Colony Landing Investment Opportunity

All right, welcome to Colony Landings investment webinar. I'm really excited about this investment opportunity. This has been a project we've been working on for about 18 months. This is land that we own in Bryan, College Station, or Bryan, Texas, and we are excited to get this investment webinar going. First, I want to start off with a disclaimer. This is not a solicitation to purchase securities. The only way to be offering a purchase of securities is through our private placement memorandum. The company makes many statements about reasons this investment location, project, or similar items regarding this opportunity are good and favorable, but we do ask that you review with your legal, tax, financial, review any other advice before making a decision. We will send this webinar and these slides out. So just wanted to start off with that disclaimer. I want to introduce you all to Colony Landing. This is an office retail development in Bryan, Texas. This is for a— this is a 506(c) offering for accredited investors. So if you're not sure if you're an accredited investor, know that it's defined by the SEC based on income and/or net worth requirements. So after this webinar, feel free to reach out or just do a Google search on accredited investor status. So with that said, there's also a QR code on each of the slides. As you're ready to do a soft commitment, go ahead and make that soft commitment. Through that QR link, and that way it puts y'all first in line. We just finished phase 1 of our development called Colony Landing Apartments. We didn't go out to investors on that. We went through our internal network on it and was able to raise that full equity. So I say that because these spots do fill up quickly. So if you're interested and you want to learn more, definitely do a soft commitment. Through that QR code that's on each of the slides, and that way we can have further conversation. So I want to start off with Colony Landing as a new development in Bryan, College Station, Texas, where we'll build the project for about $14.8 million, stabilize it with roughly $1.6 million— excuse me, $1.6 million of NOI, net operating income, creating estimated value of $17 to $18 million at exit. So we're taking this raw land, developing and forcing appreciation development and creating an incredible value for our investors. That's about $2.5 to $3 million in value through development while providing an 8%, 8% preferred return and a projected 2.1 equity multiple over a 7-year hold. One of the things that whenever we do development projects, I really like to go out and do equity when we have all of our permits and zoning And the risk is just a lot less, right? And so at this point, zoning has been approved, permits are in final approval status. We should be getting that over the next week or two. We're waiting on an easement approval on that through the city. So all that looks really great. Site plan's been approved. So there's no risk on the standpoint of zoning or permits. We've partnered with incredible local groups like Sago Brokerage to be our third-party leasing. We're partnering with Keys and Walsh on the actual development, the construction of the project, and then Prosperity Bank, who's an incredible regional bank focused in Texas and Oklahoma. We've got great local relationships with their team who's going to be providing the debt on this investment. It's a prime location near Texas A&M University, has about 77,000 students. It also meets up with our mixed-use development, which is going to be that 150-unit multifamily. And then there's a hotel and then there's a lot of properties next to it. Right next to this property is an IMAX theater, restaurants, and right off Highway 6, which we'll talk about a little bit later about how many cars, etc., go by Highway 6. One of the things about Bryan-College Station is there is a huge supply-demand imbalance with Class A mixed-use office retail. And then we as CRA partners, we're also going to be occupying the space. So the reducing of the, the lease-up and wondering who's going to be that first tenant, like that's all Blinn lays down because we're going to be that first tenant. So as I mentioned, we have Colony Landing Apartments going to be going at this site location. So we own the land from Austin Colony Parkway to Highway 6. This project will be starting in May of 2026. We're closing on the loan in April 2026. And then you have the office retail portion here, and then there's a hotel that will be going in. Right next to it is the IMAX theater and several restaurants. If I go to the Google Earth view, I'm gonna scroll out here. So where this land is, so this is Highway 6, there's about 68,000 or so cars that drive by daily. With the apartments that we're developing, this road called Sam Rayburn Drive will be extended to Austin Colony, and then this So this will be the apartments here and then this project here will be our office and retail, which makes most sense because of the street view and access from the highway. Things that I like about already in place is there's already, you know, very nice IMAX theater, a lot of restaurants, Kroger, other retail restaurants, and there's a lot of housing in the area too. Austin Colony, Miramont, These are very nice neighborhoods. And so I wanted to show sort of a visual. If we zone out just a little bit further, you know, we're about 4 exits from the university, or excuse me, Texas A&M University. So from a standpoint of location, it really doesn't get much better being right off the highway and having all this development