DW Real Estate

How DW Real Estate used Crunched to underwrite a complex >€300M acquisition — integrating tenant-level CapEx, refining the waterfall across financing scenarios, and shipping the bespoke analyses the deal team needed to optimize purchase price.

Core Metrics

• >€300M deal value supported by Crunched's underwriting work
• ~30%
  estimated timeline compression on complex analytical workflows, with enhanced speed and precision on time-sensitive engagements.

About the Client

• Client: DW Real Estate
• Industry: Real Estate
• Primary Use Case: Underwriting and acquisition analysis on a complex >€300M deal — CapEx modelling, waterfall refinement, purchase-price optimization, and bespoke deal-team analyses
• Product: Crunched — AI Excel analyst for real-estate underwriting

"With my team having access to Crunched, I am confident we are getting both higher accuracy and more time to analyse what matters most on a deal. That combination is the difference between an offer we can defend and one we can not."

Dominik Sailer
Managing Director, DW Real Estate

Executive Summary

DW Real Estate engaged Crunched to support underwriting and acquisition analysis on a >€300M deal with a complex financing structure. The engagement spanned three core workstreams: tenant-level CapEx modelling, multi-scenario waterfall refinement for purchase-price optimization, and a series of bespoke analyses beyond the model's standard outputs.

Crunched delivered a stream of supplementary projects: converting image- and PDF-based data into structured Excel formats, building bespoke data tables tailored to client reporting and modeling requirements, and running end-to-end quality assurance on completed deliverables — identifying and resolving numerical inaccuracies and logical inconsistencies before they reached IC.

The result: an underwriting view the deal team could act on with confidence, faster turnaround on time-sensitive engagements, and a higher bar for what counts as a finished deliverable.

The Challenge

Decision-grade depth on a complex deal under a strict timeline

Real-estate underwriting at this scale is unforgiving. CapEx assumptions sit at the intersection of tenant-level detail — work periods, rent loss, tenant-specific costs — and time-period mechanics: when capital lands, when income returns, and how the two interact across the hold period. Waterfall structures then compound those choices into very different return profiles depending on how and when equity is deployed.

The deal team needed all of that modelled, stress-tested, and reconciled — fast enough to meet the timeline and tight enough to defend at IC. Data inputted as PDFs was structured into the required model format without losing fidelity – enabling us to cleanly structure scenarios with different equity-timing assumptions.

The bar was clear: decision-grade depth without expanding the deal team, on a timeline that didn't allow for the usual manual rebuild.

The Solution

Crunched as the underwriting and acquisition-analysis partner

Rather than expand the deal team or compress the analysis, DW Real Estate partnered with Crunched to enable the team to go faster and execute the full deal flow from CapEx modelling, waterfall refinement, and other bespoke analysis.

1. CapEx Modelling
   The central component of the engagement: accurate incorporation of capital expenditures into the financial model. Crunched imported the PDF data table containing the area overview, rent loss assumptions, work periods, tenant details, and associated costs, and implemented every CapEx item at both the tenant and time-period level — so cash-flow projections reflected the real timing of costs and the tenant-specific impact on income, not a simplified average.

2. Scenario Analysis & Waterfall Refinement
   Crunched allowed us to run detailed scenario analysis, extending and stress-testing the existing waterfall mechanism. The key analytical advancement: equity contributions were distributed across different points in time, with interest effects and the financing structure modelled directly into the waterfall. That let the team evaluate alternative capital-deployment strategies and see, cleanly, how each option flowed through to overall returns.

3. Supplementary Analyses
   Beyond the model's standard outputs, Crunched delivered a series of bespoke analyses tailored to this deal — additional cuts the team specifically wanted for decision-making support, produced quickly enough to be useful in the live IC conversation rather than the post-mortem.

"Tenant-by-tenant inputs and adjustments at the work-period level are notoriously labor- and time-intensive by hand. Crunched handles this elegantly and reduces the effort substantially."

— Jonathan Roeser, DW Real Estate

Focus Area

Where Crunched plugs into the deal

Broader Impact

Deeper underwriting, faster turnaround, fewer surprises

Real-estate underwriting is a domain where the difference between "directional" and "decision-grade" is measured in modelling depth — CapEx integrated at the right level of granularity, waterfall structures that hold up under stress, and analytical cuts tuned to the specific deal in front of you. DW Real Estate's engagement is an example of how that depth can be reached without expanding the deal team: by handing the slow, deterministic work to Crunched and keeping the senior bandwidth on the questions that actually shape the offer.

About Crunched
Crunched is an AI Excel analyst built by and for Excel power users in investment banking, private equity, real estate, and management consulting. Backed by First Round Capital, Y Combinator, 20VC and others, Crunched integrates advanced AI models directly into Excel to automate modeling, error-checking, research, and templated outputs — without breaking existing workflows.
The goal: automate Excel grunt work, one high-impact pain point at a time.