15 two-beds; avg unit ~709 SF (85,283 NRSF); 5 levels wood frame over 2.5-level concrete podium (7 stories), delivery ~2028; Class A finishes, rooftop deck, fitness, dog park, structured parking. Market-rate, no income restrictions.

Method: load the rental-comps skill (sandbox_skills) and follow it exactly. Weight the comp set to the NEWEST deliveries (2015+ and especially 2020+ mid-rise/podium) in the Ballpark, Central Ninth, Granary, South State, Downtown SLC and South Salt Lake areas even at some cost of distance; include any recent lease-ups within ~1.5 miles. Target 8–10 comps. For each comp pull from the RealAI Datamart (property_mfr, topics mf_property_attributes and mf_rent_and_occupancy_snapshot, and mf_rent_and_occupancy_detail if needed for per-bedroom rent/SF) : property_mfr id, name, address, lat/lon, distance to subject (miles), units, year built, stories, asking rent avg and per SF, in-place rent avg, per-bedroom asking rents (studio/1BR/2BR) and per-bedroom asking $/SF where available, occupancy, concessions if any signal, and latest_as_of date. Run explore_data scope=fields before querying fields. Also compute (in a saved python script) the unit-weighted comp-implied average rent for the subject mix (34/73/15) using the median of comp per-bedroom asking rents, both for all comps and for 2020+ vintage comps only.

Output: write subagents/rent_comps/comps.csv (one row per comp, all fields above) and subagents/rent_comps/summary.json (mix-weighted implied rents, per-bed medians, ranges, new-vintage premium observed). Save the script to subagents/rent_comps/rent_comp_calc.py. Return: the comp table, the property_mfr IDs, the per-bed medians and mix-weighted implied rent (all and 2020+), and any gaps/data quality issues (thin samples, null fields, stale dates). Flag conflicts rather than filling them. Do not invent numbers.

Goal: select multifamily sales comps to support the exit/stabilized value assumption for a proposed new-construction development used in a pref-equity package. The sponsor values the stabilized asset at a 5.25% cap on untrended NCF of $2,658,764 (~$50.6MM, ~$415K/unit). We need to test that against recent trades.

Subject: "Ballpark SLC", 1345 S Jefferson St, Salt Lake City, UT 84115 (lat 40.740259, lon -111.894936). Market id 41620. RealAI submarket "Salt Lake City - Ballpark" id 0fa2d1b6d4bb11cd1eebdb7dc3defe7f; Downtown 08cefc4e7faa0e10e9a210f692583de4; South Salt Lake c928367a3542e07745765436305f7f28. Program: 122 units (studio/1BR heavy, avg ~709 SF), 7-story podium, Class A, delivery ~2028. Today is 2026-09-30.

Method: load the sales-comps skill (sandbox_skills) and follow it. Prefer 2015+ vintage mid-rise/podium assets, 60–350 units, sold since ~2023, in Salt Lake City / South Salt Lake / urban core. Pull from RealAI Datamart property_mfr (mf_sales_history, mf_property_attributes; run explore_data scope=fields first). For each comp: property_mfr id, name, address, distance (mi), units, year built, stories, sale date, sale price, price/unit, buyer/seller if available. Then supplement with web research (web_search/web_fetch) for 2024–2026 Salt Lake City Class A multifamily trades and reported cap rates (e.g., brokers CBRE/JLL/Newmark/Berkadia, Utah Business, Building Salt Lake, Salt Lake Tribune, Globe St, CoStar news) — capture reported cap rates and price/unit with URL and a short verbatim quote. Also find any published 2025–2026 Salt Lake City multifamily cap rate survey figure (e.g., CBRE Cap Rate Survey H1/H2 2025 or 2026) with URL and quote.

Output: subagents/sales_comps/comps.csv and subagents/sales_comps/summary.json (price/unit range, median, 2020+ median; any cap rates found with source). Return the comp table with IDs and sources, the median $/unit, observed cap-rate evidence with URLs + verbatim spans, and gaps. Flag conflicts; do not invent numbers.

Goal: gather current (as of 2026-09-30), source-backed facts for a pref-equity offering memo on "Ballpark SLC", a 122-unit + ~3,900 SF retail podium multifamily development at 1345 S Jefferson St, Salt Lake City, UT 84115 (one block from Smith's Ballpark), sponsor Abstract Development Group (affiliate of Bronstein Properties; principal Jason Algaze). Every fact must carry a URL and a short verbatim quote; note publication dates. Flag anything stale, contested, or contradictory. Use web_search and web_fetch.

Research tracks:

1. Ballpark NEXT (https://cra.slc.gov/ballparknext/): current status after the Salt Lake Bees moved to Daybreak/South Jordan (The Ballpark at America First Square, opened 2025). Developer selection (the city/CRA selected a master developer — confirm who, e.g., "Ballpark NEXT"/Colmena Group/others), acreage (14.8 acres?), program (housing units, retail, event space, the "festival street"), public funding / CRA tax increment, timeline for groundbreaking and delivery, what happens to Smith's Ballpark structure (demolition/reuse), any 2026 council votes. Also whether the site will be vacant/dark during construction (a near-term negative for a 2028 delivery).
2. TRAX: nearest station (Ballpark Station on the Red/Blue lines at ~1300 S / 200 W) — walking distance from 1345 S Jefferson St, lines served, any 2025–2026 UTA changes (e.g., TRAX line restructuring, 200 South / "TRAX Forward", station upgrades tied to Ballpark NEXT).
3. Property tax check: Utah residential primary exemption for apartments (45% exemption: taxable value = 55% of market), Salt Lake City 2025 and 2026 total certified tax rate for the relevant tax area (Salt Lake City tax district incl. SLC School District, county, etc.) from Salt Lake County Auditor/Treasurer; how Salt Lake County Assessor values new apartments (income approach, typical cap rate used), and commercial retail portion taxed at 100%. Return the rate(s) with URL and quote. Also check any 2025–2026 Utah legislation changing property tax (e.g., truth-in-taxation increases by SLC School District or SLC in 2025/2026).
4. Insurance: 2025–2026 benchmarks for multifamily property insurance per unit in Utah / Mountain West / national for new construction (e.g., Marcus & Millichap, CBRE, NMHC, Yardi Matrix, Freddie Mac, WTW, Marsh, Aon property rate trend reports); note wood-frame podium new-build premium $/unit ranges.
5. Supply pipeline: 2025–2026 Salt Lake City / Ballpark / Central Ninth / Granary / South State multifamily projects under construction or recently delivered near 1300 S (e.g., Building Salt Lake coverage), with unit counts and delivery dates; plus any 2026 market reports (CBRE, Cushman, Colliers, Berkadia, Newmark, Utah Apartment Association) giving SLC metro vacancy, rent growth, deliveries and pipeline figures.
6. Site/entitlements: zoning of 1345/1365 S Jefferson St (Building Salt Lake 2023 article "1365 Jefferson Street Mixed-Use" — confirm unit count, stories, parking, zoning such as FB-UN2 / TSA, design review), and anything on Abstract Development Group's other projects.
7. Current SOFR (30-day term SOFR as of Sep 2026) and forward curve if available (CME/Chatham/NY Fed).

Output: write subagents/web_research/findings.md organized by track, every fact with URL, publication date, verbatim quote. Return a compact summary of the load-bearing facts with URLs + quotes, and list gaps/conflicts.

Goal: produce the rent-growth and expense-growth assumptions for a development underwriting model (Ballpark SLC, 122-unit podium multifamily at 1345 S Jefferson St, Salt Lake City; construction start Nov 2026, delivery ~Jul 2028, stabilization ~2029-2030). Today is 2026-09-30.

Method (mandatory): load the forecasting skill via sandbox_skills and follow it exactly. It requires running python skills/forecasting/scripts/forecast.py (verify --version first); never compute or estimate a forecast yourself, never port the script. Read references/request.md for payload schema. Build arrays programmatically from query results you save to files (write raw query_data results to subagents/forecast/raw_*.json first, then parse in code); include history_check / peer_history_check.

Run 1 — rent (family rent_or_occupancy): history = RealAI submarket "Salt Lake City - Ballpark" (submarket id 0fa2d1b6d4bb11cd1eebdb7dc3defe7f) mf_rent_ts, period_type MONTH, field asking_rent_latest_avg (note: months before Jul 2024 are null — exclude nulls; valid data Jul 2024–Aug 2026). Peer_history = market id 41620 (Salt Lake City, UT) mf_rent_ts MONTH asking_rent_latest_avg. Check sibling in_place_rent_latest_avg per the skill's sibling rule. Use explore_data before queries. Context signals only from sourced values: SLC MSA supply_snapshot (vacancy 9.5%, under construction 3,682, MF permits T12 4,555 vs prior 2,810 — re-query market 41620 supply_snapshot and permit_ts to source them), migration/demographic_basics for market 41620 if needed; otherwise omit and list in signals_omitted. Horizon: 5 years annual (or the skill's closest). Run 2 — operating expense growth (family operating): follow the skill's guidance for expense growth anchored to its own inflation floor; if it needs a history series and none is available at the market level, report what the skill says to do and do not fabricate.

Output: write subagents/forecast/payload_rent.json, payload_opex.json, result_rent.json, result_opex.json. Return: for each run the base/upside/downside annual growth rates by year (exact engine values), the confidence tier and every data_quality_flags entry verbatim, boom/drawdown guard flags, and the sandbox paths. Flag any problem rather than filling gaps.

Build an AXCS-branded Excel underwriting model for AXCS's $8.25MM preferred-equity placement in Ballpark SLC. Save it to subagents/model/Ballpark_SLC_AXCS_Pref_Underwriting.xlsx. It will support a lender offering memorandum later, so every number must be traceable and every assumption editable. Today is 2026-09-30.

