Underwrite development without forcing a T12.
The Development Agent runs budget, capital stack, draws, and Gantt-style timelines in one living model — with market-derived underwriting when operating history doesn’t exist yet.
Stabilized tools break on ground-up deals.
When there’s no T12, equity workbooks and generic extractors invent nonsense. Plex development underwriting is built for projects that are still becoming assets.
How the desk actually runs.
Classify as development
Deal workspace switches to development financial model modules automatically.
Build the stack
Sources & Uses, budget, and development debt in one living model.
Schedule the work
Draws and timeline keep capital and delivery aligned.
IC with market context
Comps, research, and Ask Sam narratives — without a T12 fantasy.
Sources & Uses that stay live
Track equity, development debt, and uses as assumptions change — one capital stack, not five versions of a spreadsheet.
- Sources & Uses and development budget
- Development debt alongside equity sources
- Assumptions that update linked schedules
- Export when sponsors or lenders need Excel
Draws and delivery timelines
Plan construction and funding cadence with draw schedules and timeline views your IC can actually read.
- Draw schedule modeling
- Project timeline / Gantt views
- Market-derived UW when operating history doesn’t exist
- Ask Sam for business plans and budget red flags
Same intelligence layer as acquisitions
Development deals still benefit from comps, market research, Ask Sam, and everything your firm learned on prior projects.
- Market Research for supply, demand, demographics
- Rent comps for lease-up assumptions
- Data Room and diligence across the project lifecycle
- Outcomes that strengthen future development Fit
We embed with your desk.
Plex specialists sit with acquisitions, origination, and asset management on live deals, live models, and the books you already run until your people own it day to day.
Sit with the team
We start on your live pipeline and serviced book, not a sandbox. Specialists work beside the desk on deals, loans, and assets already in motion.
Encode the playbook
Buy box, models, covenants, and committee habits get written in so the next deal runs the way this firm actually decides, not a generic workflow.
Transfer ownership
We stay until the desk is running it day to day. The system remains yours. The specialists step back when your people no longer need them in the chair.
Ask Sam on development deals
Surface risks, comps, and narrative for IC — grounded in the active development model.
- /business-plan for this project
- /red-flags on budget and timeline
- /rent-comps for lease-up assumptions
- Summarize capital stack changes this week