Documents

Investor-facing decks, supporting analyses, and underwriting models for The Shoppes at San Felipe. Click any row to preview the PDF or download the source file.
Last updated: 2026-05-25
Confidential. Materials reflect work product as of the dates noted and are subject to change as diligence progresses. Do not redistribute.

Investor Decks Investor-facing presentations

PDF

Belay — Investor Deck

Current investor-facing offering deck. Deal overview, sponsor track record, market thesis, capital stack, return scenarios, and MTM cap-rate bridge.

Updated 2026-05-21 5.9 MB · PDF
PDF

Return Scenarios

Side-by-side base / upside / downside cases. Holds, refi paths, sale-year sensitivity to cap rate, and equity-multiple/IRR ranges.

Updated 2026-05-21 467 KB · PDF
PDF

Investment Offering — v12

Current institutional offering deck. Sponsor, market thesis, capital stack, LP waterfall, return scenarios (land-price, hold period, CVS, stress) — all numbers source-of-truth from the MTM Operating Model.

Updated 2026-05-25 3.4 MB · PDF

Analyses & Studies Supporting underwriting work

PDF

MTM Cap Rate Deck

Standalone presentation of the mark-to-market thesis. NOI bridge, tenant-level MTM table, cap-rate sensitivity to market rent, and rollover timing — packaged for investor sharing.

Updated 2026-05-21 322 KB · PDF
MD

MTM Cap Rate Analysis — Long Form

In-place vs. stabilized NOI bridge. ~$418K NOI uplift (+22%), ~95–100 bps cap-rate pickup net of $1.53M TI/LC. Tenant-level MTM table and rollover schedule.

Updated 2026-05-21 7 KB · Markdown
XLSX

MTM Operating Model — Dynamic

Full operating model: NOI build, debt service, refi mechanics, LP waterfall (1.25× pref, 80/20 promote), and four sensitivity tabs — Land Price, Hold Period, CVS, Stress. All formula-driven from the Inputs sheet. Source-of-truth for the v12 deck.

Updated 2026-05-25 55 KB · Excel
XLSX

IRR Model — with Tax

Operating model and IRR waterfall with cost-segregation tax treatment, depreciation, and after-tax returns to LPs.

Updated 2026-05-20 58 KB · Excel
PDF

2nd Floor Cap-Ex Analysis

Build-out analysis for the upper-floor expansion opportunity. Cost estimate, incremental rent capture, and yield-on-cost.

2026-05-13 50 KB · PDF
PDF

Tax Study

Cost-segregation overview and after-tax IRR uplift, plus pass-through entity-level considerations.

2026-04-28 371 KB · PDF