Every material claim/number in the proforma, cross-checked against independent public sources. This is the "verify twice/thrice" record. Tenant PII from the rent roll was never sent to any external source.
Status: ✅ Confirmed · ⚠️ Corrected/qualified (model or my own placeholder adjusted) · ❌ Refuted (model materially off) · ❓ Needs paid/interactive source (not free-web verifiable) Confidence: H / M / L
| # | Item | Model says | Independent finding | Status | Conf | Source(s) |
|---|---|---|---|---|---|---|
| 1 | Asset & units | Press House, 356 units, 331 N St NE | Press House at Union District, 356 units, 301/331 N St NE, NoMa | ✅ | H | Foulger‑Pratt; Apartments.com; presshousedc.com |
| 2 | Year built / vintage | (implied new) | Groundbreaking 2019, delivered ~2021; former Congressional Record printing press; 2 bldgs, shared lobby/rooftop | ✅ | H | WTOP (2019); Foulger‑Pratt; Bisnow |
| 3 | Developer / seller | "Fox" buying | Foulger‑Pratt + Juster Properties + ClearRock dev & current owner; books in FP Yardi ("foulgerpratt" tree) | ✅ | H | Foulger‑Pratt; Bisnow; WBC |
| 4 | Rentable SF | 276,947 SF | Consistent with unit mix; exact SF not free‑verifiable | ❓ | M | model rent roll; Apartments.com (unit SF ranges) |
| 5 | Affordable/IZ units | 31 IZ (8 STU+12×1BR+11×2BR) | 31 affordable, incl. 11×2BR at 50% AMI — matches rent roll exactly | ✅ | H | Foulger‑Pratt press |
| 6 | Purchase price | $110,000,000 ($308,989/unit) | Press House contract price not public; per‑door benchmarked below | ❓/⚠️ | M | (comp #20) |
| 7 | Transfer/recordation tax | "Welcome Tax" 1.45% = $1.595M | DC commercial combined 2.9% (since Oct‑2023; 5% over‑$2M expired). "Welcome Tax" is Montreal | ⚠️ understated ~$1.6M | H | DC OCFO; BDO; OTR Recorder of Deeds |
| 8 | Property tax rate | effective ~1.1–1.4% (held at T12 avg $1.21M) | DC Class 1A residential 0.85% (apartments) / Class 2 comm. 1.65–1.89%. Implied current assessment ~$142M > price → reassessment not punitive | ⚠️ (my placeholder corrected) | H | OTR Real Property Tax Rates; §47‑812 |
| 9 | Property tax trajectory | flat at T12 avg $1.21M | latest month $1.57M/yr run‑rate → ~$359K/yr understated near‑term | ⚠️ | H | model T12 (sheet 8, N140) + OTR |
| 10 | NoMa BID surcharge | (not separately modeled) | ~$0.15/rentable SF (≈$42K/yr) bundled in tax line | ✅ | M | NoMa BID FY26 rate notice; DC Code §2‑1215.57 |
| 11 | Rent control | (assumes push to market) | Exempt — new construction (post‑1976/2021); DC stabilization is pre‑1976 only | ✅ | H | DC Rental Housing Act guidance |
| 12 | TOPA (exit friction) | (not modeled) | RENTAL Act 2025 (eff 12/31/2025): 15‑yr new‑construction exemption → Press House exit exempt (Notice only). Risk mitigated | ✅ | H | Holland & Knight; Ballard Spahr; ArentFox Schiff |
| 13 | Submarket vacancy | stabilizes to 4% | NoMa/Union Market ~10–11% vs DC ~7% (Apr‑2026) | ❌ model far below market | M‑H | UrbanTurf; Hoodline; CBRE 2026 outlook |
| 14 | Concessions | 4%→1.5% of GPR | Area ~2–4 months free; Press House itself ~2 months free, ~20% below area avg | ❌ understated | M‑H | UrbanTurf; ApartmentList/Press House listing |
| 15 | Rent growth | +3%/yr | DC rents fell ~2.2% in 2025; near‑term soft | ⚠️ optimistic near‑term | M | UrbanTurf |
| 16 | In‑place avg rent | ~$2,531/unit blended | NoMa avg ~$2,502 (Flats 130) — consistent | ✅ | M | Bisnow/Hoodline |
| 17 | Exit cap | 5.0% | DC all‑class ~5.6%; Class‑A natl ~4.74%; prudent 5.25–5.5% | ⚠️ optimistic | M | CBRE; Newmark; market trackers |
| 18 | Going‑in cap | 4.15% | 3.77% on T12 basis (model uses flattering April snapshot) | ⚠️ | H | internal recompute (03_audit_recompute.py) |
| 19 | Debt rate / structure | 6.85% I/O, 80% LTV | Bridge req'd (<90% occ); rates high‑5s–12%; LTV typ 65–75% (80% top‑end); interest reserves standard (missing) | ⚠️ | M‑H | Janover; PeerSense; Crittenden bridge reports |