MANDATORY RULES

• Load the xlsx skill (sandbox_skills) first and follow it completely. That covers build rules, input styling, the integrity scan, and recalculation with its recalc.py (LibreOffice). Deliver only after recalc shows zero formula errors.
• All assumptions go in labeled input cells: blue font, light fill. Every output must be a live Excel formula that references those inputs. Never paste Python-computed results as values. Raw data may be hardcoded: comps, market stats, budget lines, and the forecast-engine growth rates below.
• The rent growth rates below come from the RealAI forecasting engine. Put them in input cells as data, and use a scenario selector to choose Base/Upside/Downside. Do not build any growth-projection logic of your own beyond compounding the selected annual rates onto the rent level.
• Branding: logo at assets/AXCS_logo.png. Put it on the Cover and in the top-left of every sheet header. Colors: navy #003D59 for header fills with white bold text, teal #2A849E for accents and section bars. Font Calibri or Arial. Title on each sheet: "AXCS | Ballpark SLC – Preferred Equity Underwriting". Include a confidentiality footer line on the Cover. Freeze panes on the monthly sheet. Number formats: $ with no decimals, % with 2 decimals, x with 2 decimals.
• No Excel Data Tables (they don't recalc in LibreOffice). Build the downside grids as closed-form formulas in each cell, as specified below.
• If something is ambiguous, pick the conservative option and list it on the Notes sheet. Do not invent sources.

DEAL INPUTS (Assumptions sheet, grouped into sections) Program

• Units 122: 34 studios, 73 one-bed, 15 two-bed.
• Residential NRSF 86,518. GSF 109,499. Retail 3,912 SF. Parking 123 spaces.
• The user instructed: use the larger of conflicting sizes and unit counts. Record the conflicts on Notes: FORM estimate shows NRSF 85,283 and retail 2,645 GSF; the 2023 design showed 115 units and ~2,500 SF retail.

Timeline

• Close / pref funding: 2026-11-01. Model month 1 = Nov 2026.
• Construction 20 months (FORM estimate). TCO / first move-ins in month 21 (Jul 2028).
• Lease-up pace: 8 units/month starting at TCO (input).
• Stabilized occupancy 94% (= 1 − 6% residential vacancy). Stabilized units = ROUNDDOWN(122 × 94%).
• Stabilization month = first month occupied units ≥ stabilized units.
• Takeout month = stabilization month + 3 (lag is an input). Also provide an optional manual takeout-month override input.
• Monthly timeline: 72 months.

Revenue

• Comp rents (2020+ vintage comp medians, RealAI Rent Index, 2026-09-26): Studio $1,372; 1BR $1,668; 2BR $2,600. The mix-weighted average (formula) should come to about $1,700.
• Rent adjustment / premium %: default 0% (input). The downside grids flex this.
• Rent growth by year. The engine base year starts from Sep 2026. Map Year 1 = 2027, Year 2 = 2028, and so on. Apply growth at each January.
  • Base: 2027 −1.69%, 2028 0.00%, 2029 0.00%, 2030 0.00%, 2031 0.00%.
  • Upside: +1.07%, +3.18%, +3.66%, +4.21%, +4.84%.
  • Downside: −4.46%, −3.18%, −3.66%, −4.21%, −4.84%.
  • Selector default: Base. Put a note beside it reproducing verbatim: 'RealAI forecast engine, confidence LOW. Flag: "cyclical drawdown suspected: history is short (<= 30mo) and trailing trend is negative. The engine held flat after year 1 rather than extrapolating the correction. Supply a longer history that spans a full cycle, or have the calling agent apply structural context and a defended recovery path. Do NOT use this base case as a multi-year assumption without that judgment."'
  • Add a user-editable "Manual growth" row as a fourth selector option, default equal to Base.
• Other income: 13.82% of net rental income (SLC MSA RealAI Ops Benchmark).
• Concessions: 1 month free on each new lease signed during lease-up. Cash cost in the month of move-in = new leases × that month's rent × 1.0 months (input). No concessions after stabilization.
• Retail: $30.00/SF/yr NNN (ASSUMPTION – no source; flag it). Retail rent commences 12 months after TCO (input). Retail vacancy/credit 10%.

Operating expenses: annual, per the Greystar budget (Jan 2026). Grow at 3.5%/yr from 2027 (input; label it "assumption – no engine output; house structural rate"). Expenses start at TCO at 100%. Show Greystar's original figure beside each overridden line.

• Payroll $222,708
• R&M $27,450
• Make-ready $18,453
• Recreational amenities $4,880
• Marketing $55,800
• G&A $50,630
• Utilities $91,500
• Contract services $156,377
• Management fee: 3.0% of EGI, with a $8,000/month minimum.
• Real estate taxes: $230,000 (AXCS independent underwriting; Greystar showed $183,000 "provided by client").
• Insurance: $700/unit = $85,400 (Greystar placeholder was $48,800 / $400/unit).
• Replacement reserves: $250/unit/yr.

Budget (sponsor Sources & Uses)

• Land $4,829,864
• Pre-development $1,341,881
• Hard cost $33,310,030. FORM GC all-in is $32,946,729, which implies an owner contingency of $363,301. Show that as a formula-driven memo line.
• Soft cost $4,548,864
• Financing cost $3,719,022
• Total $47,749,661
• Spent to date $7,484,720 (land $4,829,864, pre-dev $1,341,881, soft $1,312,975). It is sunk at close and counts as sponsor equity.
• Hard-cost overrun %: default 0% (input). It is applied to the hard cost remaining.
• Draws:
  • Remaining hard cost × (1 + overrun): straight-line over the 20 construction months (optionally an S-curve; straight-line is fine; document it).
  • Remaining soft cost ($4,548,864 − $1,312,975): 30% at close, the rest straight-line through month 26.
• Financing costs are MODELED, not taken from the budget line: senior interest, loan fee, and pref current pay during the construction/lease-up deficit period. Show modeled financing need vs. the $3,719,022 budget as a surplus/(shortfall).

Capital stack & funding

• Sponsor equity $9,774,658. Of this, $7,484,720 is already in; the remaining $2,289,938 funds first.
• Pref $8,250,000 funds in full at close (accrual starts at close). It is spent after sponsor equity and before senior draws.
• Senior $29,725,000 commitment. Interest = SOFR 3.88% (FRED overnight SOFR 2026-09-29; flat input) + 2.50% spread, on the drawn balance, monthly, interest-only.
• Loan fee 1.00% of commitment at close (ASSUMPTION – confirm).
• Monthly funding need = cost draws + senior interest + pref current pay − positive operating cash flow. Fund it in order: remaining sponsor equity → pref cash → senior up to commitment → "Sponsor shortfall / additional equity" line (the funding gap; flag it).
• After operations cover debt service, operating cash flow pays senior interest, then pref current pay. Excess goes to the sponsor.
• Pref terms:
  • 16% total: 8% current pay, paid monthly on principal (funded per the funding order above during the deficit period).
  • 8% accrual, compounding monthly (input toggle monthly/annual).
  • Payoff at takeout = principal + accrued.
  • Optional minimum multiple input (default 1.00x = none).
  • Pref fee 0% (input).
• Sponsor completion guaranty / liquidity reference: combined liquidity $13.5MM, net worth $98MM (inputs).

Takeout (Takeout sheet)

• Stabilized NCF at takeout, built with formulas:
  • Residential GPR = that month's rent × 12 × 122.
  • Less vacancy of 6%, plus other income, plus stabilized retail NOI.
  • Less opex for that year (management fee at 3% or the minimum, whichever is greater) and reserves.
• Sale: exit cap 5.50% (input; the sponsor uses 5.25%). Sale costs 2.0%. Value = NCF / cap.
  • Sale waterfall: net proceeds → senior balance → pref payoff → sponsor residual.
  • Outputs:
    • Pref repaid (YES/NO)
    • Cushion below pref = net proceeds − senior − pref payoff ($ and % of value)
    • Pref attachment LTV = senior / value; detachment LTV = (senior + pref payoff) / value
    • Break-even exit cap to repay pref = NCF / ((senior + pref payoff) / (1 − sale costs))
    • Break-even rent adjustment % to repay pref at the exit cap. Closed form, solving the linear NCF with the management fee at 3% of EGI; note the approximation.
• Refinance: new loan = MIN of three tests. All are inputs labeled ASSUMPTION – confirm with lender quotes.
  • LTV 65% of value at a refi appraisal cap of 5.50% (same as exit cap, input).
  • DSCR 1.25x at a 5.75% rate with 30-year amortization (PMT-based).
  • Debt yield 8.0%.
  • Refi proceeds less 1% costs → repay senior → repay pref. Show refi shortfall vs. senior + pref payoff and pref repaid by refi (YES/NO).
  • Also show the additional equity needed for a refi takeout.
• Pref returns: XIRR and multiple on the monthly pref cash flows (−8.25MM at close, current pay received, payoff at takeout), for both sale and refi takeout.
• Also compute the "Sponsor-case" metrics: the same takeout at the sponsor's $2,658,764 untrended NCF and 5.25% cap. Show sponsor-stated LTV 58.70% / combined 74.99% versus model-computed.

Capital stack sheet ("Capital Stack")

• Table on a cost basis. Tranche, $, % of cost, attachment %, detachment %:
  • Senior 0 → 62.25%
  • Pref 62.25% → 79.53%
  • Sponsor equity 79.53% → 100%
  • All as formulas on the budget total (plus modeled financing and overrun, if you include both a "sponsor budget" basis and a "modeled cost" basis).
  • Note the email stated 62.42% / 79.76%. The correct figures on a $47.75MM budget are 62.25% / 79.53%.
• Same table on a value basis at takeout, using the pref payoff balance.
• A stacked bar chart of both (openpyxl chart) showing where the pref starts and stops.