happening at the same time and being right next to already existing projects as well. So neighborhood drivers: Texas A&M, Blinn College. I mentioned Marmont, Austin Colony as large housing neighborhoods. Colony Landing Apartments will be going in as well, as I mentioned. Kroger, IMAX, local dining. And then the Highway 6 and Highway 30 corridors are just nearby as well. So I mentioned Colony Landing Apartments. So this is the type of property that will go right next to Colony Landing retail office. It's all Class A, you know, premier, top-of-the-line type housing, market rent. You've got a lot of the stone facade, great aesthetics, amenities, resort-style pool. And I'm showing this just as to show that, you know, we are developing a Class A premier environment. For this property. And so with this housing, along with the office, retail, and the future hotel, these will all be the 3 phases, even though a lot of the phases will be happening at the same time. So why Bryan-College Station? So I've been living there for the last few years, and I've seen firsthand the amount of growth and development-friendly environment that's, that's happening there. If you look at this map here, this— you've got Dallas, Austin, San Antonio, Houston, College Station, Bryan- College Station is right in the middle of the Texas Triangle, so there's a lot of growth. The university brings an incredible amount of aerospace, defense, energy, life science, and semiconductor energy, um, companies in the area, um, and it's just continuing to massively grow. Uh, there's, um, the, the thing that we've developed in Bryan before, and one of the things I love about Bryan College Station is how easy it is to develop. And I, I would say development's never easy, but when you have the relationships and the pro-development and there's this pro-growth mindset, it makes these type projects much faster, more, much more efficient to, to move forward. The years, the past 4 or 5 years that I've lived there, I've seen a massive population growth. And so compared to like national of 14.2%, population job growth, you know, Bryan-College Station is about 25.2%. So a lot of it is, you know, heavily around that Texas A&M, but Texas A&M through graduate schools and their other research and all brings in a lot of employers that are looking for top talent for these different types of industries. There are about 282,000 people that also live in the population or in Bryan-College Station as well. The 94% occupancy, limited new supply for office retail. So that is another great aspect of why I'm doing the office and retail development is just there's not a lot of this space available. And as I'll show on another slide, it's about an 8-month inventory from a leasing standpoint. So from a map, our site is located right here, as I mentioned, Highway 6, but it's located in a corridor where there's a lot of restaurants and different amenities. This is great for office space. And so we will have retail, but I see a lot of financial firms, engineering firms, and I can have offline conversations about tenants that we are working with that are prospects as once we start the actual construction of the development. But there's a lot of professional engineering type firms that are looking for this type of office space. And one of the big reasons is just because the proximity to other hotels, restaurants, and, you know, easy access off Highway 6. So why office retail? So Bryan College Station has seen a, you know, a great amount of growth, but it's— there's just not a lot of the supply compared to the demand. So the supply— on the demand side, as engineering and the financial firms continue growing, we're seeing a lot of need for the Class A space. Rents have been going $26+ on, on the office side and $28 a square foot on the retail side. And, you know, this data is from CoStar. So you have this continued growth of rental rates in the foreseeable future and the vacancy rate, you know, stabilizing around that 5% on the vacancy standpoint. Some of the great accolades for Bryan College Station, you know, number 3 America's Next Boomtowns, number 4 top heartland metro area, number 6 top 25 growth cities in the U.S., graded number 3 cities with most homeowners under 25, and then number 4 top cities for retirees. The thing as well is we're seeing an average of 3 to 5 years on the office retail lease-up, which is great because we can, you know, over time, you know, that 3 to 5-year term, as the markets do grow, as these marking asking rents, we can reset the rents. You know, a lot of the core cities, whether it's Austin, Houston, Dallas, you know, having worked with CBRE for, you know, 16 years, I saw much more longer leases, 10, 15-year leases. So having that 3 to 5-year lease term, in my opinion, it's good because we can reset rents, uh, to market at a much earlier rate. So from a market performance, I've mentioned 94% occupancy across, uh, Class A office and retail. Uh, this is a triple net, uh, development property, so any of the expenses— insurance, taxes, repairs and maintenance, um, anything, uh, that goes towards operating the asset— those are a pass-through to, uh, tenants. And so the cash flow that the property will produce after debt service is a strong return. And we'll talk about the return shortly. From a capital standpoint, we do have reserves for future tenant improvements and leasing commissions. We'll talk about that as well. But since it's a new development, there's not going to be a lot of repairs and maintenance and future CapEx that you may see in other office projects that are older and vintage. The