Solara Cove
1. Investor Home
2. Investment Summary
3. Detailed Memo
4. Financial Model
4.1 Financials
4.2 Dashboards
5. Valuation Report
6. Data Room
6.1 Document Index
6.2 Market & Demand
6.3 Sales & Operator
6.4 Comparable Assets
6.5 Development & Exit
⤓
Data Room
Smart Deck
Confidential
Baja California Sur · Mexico
Solara Cove
A 90-key eco-resort and 40 branded villas, offered as debt, equity, and a resort disposition.
Financial Highlights
Gross dev value
$180M
Resort plus residences
Land value
$22M
Entitled coastal parcel
Total dev cost
$128M
Land, build, finance
Finance cost
$4.2M
Net, over the build
Development profit
$52M
41% on cost · 29% on GDV
Sources of Funds
Debt 55%
Equity 45%
Senior development loan
$70M
Project equity
$57.5M
Forward-sale deposits of about $19M fund construction alongside the debt.
The Ask
Loan application
$70M
Senior development loan
55% LTC · 39% LTGDV · 60-month term · first charge · repaid from villa settlements and the resort sale
Investment memorandum
$57.5M
Project equity
About 21% blended IRR · 2.0x equity multiple · 60-month hold to disposition
Sale mandate
$85M
Stabilized resort for sale
7.5% cap on $6.37M NOI · 40 villas forward-sold at $95M to private buyers