Pref sheet

• Monthly schedule: opening principal, current pay due/paid (and its source: project funds vs. operating CF), accrual, accrued balance, total claim.
• Highlight the stabilization and takeout months.
• Summary: accrued at TCO, at stabilization, at takeout.

Monthly CF sheet

• 72 columns (months) or rows.
• Show: date, phase (Construction / Lease-up / Stabilized), new leases, occupied units, occupancy %, rent/unit, GPR, vacancy, concessions, other income, retail, EGI, each opex line, NOI, reserves, NCF, cost draws, senior interest, pref current pay, funding sources by tranche, senior balance, cumulative sponsor shortfall.
• Operations and debt stop at the takeout month (show zeros after, or stop).

Downside sheet: closed-form grids. Each cell is a self-contained formula referencing Assumptions/Takeout.

• Use this closed form in every grid cell:
  • NCF(rent adj, growth) is linear in rent. Compute it from the takeout-year rent level × (1 + adj).
  • Pref payoff(takeout month m) = 8.25MM × (1 + 8%/12)^m for monthly compounding. Takeout month m = 20 + ROUNDUP(stab units / pace) + lag.
  • Senior = full commitment (conservative; state it).
• Show a check cell: the grid's base-case cell must equal the Takeout sheet within $1,000.
• Grid A, SALE: exit cap (5.00%, 5.25%, 5.50%, 5.75%, 6.00%, 6.25%, 6.50%) × rent adjustment (−15%, −10%, −5%, 0%, +10%, +20%, +32.9% = sponsor-implied rent ≈ $2,260/unit).
  • Two blocks: (1) cushion below pref $ (net proceeds − senior − pref payoff); (2) REPAID / NOT REPAID.
  • Conditional formatting: green if repaid, red if not.
• Grid B, LEASE-UP: pace (4, 6, 8, 10, 12 units/mo) × exit cap (5.00–6.50%).
  • Blocks: pref payoff balance at takeout, cushion $, repaid Y/N.
  • Also: extra months of carry vs. base, and incremental senior interest + pref current pay during those months, which the sponsor must fund.
• Grid C, HARD COSTS: overrun (0%, 5%, 10%, 15%, 20%) × rent adjustment (−10%, 0%, +10%, +32.9%).
  • Blocks: additional sponsor equity required (overrun $ on remaining hard cost); pref last-dollar LTC = (senior + pref) / (budget + overrun); whether sponsor liquidity covers it (YES/NO); sale cushion (unchanged by overrun if sponsor-funded; state this in a note).
• Grid D, REFI: refi rate (5.25%, 5.75%, 6.25%, 6.75%) × rent adjustment (same axis as Grid A).
  • Blocks: refi shortfall vs. senior + pref payoff; repaid Y/N.
• Summary block: pref break-even exit cap, break-even rent/unit for sale repayment, break-even rent/unit for refi repayment, months of lease-up delay the pref can absorb at base rents before cushion < 0.

Market & Comps sheet (hardcoded reference data with source column)

• Rent comps: paste all rows from subagents/rent_comps/comps.csv (name, distance, units, year, stories, ask avg, $/SF, in-place, studio/1BR/2BR asks, occupancy). Source: RealAI Rent Index, as of 2026-09-26.
• Sale comps: from subagents/sales_comps/comps.csv (Tradition Pointe $16,625,000 / $215,909 per unit, 2025-08-25; Sugarmont $149MM / $436,950 per unit, 4.65–4.7% cap, Centerspace Q2'25 call).
• Market stats:
  • Ballpark submarket: asking $1,585, $2.25/SF, T12 asking −9.17%, occupancy 85.75%, occupancy T12 −3.7 pts (RealAI 2026-09-26).
  • SLC MSA: asking $1,736, T12 −0.79%, occupancy 92.22%.
  • GreenStreet MF cap 5.53% (2Q26).
  • C&W vacancy 9.5%, under construction 3,682, MF permits T12 4,555 vs 2,810 prior.
  • Northmarq Q1 2026: vacancy 7.3%, concessions 10–18%, cap ~5.3%.
  • Population 1,300,762 (+2.59%); job growth 3.23%; renter median HHI $68,252.
• Tax check block (formulas): assessed value scenarios ($300K/unit; TDC; value at 5.25%) × 55% residential taxable + retail at 100% ($350/SF assumption) × 2025 SLC district rate 0.009240 (Salt Lake County Tax Rates by Area, 9/23/2025). Show the result vs. $230,000 underwritten and Greystar's $183,000.
• Insurance references: Greystar comps average $675/unit; NAA 2024 $777/unit; SLC MSA benchmark 2.36% of EGI.

Cover sheet

• Logo, title, deal summary, key outputs (all linked formulas):
  • Modeled TDC and funding gap
  • Stabilized NCF, YOC untrended, value
  • Pref attach/detach (cost and value)
  • Pref payoff at takeout
  • Sale cushion and repaid flag
  • Refi repaid flag and shortfall
  • Pref IRR / multiple
  • Break-even exit cap
  • Sponsor-case comparison (sponsor NCF $2,658,764 vs. modeled)
• Dashboard: a scenario selector note.
• Footer: "Prepared by AXCS for discussion purposes. Confidential."

Notes sheet

• Sources, assumptions flagged ASSUMPTION, data conflicts (unit/SF/retail, LTC arithmetic), known simplifications (straight-line draws, full senior balance in grids, management fee approximation in the break-even), and gaps: sponsor rent schedule not provided, loan terms/fees unconfirmed, pref current-pay funding source unconfirmed, retail rent unsourced, no Greystar revenue pro forma.

After building

1. Run recalc and the integrity scan until there are zero errors.
2. Leverage integrity check: senior interest > 0, senior drawn > 0, the pref funds at close, and the senior balance at takeout is ≤ commitment.
3. Write subagents/model/readback.json. Using openpyxl data_only=True after recalc, include sheet-qualified cell addresses and values for:
   • Modeled TDC; financing need vs. budget; funding gap; stabilization month/date; takeout month/date
   • Rent at takeout; stabilized NCF; YOC; value
   • Senior balance at takeout; pref payoff; sale cushion and repaid flag; refi loan, shortfall and flag
   • Pref IRR and multiple (sale); break-even exit cap; break-even rents
   • Attach/detach points (cost and value); pref accrued at stabilization; sponsor-case metrics; grid base-cell check
   • A small dump of Grid A (both blocks) and the other grids' repaid-flag blocks with their cell ranges
4. Save the build script as subagents/model/build_model.py.

Return: the file path, the readback (cells + values), any checks that failed or were approximated, and a list of the input cells (sheet!cell → label) for the main assumptions.

Goal: extract everything useful from an existing development underwriting workbook so it can feed (a) a recut of a pref-equity offering to help it clear in today's rate environment and (b) a branded Offering Memorandum for Ballpark SLC (122-unit + retail podium multifamily at 1345 S Jefferson St, Salt Lake City; sponsor Abstract Development Group; AXCS placing $8.25MM pref, 16% = 8% current / 8% accrual, senior $29.725MM at SOFR+250). The file was reportedly prepared around March 2026. Today is 2026-09-30.

File: inputs/sponsor_model.xlsx (in /vercel/sandbox; also library file_id 01a0f375-9745-7553-ad7a-0e5310ab3edb, "Ballpark GSP Underwriting - Stretch Senior_V11 (Pref).xlsx"). 17 sheets incl. Summary, Dashboard, Unit Mix, Proforma, Sources & Uses, Cash Flow, Unlevered Budget, Land Residual Value, and others.

Rules: load the xlsx skill (sandbox_skills) and follow its reading workflow (profile, scan, sample, extract — do not dump every cell). Work on a COPY at subagents/sponsor_model/work.xlsx; run skills/xlsx/scripts/recalc.py on the copy before reading formula values, and report any recalc errors or values that changed materially vs. cached values (read cached values from the original with data_only=True too). Never modify inputs/sponsor_model.xlsx. Every extracted figure must carry its sheet-qualified cell address and value.

Extract, with cell refs:

1. Authorship/provenance: file metadata (creator, lastModifiedBy, created/modified dates, company), any names/logos/text mentioning AXCS, Abstract, Bronstein, a broker, or a lender; the "Stretch Senior" meaning; version notes. Is it a sponsor model, an AXCS model, or a broker model?
2. Unit mix / rent roll: every unit type (count, SF, rent, $/SF), totals, avg rent, avg SF, total NRSF, retail SF and rent, parking income, other income lines, and the rent date basis (trended or today's).
3. Stabilized proforma: GPR, vacancy (6%), concessions (1 month), commercial vacancy (10%), other income, EGI, every opex line, taxes, insurance, mgmt fee, reserves, NOI, NCF (untrended $2,658,764? trended $2,936,968?), growth rates used.
4. Budget / Sources & Uses: every line (land, pre-dev, hard, soft, financing detail incl. interest reserve, loan fees, pref fees, developer fee, contingency), total, spent to date, per unit/SF.
5. Debt: senior amount, LTC/LTV, rate (SOFR assumption and spread), term, IO, fees, interest reserve, rate cap; pref: amount, rate split, accrual/compounding, term, fees, min multiple, how current pay is funded during construction; any refi/sale assumptions (exit cap, timing, refi rate/DSCR/LTV); returns (IRR/EM by tranche).
6. Timeline: closing, construction start/duration, TCO, lease-up pace, stabilization, exit.
7. Any sensitivity tables, land residual, and dashboard KPIs (YOC, DY, DSCR).
8. Anything that looks like a rate-environment assumption (SOFR curve, cap-rate assumption) that has changed since March 2026.

