Capital Stack

Every dollar. Every milestone.

Institutional capital stack management — equity, debt, tax credits, incentives and public funding, with live funding milestones.

$186.0M

Total sources

$195.5M

Total uses

14.8%

Projected IRR

Public programs

Sources of capital

Sponsor equity$32.0M · 17%

OZ equity (QOF)$26.0M · 14%

Senior construction debt$89.3M · 48%

Mezzanine debt$18.0M · 10%

MIH grant$11.2M · 6%

Historic Tax Credits (adjacent)$4.2M · 2%

NMTC allocation$3.8M · 2%

C-PACE (energy)$1.5M · 1%

Uses of capital

Hard costs (construction)$115.3M · 59%

Air rights acquisition$41.2M · 21%

Soft costs (A&E, permits)$18.6M · 10%

Financing costs$6.9M · 4%

Contingency (5%)$9.3M · 5%

Operating reserve$4.2M · 2%

Funding milestones

Senior debt commitment executed

Sep 15

QOF final close

Oct 30

MIH grant award confirmed

Nov 20

Construction loan closing

Jan 22

First draw funded

Mar 04

C-PACE closing

Q1 2028

Informational only. Capital stack shown is illustrative. Financing decisions require lender, sponsor and counsel review.