CRE: office development joint venture
A ground-up office development drawing on a construction facility, capitalizing interest through the build, then stabilizing and refinancing.
Every number below is checked against an independent reference implementation on every commit — period by period, and on each metric, inside a declared tolerance. See benchmark methodology.
The case
A ground-up office development in Boston: a 36-storey building funded quarter by quarter across a 2000–2003 construction period. Equity goes in first against a $110,738,000 commitment; once that is exhausted the construction facility draws the balance, and interest capitalizes into the loan through the build.
The reference
A real, named transaction taught as a case study, with its funding exhibits published. The exhibit gives a sixteen-quarter draw schedule, an 8% rate and the equity commitment.
Redistributable. CC BY-NC-SA 4.0, so the source PDF is committed under
reference/ and a reader can mark every figure against it directly.
Every number asserted is the exhibit's, derived by the model from those three published drivers.
What it exercises
| Pack | cre |
| Declared | one curve, one state, three native streams |
| Language features | a curve read per period, declared state as a running total |
| Conventions | equity-first funding, a facility that draws only once equity depletes, capitalized construction interest |
The case runs on native streams and a declared state rather than a pack
contract: cre.construction_stub takes a flat draw and cannot express an
equity-first waterfall that depletes mid-quarter.
The result
Equity contribution and construction draw reproduce exactly to the dollar across all sixteen quarters. Capitalized interest reconciles to the exhibit's stated $16,310,570 of accrued construction interest.
Asserted: three stream columns quarter by quarter, plus the interest total.
The delta
The interest line carries a wider tolerance than the funding lines because the exhibit rounds its quarterly interest to the dollar while compounding on unrounded balances. The funding lines, which the exhibit states exactly, match exactly.
Run configuration
{
"deterministic": {
"annual_discount_rate": 0.08
}
}Verified results
Checked period by period: 3 series across 16 periods — 48 values in all, each within ±500.0 of the reference.
equity.contributionloan.construction_drawloan.construction_interest
Summary metrics for the base run:
| Metric | Value | Tolerance |
|---|---|---|
domain.cre.debt_service | 16,310,570 | ±1500 |