Output: write subagents/sponsor_model/extract.json (structured, each item {label, sheet_cell, value}) and subagents/sponsor_model/summary.md. Return a compact report of the load-bearing figures with cell refs, the provenance conclusion, the rent per unit/SF by type, and any internal inconsistencies (e.g., figures differing from: LTC 62.42%, combined LTC 79.76%, NCF $2,658,764, TDC $47,749,660, 122 units, 3,912 SF retail). Flag gaps; do not invent.

Update the existing AXCS pref underwriting workbook for Ballpark SLC by editing its build script and rebuilding. Do not hand-edit the xlsx: openpyxl save drops the logo images.

Files (in /vercel/sandbox):

• Build script: subagents/model/build_model.py. It builds, gates, recalcs and writes subagents/model/readback.json.
• Output: subagents/model/Ballpark_SLC_AXCS_Pref_Underwriting.xlsx (overwrite).
• Logo: assets/AXCS_logo.png.
• Reference extract of the source model: subagents/sponsor_model/extract.json and summary.md. The source is the "Ballpark GSP Underwriting - Stretch Senior_V11 (Pref).xlsx" model, George Smith Partners (an AXCS company), dated Mar-2026, library file_id 01a0f375-9745-7553-ad7a-0e5310ab3edb.

MANDATORY

• Load the xlsx skill and follow it.
• Live formulas only. Inputs are blue.
• Keep the AXCS branding already in the script: navy #003D59, teal #2A849E, logo on every sheet. Titles use a plain hyphen, never an en dash.
• The integrity scan must exit 0 (no HIGH findings) and recalc must show 0 errors.
• The existing Downside grid base-cell check must still PASS.
• Keep everything that exists unless changed below.

CHANGES

1. Unit sizes: add unit SF by type from GSP Unit Mix: Studio 527, 1BR 717, 2BR 1,119.5.
   • Residential NRSF becomes a formula: SUMPRODUCT of counts × SF = 87,052. The user rule is to use the larger figure; GSP Unit Mix!F32 shows 87,052.
   • Update every use of NRSF.
   • Update the Notes entry on SF conflicts (85,283 FORM; 86,518 Greystar; 87,052 GSP).
2. Rent case selector (Assumptions), default "Sponsor (GSP V11)": a. "Sponsor (GSP V11)": rents per unit per month of Studio $1,733.83, 1BR $2,050.66, 2BR $2,910.61. Source: GSP Unit Mix, untrended. The mix average should come to ≈ $2,068.09. Also show them in $/SF: 3.29, 2.86, 2.60. b. "AXCS Diligence (comp $/SF × unit SF)": comp median asking $/SF of the 2020+ RealAI rent comps, as of 2026-09-26: Studio 2.91, 1BR 2.58, 2BR 2.44, each multiplied by that type's SF by formula. The mix average should come to ≈ $1,870. c. Keep "Comp per-unit medians" ($1,372 / $1,668 / $2,600) as a third option.
   • The selected rents feed the model.
   • The Rent adjustment % still applies on top, and the Downside grids still flex rent adjustment relative to the selected case.
3. Other income selector, default follows the rent case unless overridden:
   • "Sponsor (GSP)": $785,761/yr at full occupancy (GSP Unit Mix!I88; includes parking $169,740 = 123 × $115 × 12). Scale it by occupancy and apply vacancy the same way as rent.
   • "AXCS": 13.82% of net rental income (SLC MSA RealAI benchmark) plus parking at 123 spaces × $115/mo (GSP), scaled with occupancy.
   • Put a "follow rent case" switch in a cell.
4. Retail rent: $35.00/SF/yr NNN, source GSP Unit Mix!I35 ($136,920/yr). This replaces the unsourced $30.
5. Rates, today's environment:
   • Keep SOFR 3.88%.
   • Add a "Rate environment" block with columns for Mar-2026 (GSP model) and Sep-2026:
     • SOFR: 3.65% (GSP Dashboard!H24; datamart 3/6/26 = 3.65%) vs 3.88% (9/24/26).
     • 10-yr UST: 4.15% (3/6/26; GSP used 4.16%) vs 5.18% (9/24/26).
     • Senior all-in: 6.15% vs 6.38% (formulas).
     • Perm takeout rate: GSP 5.66% vs 6.18% (Freddie Mac CME 10-yr fixed, 80% LTV / 1.25x, RealAI mortgage_rates as of 9/23/2026).
   • Refi assumptions become: rate 6.18%, 30-yr amortization, DSCR 1.25x, LTV 80% (Freddie 10-yr fixed per the same source). Keep the debt yield at 8.0% but relabel it "AXCS assumption".
   • Add a "GSP Mar-26 refi" comparison line: refi proceeds at 5.66% / 1.175x (GSP Dashboard!J46, J55 basis), computed on the model's current NCF, next to today's.
6. Structure selector, default "Recut (Sep-26)":
   • "As Offered (Mar-26)": pref $8,250,000, current pay 8%, accrual 8%, sponsor equity $9,776,069 (GSP Sources & Uses!D12). The pref origination fee of 2% is recorded as a reference input, excluded from the waterfall math.
   • "Recut (Sep-26)": pref $6,250,000, current pay 10%, accrual 6% (16% all-in unchanged). Sponsor equity is $9,776,069 plus $2,000,000 of additional cash equity = $11,776,069.
   • The selector drives the existing pref amount, current, accrual and sponsor-equity cells. Convert those cells to formulas off a two-column structure table of blue inputs.
   • Senior stays $29,725,000 in both.
   • The funding waterfall must use the new equity amount. Sponsor cash remaining = equity − $7,484,720 spent.
7. New sheet "Structure Comparison", placed after Capital Stack. Build it closed-form, like the Downside engine, so both structures and both rent cases show at once regardless of the selectors.
   • Stabilized untrended NCF for each rent case (Sponsor, AXCS Diligence), each with its matching other-income basis, AXCS taxes $230K, insurance $700/unit, management fee at max(3% of EGI, $96K), reserves $250/unit, and 6% vacancy.
   • Add a check that the currently selected case ties to Takeout!C35 (untrended NCF) within $1,000.
   • For each structure × rent case × exit cap (5.25%, 5.50%, 5.75%, 6.00%), show:
     • pref payoff at the takeout month (Takeout!B6 month count, monthly compounding at that structure's accrual rate)
     • sale net proceeds at 2% cost
     • cushion below the pref ($ and % of value)
     • REPAID / NOT REPAID
     • pref attachment LTV and detachment LTV
   • Also show, per structure:
     • LTC through the pref on the $47,749,660 budget
     • stabilized coverage through the pref: NCF / (senior interest at 6.38% + pref current pay)
     • senior DSCR at 6.38% IO
     • pref multiple (current pay received through takeout + payoff) / principal
     • pref IRR via XIRR on a helper monthly cash-flow block: −principal at close, monthly current pay, payoff at the takeout month
     • break-even exit cap for pref repayment in each rent case
     • additional sponsor equity vs. sponsor liquidity of $13.5MM
   • Use conditional formatting: green REPAID, red NOT REPAID.
8. Cover: add a "Recut vs As Offered" key-metrics block linked to Structure Comparison, and a line stating the active rent case and structure.
9. Notes: add these entries.
   • Provenance of the GSP model (George Smith Partners, an AXCS company; last modified 2026-03-25; SOFR curve dated 3/5/2026).
   • GSP bugs found:
     • SOFR curve lookup disconnected, so it falls back to a flat 3.65%.
     • LP/GP equity labels swapped between Summary and Project Waterfall.
     • The $1,187,671 is labeled both accrued and current paid.
     • Pref multiple shown as both 1.3179x and 1.3156x.
   • GSP assumptions not adopted: 4% rent growth (RealAI forecast engine base used instead; LOW confidence, drawdown guard); 2% opex growth (AXCS keeps 3.5%); pre-TCO leasing from month 20 (AXCS starts at TCO).
   • GSP TDC is $47,751,069 vs. the $47,749,660 used.

After the rebuild:

• Gate, recalc and readback.
• Extend readback.json with all Structure Comparison outputs (cells + values), the rate-environment block, the refi comparison, and the headline cells for the default state (Sponsor rent case, Recut structure):
  • modeled TDC and funding gap; takeout month and date; stabilized NCF (trended and untrended); YOC; value; pref payoff; sale cushion and repaid flag; refi loan and shortfall; pref IRR and multiple; break-even exit cap; break-even rent.
• Run a scratch-copy stress test: switch to AXCS Diligence and As Offered, recalc, confirm zero errors and that the grid check passes, and report those headline values. Do not save that state as the deliverable.
• Return the cell map and all values.

Produce an AXCS-branded Offering Memorandum (Word .docx) marketing a preferred-equity investment in Ballpark SLC to prospective capital providers. Audience: pref/mezz lenders and investors.

Tone: positive and promotional in framing, but every number must survive lender diligence. Present the sponsor's case alongside AXCS's independent diligence case and downside. Never hide a weakness; frame each one with its mitigant. Today is 2026-09-30.

OUTPUT

• Final .docx: subagents/om/Ballpark_SLC_AXCS_Pref_OM.docx
• Build script: scripts/build_om.py. It must rebuild the document end to end, reading data from extracts/ or embedded values, never from scratch/.
• Chart PNGs: subagents/om/charts/
• A page-by-page QA note.