other thing that I— reason why I bought the land and was excited to, you know, develop— and again, it was an 18-month process. So this wasn't an overnight, overnight project, but it was one that I was really invested in and excited for because there's just really not any competing Class A office retail within 7 miles. A lot of the Class A office space that, you know, may be similar, a lot of those are treated like condominiums where the businesses own the the suite, and they don't— it's not like a rental type thing. So that takes out a bunch of users right there because not everybody wants to own their, their office. And so when you look at it from a 7-mile radius, there's not much available. The furthest out is, you know, College Station area. And if you're living in Merrimont, Austin Colony, you know, that is quite a bit of a drive compared to being right there in your neighborhood. So as I mentioned earlier, the market supply-demand— when I'm looking at developments, and it's, you know, when we do developments, it's typically 2 or 3 going on at one time. It's not a whole lot. And I say that because we are really focused on finding entrepreneurial opportunities to, um, you know, find a need, particularly in Bryan-College Station since that's where we're headquartered. And in this case, like I look at the months to lease, 8.8 months per CoStar, they don't stay on the market long. And then if you have that 3 to 5 year lease period, you know, the, the property will lease up in a fairly short amount of time. And I'll discuss some timelines on the lease up shortly. And then we're looking at like what other supply is in the market. You know, there's about 52,000 square feet of retail office under construction. If you compare that to the last 12 months, 191,000 square feet has been absorbed. So this is a huge need and something that I'm excited about because we are building something in a time where it's, you know, it's tough to build anything these days. And so if we, as we start this project, we will see a massive list continue to grow for interest in the property. So a little project snapshot here. Total rentable square feet, 40,646. This aerial here shows a good visual of the building. So there's 4 buildings total, 3 buildings closer to Highway 6 and the 4th building off near Sam Rayburn Drive. And then this grassy area will be the apartments. This white piece here, this is going to be a hotel. Right now we're planning on it being a Spring Hill Suites. We're working through the architectural design of that project, but it's laid out very nicely. All a lot of glass, a lot of stone. Love the architecture with the, the roofs. There is a nice water fountain feature as well. And so, you know, this will bring a great, great tenant base to this type of property. Now, it's on 3.6 acres, triple net lease, as I mentioned. We are getting— working with a very conservative financing structure with a 58% loan-to-cost. I see a lot of debt funds and a lot of developments that are doing 65% to 70%. I've made a decision to go with a very conservative loan at a 58% loan-to-cost, and we'll talk about reasons why shortly. But our partnership with Prosperity Bank is solid, and I'm excited to grow that relationship over the years. But part of that is being conservative and making sure we're preserving cash and just being conservative. What we want to do is just not be overly aggressive, any type of developments, be conservative, but, you know, hit, hit the, hit the ball hard so we can get, you know, some great returns and great success. So this construction build now, this whole area right now is, is grass. Like, there's just dirt and grass. And so as we develop with the, the pavement and the verticals, all the horizontal and the vertical, that will take about 14 months. So our plan is to secure the loan in April. So close on the loan in April and then start the construction in May of 2026. The timeline on this is incredible because we don't have to wait for, you know, permits and zoning and, you know, getting everything approved, the design drawings, all that has been done. That's taken me 18 months. And a lot of times that takes, you know, 12 to 18 months when, you know, people go out to equity raise and raise capital for these things. But we've done that all that heavy lift up front, and so that way we can go right into, you know, shovels in the ground and starting to work on the horizontal and vertical aspects of the project. So I mentioned that water fountain design, but this is another rendering here where you have this nice water fountain area. It's a nice seating area as well. As I mentioned, there's 4 buildings total. The stone facade, ample glass, the common area fountain space, all the mechanical. One of the things that drives me crazy on these one-stores is a lot of the mechanical HVAC is all on the ground level. And so it just, it just doesn't have the curb appeal that I, I like. And so what we're doing is putting all the mechanical equipment up on the flat roofs on the buildings. So that keeps the sightlines clean and professional. So some of the amenities on the site is, you know, there's walking distance to restaurants, there's movie theater, coffee, and future hotel. This site won't have any restaurants. There may be a coffee that we'll put in, a cafe, but any restaurants will, you know, there's other spaces in the area that they can go in. I'm not a big fan of restaurants in the space, but office primarily with some retail is who I see as the big driver users for this space. And so having the amenities of things already in the area is huge