Capital Stack — Reconciled to Layout (612 units)
+254 bps
yield-on-cost spread
Model reconciled from the earlier 816-unit screen estimate to the layout-derived 612 window-compliant units (× 922 SF avg). Fewer, larger units → lower TDC & NOI, spread holds. Full model: 5400_capital_stack.xlsx.
Schematic massing — plate (~878×80ft), cores, articulated perimeter read by eye from L3 plans + back-solved from RSF/grid. Not surveyed, not construction docs. Measured geometry requires Talah vectorization of source DWG.