RULES

• Load the docx skill (sandbox_skills) and follow its creation workflow: plain draft with real heading styles, then formatting, text-unchanged verification, visual QA at 200 dpi (read every page image), metadata finalization.
• Branding: the user supplied a brand, AXCS. Do NOT apply the RealAI default formatter. Format by hand per the skill's by-hand path and run verify_text_unchanged.py.
  • Logo: assets/AXCS_logo.png (source SVG assets/AXCS_logo.svg; re-render at higher resolution with ImageMagick convert -background none -density 600 if needed).
  • Colors: navy #003D59 (headings, table header fill with white text) and teal #2A849E (rules, accents, chart primary series).
  • Font: Calibri/Arial.
  • Cover page with the logo, title "Ballpark SLC | Preferred Equity Offering", subtitle "1345 S Jefferson Street, Salt Lake City, UT | $6,250,000 Preferred Equity", and "Offered by AXCS | September 2026".
  • Header logo and footer "Confidential | AXCS" with page numbers on the inner pages.
• Metadata: author/company AXCS.
• Do not reuse GSP/Chatham logos. Do not invent contacts. Use a placeholder line "AXCS Capital Markets | [Contact name, phone, email]" and list it in the QA note.
• Load the pdf skill to read the sponsor bio: library file_id 01a0f375-971e-74c8-b91e-4226ce4bdad8 ("Abstract Development - BIO.pdf", 14 pages). Summarize the sponsor team and track record faithfully, with no embellishment beyond it.
• Renderings: try to download https://buildingsaltlake.com/wp-content/uploads/2023/03/1365-Jefferson-Street-Mixed-Use-sm.pdf and extract one rendering image (pdfimages or pdftoppm). If that works, use it on the cover or in the property section with the caption "Rendering: Arch Nexus (2023 design submission; design has since been revised to 122 units)". If it fails, skip it and note that.
• Charts: matplotlib, AXCS colors, legible at 6.25 in width. Build three:
  1. Capital stack bars, cost basis vs. value basis
  2. Rent comps asking $/SF vs. the sponsor's rent per SF and the AXCS diligence rent per SF
  3. Ballpark submarket vs. SLC metro asking rent, Jul 2024–Aug 2026. Data is in subagents/forecast/raw_submarket_rent.json and raw_market_rent.json.
• Tables: header row first, at most about 8 rows each, except the budget and unit mix.

SECTIONS AND CONTENT (use exactly these figures; the parenthetical sources go in a "Sources & notes" endnote section, not in the body)

1. Executive summary and investment highlights

• The offering: $6,250,000 preferred equity, 16% all-in return (10% current pay, 6% accrual), in a 122-unit, 7-story podium multifamily development with 3,912 SF of ground-floor retail. The project is fully entitled and permit-ready, with a GC estimate that is 93% subcontractor-bid.
• The pref sits behind a $29,725,000 senior construction loan at SOFR + 250 and ahead of $11,776,069 of sponsor equity. Sponsor equity is 24.7% of cost; the sponsor has put in $2.0MM more than the March 2026 structure.
• Pref attaches at 62.25% LTC and detaches at 75.34%, on a $47.75MM budget.
• Recut rationale: rates moved against the deal since the March 2026 offering.
  • SOFR went from 3.65% to 3.88%.
  • The 10-yr Treasury went from 4.15% to 5.18%.
  • Agency perm rates are now ~6.18% (Freddie 10-yr, 80% LTV / 1.25x) vs. the 5.66% assumed in March.
  • So the sponsor added $2.0MM of cash equity and the pref was downsized to $6.25MM, with more of the coupon paid current.
• Pref payoff at a Dec-2029 takeout: ~$7.55MM vs $10.62MM under the March structure.
• Highlights (each short):
  • Transit: caddy-corner to the Ballpark TRAX station (Blue/Red/Green lines).
  • Land owned free and clear since 2022; a $5.27MM current value estimate vs a $4.83MM basis.
  • $7.48MM of sponsor capital already invested.
  • Greystar engaged as manager.
  • Institutional sponsor with principal liquidity of $13.5MM+ and net worth of $98MM+.
  • Long-term Ballpark NEXT redevelopment upside.
  • Salt Lake metro fundamentals: population 1.30MM, +2.6%; job growth 3.2%.

2. The offering: term sheet table

• Amount $6.25MM; current pay 10%; accrual 6%, compounding monthly; all-in 16%.
• Funding: in full at closing (Nov 2026).
• Current pay during construction funded from a pref interest reserve in the budget. The March GSP budget carried $1,059,545 for this; it is being resized for the recut. State: "to be confirmed in final budget".
• Origination fee: the March terms had 2%; state "per final term sheet".
• Minimum multiple: none.
• Expected takeout: sale or refinance at stabilization, projected Dec 2029, month 38.
• Senior loan: $29,725,000, SOFR + 250 (6.38% at current SOFR), 3+1+1 term, non-recourse, 1% origination.

3. The property and program

• Location: 1345 S Jefferson St in the Ballpark neighborhood of Salt Lake City.
• Building: 5 levels of wood frame over a 2.5-level concrete podium, 7 stories. GSF 109,499. 123 structured parking spaces. ~7,500 SF of amenity space: fitness center, dog park & wash, clubhouse, rooftop deck, outdoor dining.
• In-unit features: oversized entry closets, urban mudrooms for ski/bike storage, office nooks, floor-to-ceiling windows.
• Unit mix table:

AXCS diligence rents = 2020+ comp median asking $/SF (Studio 2.91, 1BR 2.58, 2BR 2.44) × unit SF.

• Residential NRSF 87,052. Retail 3,912 SF at $35/SF NNN.

4. Location and demand drivers

• TRAX: the Ballpark Station at 1300 S / 200 W is served by the Blue, Red and Green lines. Abstract describes the site as "caddy-corner to the Trax stop".
• Ballpark NEXT, stated accurately:
  • The Salt Lake Bees relocated.
  • In Dec 2025 the SLC CRA board unanimously adopted the Ballpark NEXT community design plan for the former 14.8-acre ballpark site: partial demolition of the stadium, a 3,700-seat sports and event venue, and West Temple as a "festival street".
  • The CRA hoped to break ground as early as mid-to-late 2026 or early 2027. Local developers describe it as a multi-year, potentially 10-year buildout.
  • In July 2026 the City Council advanced rezoning that reduces maximum heights from 150 ft to 95 ft.
  • No master developer has been named.
  • Frame it as long-term upside, not an in-place amenity.
• Neighborhood: Ballpark submarket median household income $114,529.
• Metro: population 1,300,762 (+2.59%), job growth 3.23%, renter median HHI $68,252.

5. Market overview: say it candidly with a positive frame

• Ballpark submarket: asking $1,585 ($2.25/SF), T12 asking −9.2%, occupancy 85.8% (RealAI Rent Index, 2026-09-26).
• SLC metro: asking $1,736, T12 −0.8%, occupancy 92.2%.
• C&W: vacancy 9.5%, 3,682 units under construction. MF permits T12 4,555 vs 2,810 the prior year.
• Northmarq Q1 2026: vacancy 7.3%, concessions 10–18%, cap rates ~5.3%, deliveries ~6,000 in 2026.
• Positive frame: a delivery in mid-2028 lands after the 2024–26 supply wave has leased up.
• Chart 3.

6. Rent comparables

• Table with name, year, units, distance, ask $/SF, occupancy. Use subagents/rent_comps/comps.csv (10 comps).
• Show that the sponsor's $2.90/SF sits within the new-construction range: max 330 Belhaven $3.08, theCHARLI $2.98, Hendrey $2.86, Journeyman $2.86. The 2020+ median is $2.68/SF.
• Chart 2.

7. Sales comparables and valuation

• Tradition Pointe, 1425 S Jefferson (next door): 77 units, 2024, sold 8/2025 for $16.625MM ($215,909/unit).
• Sugarmont (Sugar House): 341 units, 2021, $149MM ($436,950/unit) at a 4.65–4.7% cap (Centerspace).
• GreenStreet SLC MF cap 5.53% (2Q26).
• Underwriting uses a 5.50% exit cap. The sponsor's model uses 5.25%.

8. Development budget and construction

• Sources & Uses table:
  • Uses: land $4,829,864; pre-dev $1,341,881; hard $33,310,030; soft $4,548,864; financing $3,719,022; total $47,749,661.
  • Sources, recut: senior $29,725,000; pref $6,250,000; sponsor equity $11,774,661, reconciled so sources = uses, with a note that the model uses $11,776,069 per the GSP basis. Better: show sponsor equity as $11,776,069 and state total sources $47,751,069 vs uses $47,749,661, with a $1,408 rounding difference from the GSP model.
  • Per unit: $391K/unit.
• GC: FORM estimate 11/24/2025, $32,946,729 all-in after approved VE, 93% bid. Includes 3% contractor contingency ($938,154) plus a $648,037 additional hard contingency in the sponsor budget. 20-month schedule. Hard cost $304/GSF.
• Spent to date: $7,484,720.
• Note the exclusions carried in soft costs: permits, impact/tap fees, offsite, special inspections, builder's risk.