for attracting, you know, the tenant base that we're looking for. Um, the on-site property management will be on-site. CRI Partners, uh, will be the property management company. Uh, for those that don't know, I've managed office and retail for 16 years with CBRE, so That is definitely our comfort zone, is operating and managing commercial real estate. And we've got a lot of development experience as well. We've, we're doing a build-to-rent community, we're doing a, we've done a storage. And then my prior career was with CBRE, as mentioned, we've done office, retail, and industrial as well. So this is in our comfort zone. There will be a community center, conference center as well within that square footage. And a break area. So great amenity space. That conference center space will be a pass-through, will be part of the operating expenses. So we're not losing square footage by having that. That will actually be a revenue generator, both from a tenant standpoint, but also as we get outside users, such as people from the hotel or other community organizations and groups that are needing conference center space. So that will also be a revenue generator. There's plenty of parking. We've worked 194 parking spaces, which is about 4.8 spaces per 1,000 square feet. And so that with the hotel and the office retail, there is ample parking for everybody as well. So let's talk about the development project. So what's great about what we've done is being able to get full construction drawings. I'm talking mechanical, electrical, plumbing, structural, architectural, all the drawings have been completely finalized. We're not 50% into drawings going out to bid and then not knowing, you know, having to add a huge amount of contingency because, you know, there's a lot of unknowns. All that time and energy and money has been spent upfront. So we know exactly what our construction pricing is. We've gone out to bid. We've had 2 general contractors that were local, very reputable, done this type of space over and over again. They've come back and we've chosen Keys and Walsh for the general contracting. That price is a hard bid based on all of our drawings. So we, despite all that, though, we still have contingency of $500,000. We don't anticipate, you know, hopefully using any or much of that. But given a development project, it is good to have reserves, whether that's for the hard costs of the actual development things are slower on the lease-up for whatever reason, we have a lot of reserves to make sure our debt obligations are satisfactory. We are leasing at a 3-year— I'm looking at between 12,000 to 13,000 square feet per year over 3 years, which is extremely conservative. Of that, we're already taking 4,800 of the square feet year 1. But over a 3-year period, we anticipate by month 32, we'll be stabilized and cash flowing for our investors thereafter. But between now and certificate of occupancy, we are already hitting it hard on the leasing front. A lot of the people that are looking at the space and that are getting serious looking about the space, what they're wanting to see is that we actually are starting the project because it's hard for people to you know, sign an LOI or, you know, a lease when they haven't seen the actual dirt start moving. And so that's good for us because we're seeing all this activity. And so once we start, we could see this 3-year lease-up schedule, you know, be closer to 2 years. But from a conservative underwriting standpoint, we are budgeting over a 3-year period. And then again, going back to that contingency, there's a lot of contingency funds in a worst-case scenario, which, you know, as I mentioned, the data shows about 8 months of lease-up time in spaces around Bryan College Station. So going through the budget, though, the site itself and fees were $1.4 million. The construction, A&E, design, tenant improvements, and leasing commissions, I have budgeted $11.7 million. Of that $11.7 million, $10.5 million is the actual hard cost to develop the project. The rest are architectural engineering fees and buckets of monies that we have allocated for tenant buildouts and leasing commissions to the third-party brokerage company. Uh, there are, uh, developer fees, uh, that are listed here. Contingency, I've already mentioned that. And then you have carry costs. So those funds for our reserves for interest and, and taxes are also a bucket of money that we're, we're carrying. It's about 45% of the the total carry cost. So total project's about $14.7 million. It's about a $363 per square foot build, which is, you know, very, very competitive in this space. So I felt very good about where those numbers were coming in, but I also want to really hit home again that these are hard costs. We know what the construction expenses and all the architectural and the soft costs. And then of course, the contingency are going to be— so from an operating pro forma, we are underwriting again conservative. I think that's the, the overall feeling of this project is trying to be as conservative as possible. We're underwriting $3 less than what the market is currently commanding. So we're seeing about $24 to $25 a square foot in our underwriting. Where we're seeing in the market, you know, $27,000, $28,000 a square foot. But from a conservative side, the gross potential income is $1.6 million. You take out vacancy of 5%, that's about $81,000 deducted. So our effective gross income is $1.5 million and then our expenses are $493,000. Net operating income of year one stabilization is about $1,063,345. So what that means is that before debt service, we have an extremely strong cash flow situation just 32 months in, right? 