Solara Cove is a 90-key eco-resort and 40 branded villas on the Baja California Sur coast. The stabilized resort is offered for sale at a 7.5% cap, and the branded residences are forward-sold to private buyers, all under a named international operator.

Solara Cove is a 90-key eco-resort and 40 branded villas on the Baja California Sur coast. The stabilized resort is offered for sale at a 7.5% cap, and the branded residences are forward-sold to private buyers, all under a named international operator.

Institutional buyers want stabilized, operator-branded resort assets, and Baja California Sur has the demand with little branded supply.

Institutional buyers want stabilized, operator-branded resort assets, and Baja California Sur has the demand with little branded supply.

A 90-key eco-resort and 40 branded villas on the Baja California Sur coast, $180M GDV under a named international operator.

A 90-key eco-resort and 40 branded villas on the Baja California Sur coast, $180M GDV under a named international operator.

90 keys at $620 ADR and 60% occupancy, $6.37M stabilized NOI, worth $85M at a 7.5% cap.

90 keys at $620 ADR and 60% occupancy, $6.37M stabilized NOI, worth $85M at a 7.5% cap.

40 branded villas at about $2.375M each, $95M of gross sales, forward-sold to private buyers.

40 branded villas at about $2.375M each, $95M of gross sales, forward-sold to private buyers.

A named international operator drives ADR, occupancy and the residence premium under a long-term agreement.

A named international operator drives ADR, occupancy and the residence premium under a long-term agreement.

Beachfront pools, spa, restaurants and owner services, all built to the operator's brand standard.

Beachfront pools, spa, restaurants and owner services, all built to the operator's brand standard.

Land closes on day one with entitlement in hand, and the sales gallery opens in months 0 to 6.

Land closes on day one with entitlement in hand, and the sales gallery opens in months 0 to 6.

A leading US second-home market with direct flights, strong branded-residence absorption and constrained coastal supply.

A leading US second-home market with direct flights, strong branded-residence absorption and constrained coastal supply.

About $19.3M revenue at a 36% GOP margin, less the operator fee, leaves $6.37M stabilized NOI.

About $19.3M revenue at a 36% GOP margin, less the operator fee, leaves $6.37M stabilized NOI.

40 villas forward-sold at about $2.375M each, with roughly $19M of deposits part-funding construction.

40 villas forward-sold at about $2.375M each, with roughly $19M of deposits part-funding construction.

An experienced coastal-resort sponsor, a named international operator and a full advisory team.

An experienced coastal-resort sponsor, a named international operator and a full advisory team.

Total development cost is $128M over a 60-month programme. Land is $22M, construction $83M across the resort and the villas, with $23M of soft costs, a 5% contingency and finance. About 55% is funded by the senior loan, which sets loan to cost at 55% and loan to GDV at 39%.

Total development cost is $128M over a 60-month programme. Land is $22M, construction $83M across the resort and the villas, with $23M of soft costs, a 5% contingency and finance. About 55% is funded by the senior loan, which sets loan to cost at 55% and loan to GDV at 39%.

Forward-sales and about $19M of deposits take demand risk out before completion, a fixed operator agreement holds ADR and occupancy, and a 5% contingency with fixed-price contracts absorbs construction risk. A first charge and the assignment of forward-sale contracts protect the lender.

Forward-sales and about $19M of deposits take demand risk out before completion, a fixed operator agreement holds ADR and occupancy, and a 5% contingency with fixed-price contracts absorbs construction risk. A first charge and the assignment of forward-sale contracts protect the lender.

The capital stack is a $70M senior development loan at 55% loan to cost and 39% loan to GDV, $57.5M of equity, and about $19M of villa deposits that fund construction alongside the debt. The loan sits behind a first legal charge over the asset, an assignment of the forward-sale contracts and deposits, the operator agreement and a completion guarantee. It is repaid from villa settlements and the disposition of the stabilized resort.

The capital stack is a $70M senior development loan at 55% loan to cost and 39% loan to GDV, $57.5M of equity, and about $19M of villa deposits that fund construction alongside the debt. The loan sits behind a first legal charge over the asset, an assignment of the forward-sale contracts and deposits, the operator agreement and a completion guarantee. It is repaid from villa settlements and the disposition of the stabilized resort.

The stabilized 90-key resort is offered to an institutional buyer at $85M, a 7.5% cap on $6.37M of NOI. The 40 branded villas are forward-sold to private buyers at about $2.375M each, $95M in total. Equity targets a blended IRR of about 21% and a 2.0x multiple over the 60-month programme.

The stabilized 90-key resort is offered to an institutional buyer at $85M, a 7.5% cap on $6.37M of NOI. The 40 branded villas are forward-sold to private buyers at about $2.375M each, $95M in total. Equity targets a blended IRR of about 21% and a 2.0x multiple over the 60-month programme.