9. Financial summary: two-column table, Sponsor case vs AXCS diligence case, untrended stabilized

• Stabilized NCF $2,622,938 vs $2,141,981.
• Senior DSCR (IO at 6.38%) 1.38x vs 1.13x.
• Coverage through pref 1.04x vs 0.85x.
• Value at 5.50% $47.69MM vs $38.95MM.
• Pref detachment LTV at 5.50%: (29.725 + 7.554) / value = 78.2% vs 95.7%. Compute in the script and state it.
• Cushion below pref at 5.50%: $9.46MM vs $0.89MM.
• Break-even exit cap for pref repayment: 6.90% vs 5.63%.
• Operating assumptions (AXCS applied to both cases):
  • Taxes $230,000 (independent check: Utah 55% residential taxable value × 2025 SLC rate 0.9240%).
  • Insurance $700/unit.
  • Greystar controllable opex, management fee max(3%, $96K), reserves $250/unit, 6% residential vacancy, 10% retail vacancy.
  • Sponsor case other income $785,761 (GSP) vs AXCS 13.82% of net rent + parking.
• Rent growth: RealAI forecast engine base case (−1.69% 2027, flat thereafter; LOW confidence; engine flagged a cyclical drawdown). This is more conservative than the sponsor model's 4%.

10. Pref protection and downside

• Table: exit cap 5.25/5.50/5.75/6.00% × (Sponsor, AXCS) cushion and repaid. Values:
  • Sponsor case: 11.68 / 9.46 / 7.42 / 5.56 ($MM), REPAID at all four.
  • AXCS case: 2.70 / 0.89 / −0.77 / −2.29; REPAID at 5.25% and 5.50%; NOT REPAID at 5.75% and 6.00%.
• As Offered (March) comparison: AXCS case NOT REPAID at every cap (−0.36 / −2.18 / −3.84 / −5.36).
• Refinance takeout: at today's 6.18% / 1.25x, refi proceeds do not fully retire senior + pref in the base model. State that sale at stabilization is the primary takeout and refinance is secondary, requiring sponsor equity or rent outperformance.
• Chart 1.

11. The sponsor

• From the bio PDF: Abstract Development Group, the development affiliate of Bronstein Properties; Jason Algaze (18+ years; $10B+ of projects, 8MM+ SF, 8,000+ units, including 111 West 57th, 1 QPS Tower, 10 Sullivan, ECHO Aventura/Brickell, Muse, Sage); principals Barry Rudofsky and Scott Silverman.
• Combined NW $98MM+, liquidity $13.5MM+.
• Verify against the PDF and use its wording where it differs.

12. Key risks and mitigants: 5–6 rows

• Rent achievement vs comps (mitigant: rents within the new-construction $/SF range; pref break-even cap 6.90% sponsor case).
• Lease-up in a supply-heavy submarket (mitigants: 2028 delivery after the wave; Greystar; 8/month pace underwritten).
• Rate/exit cap (mitigants: recut reduces payoff by $3.07MM; 5.50% underwriting cap).
• Construction cost (mitigants: 93% bid GMP-style estimate, contingency, sponsor completion guaranty to be provided (confirm)).
• Ballpark NEXT timing (mitigant: not underwritten as an amenity).
• Refi takeout (mitigant: sale primary; sponsor liquidity).

13. Sources & notes, then a Disclaimer (Disclaimer style)

• Standard OM disclaimer: for discussion only, not an offer to sell securities, projections are estimates, recipients should perform their own diligence.
• Sources list: GSP V11 underwriting model (Mar-2026); FORM construction estimate (11/24/2025); Greystar expense comps (01/2026); RealAI Rent Index / Datamart (Sep-2026); GreenStreet; Cushman & Wakefield MarketBeats; Northmarq Q1 2026; SLC CRA; KSL; UTA; Salt Lake County; Centerspace Q2 2025 call; FRED SOFR; RealAI mortgage rate snapshot (9/23/2026).

The companion Excel model is "AXCS - Ballpark SLC Pref Equity Underwriting.xlsx". Reference it as the supporting model.

Return:

• the final docx path
• page count
• the QA note (any layout issues, whether the rendering was included)
• a list of every figure you computed yourself (e.g., the detachment LTVs), with its formula
• anything in the bio PDF that conflicts with the figures above, with its page number

Build an Offering Memorandum for Ballpark SLC in the AXCS house template format. The template is the "Haven at Bellaire First Look Memo" .docx. Match its branding, header, watermark, fonts, table styling and section order. Replace all Haven content with Ballpark content. Today is 2026-09-30.

FILES (all in /vercel/sandbox)

• Template: inputs/template/haven_template.docx
  • 16 pages. The header has the property name plus a "First Look Memo" line on the left, an AXCS logo on the right, a navy top bar, and a light-blue diagonal watermark graphic.
  • Styles are Normal plus List Paragraph bullets, with sub-bullets in "o" style.
  • Tables use navy header bars with white bold text, alternating navy label cells, and thin rules.
  • Many financial tables in the template are pasted images of Excel ranges. Build yours as native Word tables styled the same way (navy header bar, white bold header text, same font and size), or as high-resolution images of equivalent tables if a native table can't match the look. Prefer native tables.
• A contact-sheet render of the template is at scratch/tpl/sheet.png, with single pages at scratch/tpl/p-01.png … p-16.png. The template PDF is scratch/tpl/t.pdf. Study the pages before building.
• Companion model (source of all deal financials): subagents/model/Ballpark_SLC_AXCS_Pref_Underwriting.xlsx. It is already recalculated. Read it with openpyxl data_only=True.
  • Default state is the "Sponsor (GSP V11)" rent case and the "Recut (Sep-26)" structure.
  • The "Structure Comparison" sheet shows both structures and both rent cases regardless of selectors (rows 17-32 metrics, 56-72 cushion table, 75-79 coverage and break-even).
  • Cell maps are in subagents/model/readback.json.
  • Do not modify this workbook.
• Prior AXCS OM draft (content to reuse, different format): subagents/om/Ballpark_SLC_AXCS_Pref_OM.docx. Its build script is scripts/build_om.py, which embeds the figures, sources and sponsor facts. The computed-figure log is subagents/om/computed_figures.md. Charts are in subagents/om/charts/, and the rendering image is subagents/om/charts/rendering_arch_nexus.jpg.
• Supporting data:
  • subagents/rent_comps/comps.csv
  • subagents/sales_comps/comps.csv
  • subagents/web_research/findings.md
  • subagents/sponsor_model/summary.md (GSP V11 model extract: unit mix, budget detail, timeline)
  • extracts/raw_submarket_rent.json and extracts/raw_market_rent.json (rent history)
• Sponsor bio: library file_id 01a0f375-971e-74c8-b91e-4226ce4bdad8. Use the pdf skill to read it.

MANDATORY

• Load the docx skill and follow it. Because a user-supplied template controls the formatting, do NOT run the RealAI default formatter.
• Build the new document from a COPY of the template file so the header, logo, watermark, styles, page setup and section properties carry over. Clear the body content, keep the final sectPr, then add the new content with the template's own styles and table look.
• Change the header text from "Haven at Bellaire / First Look Memo" to "Ballpark SLC / Offering Memorandum". It may live in header XML; edit it there.
• Remove every trace of Haven, Brem, Richmond TX, CoStar images and Houston data.
• Do not label any section "CoStar". We have no CoStar data. Title that section "Market & Submarket Overview".
• Use only figures from the files above. Never invent figures, contacts or sources.
• Put a placeholder "AXCS Capital Markets | [Contact name, phone, email]" at the end.
• Script: scripts/build_om_house.py, rebuildable end to end. Read data from subagents/, extracts/, inputs/ and assets/, never from scratch/ — except scratch/tpl is fine for QA only.
• Output: subagents/om_house/Ballpark_SLC_AXCS_OM_House.docx
• Finalize metadata with scripts/finalize_metadata.py: title "Ballpark SLC - Preferred Equity Offering Memorandum", subject, keywords, author and company "AXCS".
• Visual QA: convert to PDF and render the pages. The image tool allows about 20 image reads, so use ImageMagick montage contact sheets (2x2 or 3x2 pages at ~110 dpi) plus a few single pages at 150–200 dpi for dense tables. Check side by side against the template for header, logo, watermark, table style and fonts. Fix overflow, stranded headings and clipped tables.

CONTENT, IN TEMPLATE ORDER

1. Title block: "Ballpark SLC" / "Salt Lake City, UT".

2. Investment Overview paragraph, template voice: AXCS Investments ("AXCS") is offering a $6,250,000 Preferred Equity investment in Ballpark SLC, a 122-unit, 7-story podium multifamily development with 3,912 SF of ground-floor retail at 1345 S Jefferson Street, one block from the former Smith's Ballpark site. The sponsor is Abstract Development Group, the development affiliate of Bronstein Properties.

   • The pref sits behind a $29,725,000 senior construction loan (SOFR + 250) and ahead of $11,776,069 of sponsor equity, $7.48MM of which is already invested.
   • Proceeds fund vertical construction under a 20-month, 93%-bid FORM construction estimate.
   • The structure was recut in September 2026 for the higher rate environment. The sponsor added $2.0MM of cash equity, and the pref was reduced from $8.25MM to $6.25MM with more of the return paid current.

3. "Investment Thesis:" bold lead line, then bulleted theses with sub-bullets:

   • Entitled, Transit-Oriented Site. Entitled and permit-ready. Caddy-corner to the Ballpark TRAX station (Blue/Red/Green lines). Land owned free and clear since 2022 ($4.83MM basis vs $5.27MM current value estimate).
   • Recut Structure / Improved Basis. Pref LTC 62.25% → 75.34%. Pref payoff at takeout reduced to ~$7.55MM from $10.62MM. $294.9K/unit last-dollar basis on cost; compute (29,725,000 + 6,250,000) / 122 in the script. Break-even exit cap 6.90% on the sponsor case vs a 5.50% underwriting cap.
   • Institutional Sponsor with Capital at Risk. Pull the key points from the bio. $7.48MM already invested. Sponsor-reported net worth of $98MM+ and liquidity of $13.5MM+, to be verified. Greystar engaged as manager.
   • Market Dynamics. SLC metro population 1.30MM (+2.6%), job growth 3.2%. The rents underwritten sit inside the new-construction comp range ($2.90/SF vs $2.68 median and $3.08 max). A mid-2028 delivery lands after the 2024–26 supply wave. Include the candid points: Ballpark submarket occupancy 85.8%, asking rent −9.2% T12.
   • Preferred Equity with Strong Returns. 16% preferred return (10% current pay / 6% accrual). Projected pref IRR 16.28% and 1.53x EM on the recut, from Structure Comparison!C32 and C31.