32 months being the stabilization period. And then each year thereafter, rent increases and, you know, continued future leasing up as well will continue pushing these numbers as well. This gross potential income does include the expense revenue reimbursement. And so you'll see a line item for expenses, but our gross potential income includes rents, but it also includes reimbursement of expenses. Other auxiliary income that we're going to see— this is another thing that I've spent a lot of time thinking through. We're looking at parking income, reserve parking, about $18,000 per year. So with a, with the thought that there's going to be a lot of office space, there will be reserved parking that will be charged to the tenants. And so we're pushing that additional revenue source. But we're also seeing about $30,000 in conference space rental. This space will be free for the tenants, but for additional after-hours that, you know, if tenants are using the space after hours or for the hotel, if they're needing the space or outside organizations, as I mentioned before, we're budgeting, you know, monies each month for about $30,000 a year on conference space rental. And then there's a parking income hotel. So at night there'll be parking allocated to the hotel and each month the hotel will pay the office retail $3,000 for that hotel allocation. So all in all, there's an additional $84,000 of income coming in. That's aside from base rent and expense reimbursements. And if you look at the operating expenses, this is triple net. So all these expenses here are reimbursed through the tenants. So common area maintenance, this is janitorial repairs and maintenance that's coming in about $103,000 a year. You have your management fee, which is 3% of revenue. Taxes for real estate taxes, insurance, and those 4 categories are passed through to the tenants. We're also staying conservative and making sure that we have additional reserves on top of the reserves, those reserves on reserves. And so, part of this is also taking about $47,000 a year, putting that aside for year 5 to 7. Improvements or leasing commissions. So we're already thinking as well of like, okay, there's a bucket of money to lease up and pay the brokers and, you know, pay for the hard costs to, you know, build these spaces out. But we're also thinking 5 to 7 years from now. And, you know, those are, those are funds that are set aside. So there's, you know, those reserves when, when needed, which, which is important. We, we have an idea that we're going to sell year 5, year 7. But you just, you never know, you know, and that's why, you know, reserves are important. So if we look at, you know, the development as a whole, like development, there is risk, there's risk in deep value-add or multifamily or industrial, any space. But what I'm really trying to do in all of our investments is find ways to de-risk the investment. Like this is a part of the portfolio that I think everybody should have is the development side. Cash flow is king and it's a big portion of our portfolio. But having this type of development is, is huge because it provides incredible tax depreciation once the property is built. But it also gives a strong income and it's that forced income. You don't have to, you know, you're taking this raw land and developing it into the best use for it. And there's no better value add than that. So if you look at like construction costs, lease-up speed and interest rates, we've mitigated all that by getting a hard bid on construction, having a contract that includes 100% of drawings in place so that way we can deliver the project at or below budget. We're using conservative lease-up assumptions with that 3-year mindset of that 12,000 to 13,000 square feet, even though we've already leased up 4,800. Square feet prior to the project even starting, and then working with Prosperity Bank to leverage the property less than 60%. And so we're leveraged at 58%. And so, you know, thinking of all the types of risks that can come in, you know, we've really done our best to try to de-risk as much as possible. Now, part of that is, you know, I mentioned the total project cost. And so of that, the debt's about $8.4 million. That's 58%. And the LP equity that we're raising is $6.4 million, or about 43% of the remaining stack, or 42%. So loan terms. So we're partnering with Prosperity Bank. We've got a great local relationship with these guys. They're really strong, good people. You know, we share similar values, all those good things. But the local relationship with having a conservative loan to cost is important because it's maximizing capital preservation. So as I mentioned, the loan amount is $8.4 million. The rate terms is 6.75% fixed for 5 years, interest only. After 5 years, it does reset to the Wall Street Journal prime rate., plus, uh, point, you know, 5 basis points. There's a prepayment penalty, um, that wears off after year 3. So it's 3% year 1, 2% year 2, and, uh, 1% year 3. And then there's a— so I'm gonna pause there. So from a standpoint of, of debt, oh, there's a lot of groups that they'll go in and they'll do a construction-only loan. And that loan a lot of times can be variable and it can be highly leveraged. So we could get up to 65, 70, even 75% on some of these loans. CRI Partners and partnering with Prosperity, like we've made the decision that like being conservative and having a fixed rate debt and having a 5-year interest only period is a win-win-win all the way around. That 3-2-1, we don't plan on refinancing