| 20 | Comp — The Belgard | n/a | 33 N St NE, 346 units, $107.75M = $311K/unit, Aug‑2024, same sponsor, stabilized (high‑90s), Fannie 5.72%; seller blamed TOPA delays | ✅ comp | H | Bisnow (Aug‑2024) |
| 21 | Comp — Flats 130 | n/a | 130 M St NE, 643 units, ~95% occ, avg $2,502, on‑market via CBRE (early 2026), no printed price | ✅ context | M | Bisnow; Hoodline |
| 22 | Exit liquidity | (assumes clean sale Mo24) | DC MF volume −26% YoY (~$5.3B) — thin buyer pool | ⚠️ exit risk | M | Newmark 2Q25 |
| 23 | Insurance | ~$9,786/mo (~$329/unit/yr) | Low vs US norm ~$400–700/unit amid rising premiums | ⚠️ likely understated | M | industry norms |
| 24 | Project IRR | 61.1% | Reproduced 61.12% exactly — math valid, but rests on items above | ✅ math / ⚠️ inputs | H | internal recompute |
| 25 | Loss‑to‑lease in CF | (omitted) | Present in Projection, dropped from monthly CashFlow → interim NOI overstated ~$1.39M | ⚠️ bug | H | internal recompute |
| 26 | FEMA flood zone | (not addressed) | Unverified — requires FEMA MSC / dcfloodrisk.org address lookup | ❓ | — | FEMA MSC; DC DOEE |
| 27 | Actual TY2026 assessment | implied ~$142M | Unverified — pull from MyTax.DC.gov by square/lot | ❓ | — | OTR Real Property database |
| # | Item | Finding | Status | Source |
|---|---|---|---|---|
| 7b | Transfer tax allocation | DC custom: BUYER pays 1.45% recordation, SELLER pays 1.45% transfer (combined 2.9%, split). Model's 1.45% is DEFENSIBLE as buyer cost; understated only if Fox pays both sides. | Corrected (was: understated $1.6M) | DC OCFO; ArentFox Schiff; SmartSettlements |
| 28 | NoMa rents (Zumper median, Mar-2026) | Studio $1,729 / 1BR $2,355 / 2BR $3,013 | Confirmed | Zumper H St-NoMa |
| 29 | NoMa rents (Apartments.com avg) | Studio $1,842 / 1BR $2,239 / 2BR $3,184 | Confirmed | Apartments.com |
| 30 | ZIP 20002 demographics | 69,422 pop; median age 33; median HH income $120,337 (2024) | Confirmed | unitedstateszipcodes / zipdatamaps |
| 31 | Near Northeast renters | 61.6% renter-occupied; median income $98,391 | Confirmed | Point2Homes |
| 32 | Gallaudet enrollment | Fall 2025 = 1,260 (807 UG / 453 grad), flat YoY (-3), declining over decade | Confirmed | Gallaudet OIR Fall-2025 snapshot |
Closes the open items and adds document-grounded findings from "15 - Press House Dataroom". Full detail: ../05_dataroom/DATAROOM_AUDIT.html.
| # | Item | Prior | Dataroom finding | Status | Source |
|---|---|---|---|---|---|
| 6 | Purchase price | needs PSA | $110,000,000 confirmed | CONFIRMED | LOI (Fox->CBRE 6/4/26) |
| 7 | Transfer/recordation tax | "understated if both sides" | LOI: SELLER pays ALL transfer + recordation; buyer $0 -> model's $1.595M is a ~$1.6M conservative OVERSTATEMENT | CORRECTED (favorable) | LOI Closing Costs |
| 8/9/27 | Property tax / assessment | needs MyTax | Actual ~$1.12M main lot (+ ~$44K retail/garage); FLAT 2023-2026; model $1.211M = T12 accrual; no reassessment | CONFIRMED | Tax bills (SSL 0772-7004/0809/7001) + Resi T12 |
| 19 | Financing | needs term sheet | Equity = Farallon Capital ($42B AUM), no fundraising contingency; senior "conventional financing" separate/open | PARTLY CLOSED | LOI + Farallon letter |
| 33 | Going-in NOI basis | - | Model "now" = April $360,785/mo; T12 avg $324,464/mo -> entry ~11% high | DISCREPANCY (H) | Resi T12 |
| 34 | Concessions trend | - | Rising: Jan $11K -> Apr $125K/mo (~12.6% of GPR) vs modeled 1.5% | DISCREPANCY (C) | Resi T12 (4110-0003) |
| 35 | AR / delinquency | - | $589K unpaid ($315K net); 108/356 units (30%) delinquent; over-90 $123K + 61-90 $103K | NEW (H) | AgedReceivables 3/27/26 |
| 36 | Non-recurring capex | - | $977K/yr actual (HVAC/fire/interior) vs $70K FFE | NEW (H) | Resi T12 (6150s) |
| 37 | Retail "+$35K" upside | - | Executed Starbucks ($122,720/yr) + S&S leases; ~$19K/mo contracted, rent not yet commenced -> de-risked (timing) | NEW (favorable) | Starbucks + S&S leases |
| 38 | Proforma versions | - | v1 has "VCF Calculation" working sheet; v2 = reorganized presentation model | NEW | Underwriting Proforma (both) |