🎓 Curriculum taught at Fordham University's Real Estate Institute

Learn Development Underwriting From Someone Who Actually Builds

Free video lessons, institutional-grade frameworks, and AI-powered tools for construction and real estate professionals — from the team behind KJL Consulting Group, NYC.

Fordham UniversityReal Estate Institute Instructor
NYU Schack InstituteGuest Lecturer
$500M+ NYC ProjectsGround-Up & Commercial TI
KJL Consulting GroupWBE-Certified Owner's Rep
Free Video Series

Pro Forma Foundations — Watch Free

The first three lessons from our 6-module development underwriting course, exactly as taught at Fordham. No fluff — real deals, real numbers, real NYC zoning.

Free · Lesson 1

Intro to Underwriting & Pro Forma Analysis

What a pro forma actually is, why every investment committee lives and dies by it, and the 7-step framework behind every institutional deal.

Free · Lesson 2

Building the Assumptions Tab

The financial modeling assumptions that drive everything downstream — walked through live in Excel on a real multifamily development model.

Free · Lesson 3

Zoning & Property Research (NYC / ZoLa)

Block & lot, permittable GFA, density and height limits, setbacks and parking — how to pull real site diligence using NYC's ZoLa before you model a dollar.

Get All 3 Free Lessons + the Deck →
The Full Library

20 Videos. 15 Decks. 6 Modules.

The complete Fordham curriculum, packaged as ProFormaSet Academy — from first zoning check to construction-phase cash flow.

Free Module 1

Pro Forma Foundations

Underwriting intro, the assumptions tab, and NYC zoning & property research with ZoLa.

3 videosDeck includedExcel model
Paid Module 2

Debt, Cash Flow & Returns

Debt service, amortization schedules, cash flow projections, NPV, IRR, cash-on-cash, yield on cost, and exit value.

5 videosDeck includedExcel model
Paid Module 3

Stress-Testing the Deal

Alternate scenarios plus single- and two-variable sensitivity analysis — know your downside before the lender asks.

2 videosDeck includedExcel model
Paid Module 4

Tax & Investor Mechanics

Depreciation, after-tax cash flow and sales profit, investor term sheets, and full waterfall distributions.

4 videosDeck includedExcel model
Paid Module 5

Refinancing & Affordable Housing

Refinancing to permanent debt, subsidy debt, low-income tax credits, and how affordability changes the model.

4 videosDeck includedExcel model
Paid Module 6

Entitlements & Construction

Pre-development costs, ULURP, capital stack, land improvements, and benchmark rates & cap rates.

2 videosDeck includedExcel model
The Method

The 7 Steps Behind Every Institutional Pro Forma

The same framework taught in the classroom and used on real KJL projects across NYC.

Research Property Information
Determine Revenue Projections
Identify Operating Expenses
Project Growth Rates for Future Years
Estimate Renovation & Capital Expenditure Costs
Calculate Valuation & Returns
Determine Sources of Funds & Financing
Worked Example — Taught In Class

A Real Multifamily Development, Modeled End-to-End

$20MAcquisition price
$54.7MTotal project cost
36 mosPurchase to sellout
75% LTC$33.8M construction loan

Every module builds on this single deal — carry costs, financing, waterfall, and exit — so you finish with a complete working model, not disconnected theory.

The Build Intelligence Suite

Tools, Courses & Consulting

AI built by construction professionals — not software people guessing how a jobsite works.

Course

ProFormaSet Academy

The 6-module development underwriting course taught at Fordham. Module 1 free — full course with decks and Excel models for founding-cohort pricing.

Start Module 1 Free →
AI Tool · Procure

RFP Generator

Issue RFPs contractors can price apples-to-apples. Pre-fills property facts from public records and attaches the Standard Bid Form, so every bid lands on the same CSI lines for LevelSet AI.

See the RFP Generator →
AI Tool

LevelSet AI

Bid leveling for construction projects — compare GC and CM bids apples-to-apples, flag scope gaps, and generate an award recommendation memo.

See LevelSet AI →
AI Tool · Coming Soon

ChangeSet AI

Cost management and change-order control — track budget variance, manage the BCR register, and keep the ACR honest.

Join the Waitlist →
Skills Library

Installable Skills

Every Build Intelligence skill in one place: download the .skill file for Claude, or open the source for ChatGPT and Copilot. Bid leveling and the RFP Generator are live.

Browse the Skills Library →
Get Started

Watch Module 1 Free

Three full video lessons, the session deck, and the sample Excel pro forma — the same materials Fordham students paid tuition for.

Get Module 1 Free →