it. Prior to year 3. Our base case has this going out to year 7. Now, we'll look at recapitalizing years 3 to 5 potentially. We're always looking at what's best for the investment and the investors, but our relationship with Prosperity Bank is essential. We've got an incredible loan that reduces the risk for myself other investors, you joining on, because we're not having to worry about what's going on with, with the outside world when it comes to, to rates and being overleveraged. So the debt yield at stabilization is 12.7% and the DSCR is 1.96. That is like incredible. Most of our multifamily stuff, we typically are in the 1.25 to 1.3 debt service coverage ratio. What that means is for every $1 of funds that go to debt service, there's $0.96 left over for expenses. So this is an extremely, extremely conservative debt service coverage ratio, you know, at 32 months. And that's not even taking into account future rental growth and, you know, expense optimization as well. So all that said, 6.75% fixed for 5 years and again working with Prosperity Bank, grateful for them partnering with us. So just a few slides left. So projected returns on this $100,000 investment. So annually, years 1 to 2, it's development mode, right? We're building, there's not cash flow. However, the way we structure our deals is there's an 8% preferred return. So that return accrues from year 1 to year 2 and then goes into year 3. So the moment you invest your capital, you're not having to wait until we close on the loan, etc. Like that, those funds are already accruing from when the documents are signed and the funds are wired. So in year 3, cash flow starts being sent out. We are— our base case is, is holding on to the loan, you know, just being, being conservative. And that base case shows $7,000 per year. It's about a 7% cash on cash per year. Now, returns scale proportionally. I mean, if y'all— if there's a $1 million investor or $500,000 investor, whatever those amounts above the $100,000 minimum, those returns are going to be proportionally larger for those investments, of course. But year 7, we have our exit. And again, this is base case. So, $182,000 on a $100,000 investment. So, overall, the total distributions between years 1 through 7 is $210,000. Making a profit of $110,000. Equity multiple is about 2.1x and the target IRR is 13 to 15%. Now, over on the right side here, the base case, I'm having it at a 6.7 exit cap with a 5% vacancy. The equity multiple is 2.1. But even in our severe downside, you know, just looking at the worst exit cap of 7.25, With a 10% vacancy, we're still at a solid 1.8 equity multiple. So even with the vacancies or the exit caps, you know, depending on the lever that is maybe straining in 5 to 7 years from now, those are still producing incredible returns that are consistent, that are diversifying. So a lot of the people on this call invest heavily in our multifamily and they get cash flow and they get the depreciation. But having a percentage of the portfolio also allocated to these type of developments, especially like office retail— and I'm not talking about office retail in every market, like we're not going out and that being our core business, but there is truly a need in the Bryan-College Station for this type of space. And we're filling that need and we're backing that up with us actually leasing and being part of that space because we, we believe in having team members coming into a space and collaborating and growing our investments and your wealth along the way. So the development timeline, we acquired the land in December 2024. The construction will start in May 2026. We will complete in August 2027 and will stabilize in December 2028. So right now, the equity raise has obviously started. We plan on being fully funded by mid-April and then closing on our loan in April and then starting the construction in May. All right. So this is our team. I'm Wayne Courreges III of CRI Partners. We've been investing full-time in commercial real estate since 2019, but my prior life was with CBRE for 16 years. Prior to that, I served in the Marine Corps. My whole life and my whole career plan has been developing and managing office retail developments and multifamily. So multifamily is our bread and butter, but office retail is something I've done my entire life as well. We also have Dr. Hammer. He's been on 9 projects with me. He's an investor owner partner with Sierra Partners, again, in multiple deals. A great asset to us because of his experience. He owns a lot of real estate personally himself. And so, just really a great resource for our team as we've grown our portfolio. We have Vanessa Haynes. She's the president of Greatly, a marketing and public relations company that has spanned many years. Her executive leadership and her experience in the private equity space is extremely strong. She's a very hands-on person and somebody who's already eager jumping on our leasing calls and excited to use a lot of her experience in the marketing space to help us with our actual lease-up of the office retail space. So I'm excited to have her on the team. And then Donald Lindsey. Donald and I have done several projects together. He and I and my son went to a football game earlier this year at the Miami Dolphins. And he's just a good friend, good, good guy, and somebody that I trust. And Donald's somebody that looks after his investors just like, you know, any of us. We're looking after our investors and making, you know, hard decisions each and every week. And we're, we're lifting the weights of real estate on the active side so our investors can