4. Project Overview table (2-column, navy label cells like the template). Rows:

   • Property Details: Ballpark SLC
   • Address: 1345 S Jefferson St, Salt Lake City, UT 84115
   • Property Type: Multifamily – Ground-Up Development (122 units + 3,912 SF retail)
   • AXCS Pref Eq Amount: $6,250,000
   • AXCS IRR / EM: 16.28% / 1.53x (projected)
   • Pref Structure: 16% (10% current / 6% accrual)
   • No. of Units: 122 (34 studio / 73 1BR / 15 2BR)
   • Delivery: TCO projected Jul-2028
   • Projected Takeout: Dec-2029 (month 38)
   • Total Project Cost: $47,749,661 ($391K/unit)
   • Last Dollar LTC / Per Unit: 75.34% / $294.9K
   • Last Dollar LTV at Exit (sponsor case): 78.2%
   • Assumed Exit Cap Rate: 5.50%

5. Sources / Uses tables, template style with Item, Amount, %, $/Unit.

   • Sources: senior $29,725,000; AXCS pref $6,250,000; sponsor equity $11,776,069.
   • Uses: land $4,829,864; pre-dev $1,341,881; hard $33,310,030; soft $4,548,864; financing $3,719,022; total $47,749,661.
   • Footnote the $1,408 GSP rounding difference.

6. Sponsor Overview – Abstract Development Group: paragraph plus bullets of projects from the bio, formatted like the template's asset bullets.

   • Include One Burton (South Salt Lake, 180 units, completed 2025, bio p13) and disclose its current lease-up at 47% occupancy (RealAI Rent Index 2026-09-26).
   • Describe Jason Algaze's prior track record as "prior to Abstract", with the bio p11 caveat.
   • Describe Barry Rudofsky and Scott Silverman as advisor and partner, per the bio.

7. Business Plan: construction start Nov-2026, 20 months, TCO Jul-2028; lease-up at 8 units/month managed by Greystar; stabilization Sep-2029 (month 35); takeout by sale (primary) or refinance at Dec-2029. Pref current pay is funded from a pref interest reserve in the budget during construction, "to be confirmed in final budget". No affordability restrictions.

8. AXCS Financials/Return Summary, mirroring the template's blocks: (a) Scenario table with columns AXCS Diligence case / Sponsor case, and rows for NCF, value at 5.50%, cushion below pref, pref repaid, coverage through pref, senior DSCR. Take everything from Structure Comparison Recut rows (66, 70, 78, 79). (b) Sensitivity table: exit cap 5.25/5.50/5.75/6.00 × both rent cases, showing cushion $ and REPAID/NOT REPAID (Structure Comparison rows 65-72). Add an "As Offered (Mar-26)" comparison row set (rows 57-64). (c) AXCS Preferred Equity Returns block: principal, current pay received through takeout, accrued, payoff, total distributions, IRR, EM (Structure Comparison col C rows 19-32). (d) AXCS Last Dollar Exposure block: at close, LTC through pref 75.34%; at exit, attachment/detachment LTV per rent case (Structure Comparison cols for LTV). (e) Annual cash flow summary (template page 6 style) by calendar year 2026–2029 from the Monthly CF sheet: NOI, senior interest, pref current pay, pref accrued balance, payoff. Inspect the Monthly CF layout to sum by year with formulas-equivalent Python reads; label as "from AXCS underwriting model".

9. Property Financials: stabilized untrended proforma, Sponsor case vs AXCS Diligence case, with line items GPR, vacancy, other income, retail, EGI, each opex line, NOI, reserves, NCF, expense ratio. Get these from the model where the cells exist (Takeout sheet for the selected case, Structure Comparison rows 35-48 for the NCF build by case). Also note Greystar's original taxes ($183,000) and insurance ($48,800) vs AXCS ($230,000; $700/unit).

10. Rent Comparables table in template style (Property Name, Distance, Year Built, Units, Occupancy, Asking Rent, Ask $/SF, Studio/1BR/2BR asks) with the subject rows first (Sponsor case and AXCS case), then an Average row. Sales Comparables table: Tradition Pointe, Sugarmont, plus Hardware as a 2020 reference, with Distance, Units, Year Built, Sale Price, Price/Unit, Sale Date, Cap Rate.

11. Market & Submarket Overview:

    • Template-style 3-column table with columns Metric / Salt Lake City Metro / Ballpark Submarket. Rows: 12-mo asking rent growth (−0.8% / −9.2%), occupancy (92.2% / 85.8%), asking rent ($1,736 / $1,585), asking $/SF ($2.14 / $2.25), MF cap rate (5.53% GreenStreet metro), MF permits T12 (4,555 metro), under construction (3,682 metro, C&W).
    • Narrative sections: "Market – Salt Lake City", "Construction & Deliveries", "Submarket – Ballpark", "Ballpark NEXT & TRAX". Base them on findings.md and the prior OM's text: Northmarq Q1-2026 vacancy 7.3%, concessions 10–18%, cap ~5.3%, ~6,000 deliveries 2026; the CRA Dec-2025 plan, partial demolition, 3,700-seat venue, festival street, the Jul-2026 height reduction 150→95 ft, no master developer yet; TRAX lines.
    • Include the rent-trend chart (subagents/om/charts/chart3_submarket_vs_metro_rent.png) and the capital-stack chart where they fit. Optionally re-render them in the template's palette (navy/teal/light blue).

12. Close with a Sources & Notes section and the standard disclaimer (for discussion only, not an offer of securities, projections are estimates, recipients should do their own diligence), then the contact placeholder.

RETURN

• Output docx path, page count, script path.
• Screenshot contact-sheet paths.
• A QA note covering how closely the format matches the template, anything you couldn't replicate (e.g., the watermark or header image), and any figure you computed with its formula.
• Any inconsistency between the model and the prior OM text.

Build an Offering Memorandum for Ballpark SLC in the AXCS house template format. The template is the "Haven at Bellaire First Look Memo" .docx. Match its branding, header, watermark, fonts, table styling and section order, and replace all Haven content with Ballpark content. Today is 2026-09-30.

Make the output durable. Keep your script, outputs and any copied data OUTSIDE scratch/.

FILES (all in /vercel/sandbox)

• Template: inputs/template/haven_template.docx
  • 16 pages. The header has the property name plus a "First Look Memo" line on the left, the AXCS logo on the right, a navy top bar and a light-blue diagonal watermark graphic.
  • Styles are Normal plus List Paragraph bullets, with "o" sub-bullets.
  • Tables have navy header bars with white bold text, navy label cells and thin rules.
  • Template financial tables are pasted Excel images. Build yours as native Word tables styled to match (preferred).
  • Renders are in scratch/tpl/ (sheet.png, p-01.png … p-16.png, t.pdf). They may vanish; re-render from the template if needed.
• staged/model.xlsx: the AXCS underwriting model, already recalculated. Read it with openpyxl data_only=True and do not modify it.
  • Default state is the "Sponsor (GSP V11)" rent case with the "Recut (Sep-26)" structure.
  • Key sheets: Assumptions, Monthly CF, Pref, Takeout, Capital Stack, Structure Comparison, Downside, Market & Comps, Notes.
  • Structure Comparison shows both structures and both rent cases regardless of selectors:
    • rows 17-32: metrics. Col B = As Offered, col C = Recut. Rows 19 principal, 20 current %, 21 accrual %, 23 sponsor equity, 27 LTC through pref, 28 attachment LTC, 29 payoff, 30 current pay received, 31 multiple, 32 IRR.
    • rows 56-72: cushion table. Columns: Structure, Rent case, Exit cap, NCF, Value, Net sale proceeds, Senior, Pref payoff, Cushion $, then cushion %, REPAID flag, attach and detach LTV in the next columns (inspect them).
    • rows 75-79: NCF, senior interest, pref current, coverage, senior DSCR, payoff, break-even cap.
  • Inspect the layout of each sheet you use with a quick openpyxl dump.
• staged/prior_om.docx: the prior AXCS OM draft, in a different format, holding all the narrative content to reuse. Extract its text with python-docx.
  • Its media are in staged/om_media/word/media/: image1.png (likely the logo), image2.jpg (Arch Nexus rendering, already rotated correctly), and image3/4/5.png (charts: submarket vs metro rent, rent comps $/SF, capital stack; identify each by viewing).
• staged/rent_comps.csv, staged/sales_comps.csv, staged/web_findings.md (Ballpark NEXT, TRAX, tax, insurance, supply facts with URLs).
• staged/gsp_model.xlsx: the GSP V11 sponsor/broker model (Mar-2026). Unit Mix!C10:I32 has the unit types, SF and rents. Use it only for the unit-mix detail. Do not reuse GSP or Chatham branding.
• staged/sponsor_bio.pdf: the Abstract Development bio, 14 pages. Load the pdf skill and read it.
• staged/AXCS_logo.svg: the logo, if needed.

MANDATORY

• Load the docx skill and follow it. The user supplied the template, so its formatting takes precedence. Do NOT run the RealAI default formatter.
• Build from a COPY of the template so the header, logo, watermark, styles, page setup and sectPr carry over. Clear the body, keep the final sectPr, and add content using the template's styles and table look.
• Change the header text from "Haven at Bellaire" / "First Look Memo" to "Ballpark SLC" / "Offering Memorandum". Edit the header XML if the text lives there.
• Remove every trace of Haven, Brem, Richmond TX, Houston, Sugarland and the CoStar images.
• Name the market section "Market & Submarket Overview", not CoStar.
• Use only figures from these files. Never invent figures, contacts or sources.
• End with the contact placeholder "AXCS Capital Markets | [Contact name, phone, email]".
• Save the script as scripts/build_om_house.py. It must rebuild end to end, reading only from staged/, inputs/ and om_house/.
• Output: om_house/Ballpark_SLC_AXCS_OM_House.docx.
• Finalize metadata with skills/docx/scripts/finalize_metadata.py:
  • title "Ballpark SLC - Preferred Equity Offering Memorandum"
  • author "AXCS", company "AXCS"
  • a subject and keywords
  • Use the output path the script prints and copy the final file to om_house/Ballpark_SLC_AXCS_OM_House_final.docx.
• Visual QA: convert to PDF and render. You can read only about 20 images, so use ImageMagick montage contact sheets (2x2 at ~110 dpi) plus a few single pages at 150–200 dpi. Compare against the template's header, logo, watermark, tables and fonts. Fix any overflow, stranded headings or clipped tables.

CONTENT (in template order; model cells are the authority for financials)

1. Title block: "Ballpark SLC" / "Salt Lake City, UT".

2. Investment Overview paragraph, in the template's voice:

   • AXCS Investments ("AXCS") is offering a $6,250,000 Preferred Equity investment in Ballpark SLC.
   • The project: a 122-unit, 7-story podium multifamily development with 3,912 SF of ground-floor retail at 1345 S Jefferson Street, one block from the former Smith's Ballpark site.
   • Sponsor: Abstract Development Group, the development affiliate of Bronstein Properties.
   • The pref sits behind a $29,725,000 senior construction loan (SOFR + 250) and ahead of $11,776,069 of sponsor equity, of which $7.48MM is already invested.
   • Proceeds fund vertical construction under a 20-month, 93%-bid FORM estimate.
   • The structure was recut in Sep-2026 for the higher rate environment: the sponsor added $2.0MM of cash equity, and the pref was reduced from $8.25MM to $6.25MM with more of it paid current. Rate context: SOFR 3.65%→3.88%; 10-yr UST 4.15%→5.18%; perm takeout 5.66%→6.18% (see the model's Assumptions rate block).

3. "Investment Thesis:" as a bold lead line, then bullet theses with sub-bullets:

   • Entitled, Transit-Oriented Site. Permit-ready. Caddy-corner to the Ballpark TRAX station (Blue/Red/Green). Land owned free and clear since 2022 ($4.83MM basis vs a $5.27MM current value estimate).
   • Recut Structure / Improved Basis.
     • Pref LTC through 75.34%, attaching at 62.25%.
     • Payoff at takeout about $7.55MM vs $10.62MM.
     • Last-dollar basis $294.9K/unit; compute (29,725,000 + 6,250,000) / 122.
     • Break-even exit cap 6.90% in the sponsor case vs the 5.50% underwriting cap.
   • Institutional Sponsor with Capital at Risk. Use the bio's key points. $7.48MM already invested. Net worth $98MM+ and liquidity $13.5MM+, both sponsor-reported and to be verified. Greystar is the manager.
   • Market Dynamics.
     • SLC metro population 1.30MM (+2.6%), job growth 3.2%.
     • Underwritten rents of $2.90/SF sit within the new-construction comp range (median $2.68, max $3.08).
     • The mid-2028 delivery lands after the 2024–26 supply wave.
     • State candidly: Ballpark submarket occupancy is 85.8% and asking rents are −9.2% T12.
   • Preferred Equity with Strong Returns. 16% preferred return (10% current / 6% accrual). Projected pref IRR and EM from Structure Comparison!C32 / C31 (about 16.28% / 1.53x).

4. Project Overview table, 2-column like the template:

   • Property Details: Ballpark SLC
   • Address: 1345 S Jefferson St, Salt Lake City, UT 84115
   • Property Type: Multifamily – Ground-Up Development (122 units + 3,912 SF retail)
   • AXCS Pref Eq Amount: $6,250,000
   • AXCS IRR / EM: (model)
   • Pref Structure: 16% (10% current / 6% accrual)
   • No. of Units: 122 (34 studio / 73 1BR / 15 2BR)
   • Delivery: TCO projected Jul-2028
   • Projected Takeout: Dec-2029 (month 38)
   • Total Project Cost: $47,749,661 ($391K/unit)
   • Last Dollar LTC / Per Unit: 75.34% / $294.9K
   • Last Dollar LTV at Exit (sponsor case): (model detach LTV at 5.50%, ≈78.2%)
   • Assumed Exit Cap Rate: 5.50%

5. Sources / Uses tables in template style (Item, Amount, %, $/Unit):

   • Sources: senior $29,725,000; AXCS pref $6,250,000; sponsor equity $11,776,069.
   • Uses: land $4,829,864; pre-dev $1,341,881; hard $33,310,030; soft $4,548,864; financing $3,719,022; total $47,749,661.
   • Footnote the $1,408 rounding difference versus the GSP basis.

6. Sponsor Overview – Abstract Development Group: a paragraph plus project bullets in the template's asset-bullet format (Asset Type / Total Units / Year Built or Completed), taken from the bio.

   • Include One Burton (South Salt Lake, 180 units, completed 2025, per bio p13) and disclose it is in lease-up at 47% occupied (RealAI Rent Index 2026-09-26; see rent_comps.csv).
   • Present Jason Algaze's track record as "prior to Abstract", with the bio's p11 caveat.
   • Describe Barry Rudofsky and Scott Silverman as advisor and partner, per the bio.

7. Business Plan:

   • Construction: start Nov-2026, 20 months, TCO Jul-2028.
   • Lease-up: Greystar, 8 units/month. Stabilization Sep-2029 (month 35).
   • Takeout: sale is the primary route, refinance secondary, at Dec-2029.
   • Pref current pay is funded from a pref interest reserve in the budget, amount to be confirmed in the final budget.
   • No affordability restrictions.

8. AXCS Financials/Return Summary, mirroring the template blocks:

   • (a) Scenario table, columns AXCS Diligence case / Sponsor case. Rows: stabilized NCF, value at 5.50%, cushion below pref, repaid flag, coverage through pref, senior DSCR. Source: Structure Comparison, Recut rows.
   • (b) Sensitivity: exit cap 5.25–6.00% × both rent cases, showing cushion and REPAID/NOT REPAID for Recut. Add the As Offered (Mar-26) comparison.
   • (c) AXCS Preferred Equity Returns block: principal, current pay received, accrued, payoff, total distributions, IRR, EM.
   • (d) AXCS Last Dollar Exposure: LTC at close; attachment/detachment LTV at exit for each rent case.
   • (e) Annual summary by calendar year (2026–2029) from the Monthly CF sheet: NOI, senior interest, pref current pay, pref accrued/claim, payoff. Label it "Source: AXCS underwriting model".

9. Property Financials: stabilized untrended proforma, Sponsor case vs AXCS Diligence case.

   • Line items: GPR, vacancy, other income, retail, EGI, opex lines, NOI, reserves, NCF, expense ratio.
   • Use model cells where they exist (Structure Comparison NCF build rows about 35-48; Takeout for the selected case; opex on Assumptions).
   • Note Greystar's taxes of $183,000 and insurance of $48,800 vs AXCS's $230,000 and $700/unit.

10. Rent Comparables and Sales Comparables tables, template style.

    • Rent comps: Name, Distance, Year Built, Units, Occupancy, Ask Rent, Ask $/SF, Studio/1BR/2BR ask. List the subject (Sponsor case, AXCS case) first, then the 10 comps, then an Average row.
    • Sales comps: Tradition Pointe, Sugarmont, and Hardware (2020 reference).

11. Market & Submarket Overview.

    • A 3-column table (Metric / Salt Lake City Metro / Ballpark Submarket):

      Metric	Metro	Ballpark
      12-mo asking rent growth	−0.8%	−9.2%
      Occupancy	92.2%	85.8%
      Asking rent	$1,736	$1,585
      Asking $/SF	$2.14	$2.25
      MF cap rate (GreenStreet 2Q26)	5.53%	n/a
      MF permits T12	4,555	n/a
      Under construction (C&W)	3,682	n/a

    • Narrative sections: "Market – Salt Lake City", "Construction & Deliveries", "Submarket – Ballpark" and "Ballpark NEXT & TRAX", drawn from the prior OM text and web_findings.md:

      • Northmarq Q1-2026: vacancy 7.3%, concessions 10–18%, cap ~5.3%, ~6,000 deliveries in 2026.
      • CRA Dec-2025 plan: partial stadium demolition, 3,700-seat venue, festival street.
      • Jul-2026 height reduction from 150 to 95 ft. No master developer named yet.
      • TRAX lines.

    • Insert the chart images from the prior OM where they fit, plus the rendering in the property/overview area with the caption "Rendering: Arch Nexus (2023 design submission; design since revised to 122 units)".

12. Sources & Notes section, then the standard disclaimer (discussion only; not an offer of securities; projections are estimates; recipients should do their own diligence), then the contact placeholder.

RETURN

• Final docx path, page count, script path, and contact-sheet paths (save QA renders under om_house/qa/).
• A QA note: how closely the output matches the template, anything you could not replicate, and every figure you computed with its formula.
• Any inconsistency between the model and the prior OM text.