enjoy their life and do what they do best in their, you know, their career. His experience, though, is quite a bit of private equity real estate investments, over $1 billion in transactions. And so this is the team that's going to be driving the, the day-to-day on the, the property from an asset management operations standpoint. But we do so with great team members such as Sago on the leasing. They're a large third-party company in Bryan-College Station. We've got Keys and Walsh, as I mentioned, from a general contracting standpoint, and we've got Prosperity Bank partnering with us as well. So we've got a really great dream team to execute the business plan. So investment highlight before we'll go to questions, we're not building speculative suburban office. This is a service-oriented Class A triple-net space in a supply-constrained university market with embedded daily demand. I've seen a lot of space that's built and it's speculative throughout. And as we build this particular property, the amount of demand that we're seeing in this market and the amount of interest that's already been given before we've even started moving dirt is incredible. And so with our zoning approved and our permits in the final stage, As I mentioned, everything's been approved on the permits other than an easement that we just need to get signed off on. So the risk is extremely— like, I mean, there's like no risk on the zoning and permitting standpoint of this project, which is huge because we can start that project, as I mentioned, in May of 2026. I've already mentioned we're working and partnering with local experts, with Sago, Keys and Walsh, and Prosperity Bank. There's a strong supply-demand gap, as I mentioned earlier. We've got an experienced sponsor team looking after our investor capital on our weekly development leasing calls to execute on the business plan. This location is prime, being just 4 exits from Texas A&M, right on Highway 6, surrounded by retail and other nice facilities like the IMAX theater. And all the returns they're attractive returns while staying conservative. And that's why we're investing as a GP about $600,000 into the deal ourselves. And so, you know, we're, we're putting our money where our mouth is and we're investing alongside our investors and excited to see, you know, this property develop, stabilize, and we cash flow. And that is the business plan. We want to cash flow. We're not looking to build this and flip it year 2, year 3. We're going to build this and cash flow, take the tax depreciation and hold on to the asset and look at recapitalizing, whether it's year 5 or so, refinancing if needed, but holding on to the asset, partnering with Prosperity Bank and our limited partner investors. So with that said, As I mentioned early on, there's that QR code if anyone's interested in doing a soft commitment today. We will reach out with the webinar, live webinar. So I wanted to see, there should be a Q&A. Let me see if there's— yeah, there we go. So there is a Q&A option if anybody wants to type any questions. All right. So one of the questions is how, you know, what type of investments can be made towards the deal? So different options. So there's definitely, you know, cash, wire, ACH funds. We do IRAs is another source of funds that we've done, solo 401(k)s as well. So all those will be accepted. We're also open to any 1031 with a minimum of $1 million. If there's any 1031 opportunities that you're looking at, we're open to consider that as well. Just see if there's any other questions coming in. Yeah, so one of the questions is about our reserves. So we have a bucket of interest only and taxes that are set aside. It's about $600,000. Then we have a separate bucket of $500,000 for our reserves. That's just a separate bucket of money. And then each year we'll have about $47,000 of a bucket of funds that is derived from cash flow from the property. One of the questions, if we make sure I'm reading this right, so we are— we have received a term sheet from Prosperity Bank. We're working through with them on finalizing the loan. Which we don't see any concerns with at this point. So we're going to be working through it with them, closing in late April. So funding, we are targeting funding by mid-April. So April 15th would be the target date for funding and starting the construction in May. All right. So on the tiered, one of the questions is about rents on the property and how we derived from them. So we worked closely with Sago Leasing on what the market rents were, and then we stayed conservative of that just from a lease-up standpoint. Obviously, if we can get a higher rent per square foot, we're going to get that. But from an underwriting standpoint, we, we, uh, budget about $3 less square foot than the market, uh, that we're seeing. That, um, that also the buildings closer to Highway 6 are commanding higher rents because they had that visibility. There'll be more of that signage. Um, and then as you go back, uh, towards Sam Rayburn where that fourth building is, that will be at, um, $25, $24 a square foot. So they are tiered based on what location that they are at. And then we budgeted 3% annual rent bumps, which is market. All right. Well, I appreciate everybody joining this evening. What I'm going to do is send out the recording tomorrow. Please go ahead and use that QR code, go ahead and do a soft commitment. That will also allow us to reach out and answer more questions that you may have and go from there. So appreciate everybody's time this evening and look forward to partnering with you on this investment. We'll talk soon.