Financials · Confidential
Axria Portfolio
Financials
Complete pro forma projections for all 5 active projects, combined capital stack, IRR analysis, unit economics, and exit valuations. Confidential to authorized investors under NDA.
Combined Portfolio Returns
Combined NOI (Stabilized)$31.74M
Total Equity Raise$135,692,244
Total Project Cost$505,060,910
Total Debt$369,368,626
Avg Equity %26.9%
Avg OpEx Ratio28.2%
Exit StrategySale of Stabilized Assets
01
Capital Stack
Combined Portfolio — All 5 Projects
| Project | Total Cost | Equity (Seeking) | Equity % | Debt | Debt % | Stab. NOI | OpEx |
|---|
| Edge Lofts | $80,983,560 | $20,245,890 | 25.0% | $60,737,670 | 75.0% | $5,401,917 | 31% |
| Nexus Lofts | $106,405,260 | $31,921,578 | 30.0% | $74,483,682 | 70.0% | $4,850,963 | 31% |
| National Newark Bldg ★ | $221,143,927 | $55,285,982 | 25.0% | $165,857,945 | 75.0% | $14,378,234 | 26% |
| Times Square Lofts | $40,811,012 | $10,202,753 | 25.0% | $30,608,259 | 75.0% | $2,460,210 | 28% |
| Luxury Lofts (342u) | $56,717,111 | $18,036,041 | 31.8% | $38,681,070 | 68.2% | $4,651,989 | 25% |
| Portfolio Total | $505,060,870 | $135,692,244 | 26.9% | $369,368,626 | 73.1% | $31,743,313 | 28.2% avg |
Portfolio Composition
The portfolio's combined stabilized NOI of $31.74M represents a value creation engine across the Mid-Atlantic. At blended exit cap rates of 4.75–5.5%, the total portfolio exit value ranges from approximately $577M–$668M — against a total project cost of $505M — creating meaningful appreciation on the combined equity base of $135.7M.
02
Pro Forma · Edge Lofts
West Windsor, NJ · 3-Year View
Stabilized NOI (Y5)
$5,401,917
Year 5 — 2031
OpEx Ratio
31%
Class-A suburban MF
Lease-Up
8 Months
From delivery Oct 2028
Implied Exit Value (5%)
~$108M
At stabilized NOI ÷ 5% cap
| Line Item | Year 3 — 2029 | Year 4 — 2030 | Year 5 — 2031 |
|---|
| Effective Gross Revenue | $1,454,410 | $7,458,364 | $7,871,007 |
| Operating Expenses (31%) | ($491,371) | ($2,402,819) | ($2,469,090) |
| Net Operating Income | $963,039 | $5,055,545 | $5,401,917 |
03
Pro Forma · Nexus Lofts
Lebanon Borough, NJ · 3-Year View
Stabilized NOI (Y5)
$4,850,963
Year 5 — 2030
OpEx Ratio
31%
Class-A suburban MF
Lease-Up
8 Months
From delivery Jan 2028
Implied Exit Value (5%)
~$97M
At stabilized NOI ÷ 5% cap
| Line Item | Year 3 — Dec 2028 | Year 4 — Dec 2029 | Year 5 — Dec 2030 |
|---|
| Effective Gross Revenue | $4,150,584 | $5,258,616 | $7,017,313 |
| Operating Expenses (31%) | ($1,355,990) | ($1,516,362) | ($2,166,350) |
| Net Operating Income | $2,794,594 | $3,742,253 | $4,850,963 |
04
Pro Forma · National Newark Building ★ Flagship
744 Broad St, Newark, NJ · 5-Year Stabilization View
Stabilized NOI (Y10)
$14,378,234
Year 10 — 2036
OpEx Ratio
26%
Mixed-use efficiency
Lease-Up
12 Months
From delivery Jan 2031
Implied Exit Value (5%)
~$288M
At stabilized NOI ÷ 5% cap
| Line Item | Year 6 — 2032 | Year 7 — 2033 | Year 8 — 2034 | Year 9 — 2035 | Year 10 — 2036 |
|---|
| Effective Gross Revenue | $9,104,102 | $17,672,274 | $18,202,442 | $18,748,516 | $19,310,971 |
| Operating Expenses (26%) | ($3,159,286) | ($4,564,246) | ($4,683,807) | ($4,806,607) | ($4,932,737) |
| Net Operating Income | $5,944,816 | $13,108,028 | $13,518,636 | $13,941,909 | $14,378,234 |
National Newark Commentary
Year 6 (2032) reflects the first stabilized year following the 47-month construction and 12-month lease-up. Year 7 is the inflection point ($13.1M NOI) as the full building reaches occupancy. Annual ~3% NOI escalation continues through Year 10. At institutional exit cap rate of 4.5% on $14.4M NOI, implied exit: $319.5M. This single asset represents nearly 60% of total portfolio exit value.
05
Pro Forma · Times Square Lofts
38-40 W Main St, Bound Brook · 2-Year Stabilized View
Stabilized NOI (Y5)
$2,460,210
Year 5 — 2031
OpEx Ratio
28%
Mixed residential + retail
Lease-Up
12 Months
From delivery Aug 2029
Implied Exit Value (5%)
~$49M
At stabilized NOI ÷ 5% cap
| Line Item | Year 4 — 2030 | Year 5 — 2031 |
|---|
| Effective Gross Revenue | $2,214,397 | $3,404,499 |
| Operating Expenses (28%) | ($540,088) | ($944,289) |
| Net Operating Income | $1,674,309 | $2,460,210 |
06
Pro Forma · Luxury Lofts (342 Units)
25 W Main St, Bound Brook · Full 8-Year View (2030–2037)
Stabilized NOI (Y10)
$4,651,989
Year 10 — 2037
OpEx Ratio
25%
Lowest in portfolio
Cost Per Unit
$165,838
$56.72M ÷ 342 units
Implied Exit Value (5%)
~$93M
At stabilized NOI ÷ 5% cap
| Line Item | Y3 '30 | Y4 '31 | Y5 '32 | Y6 '33 | Y7 '34 | Y8 '35 | Y9 '36 | Y10 '37 |
|---|
| Effective Gross Revenue | $3.47M | $5.20M | $5.36M | $5.52M | $5.68M | $5.85M | $6.03M | $6.21M |
| Operating Expenses (25%) | ($1.04M) | ($1.31M) | ($1.34M) | ($1.41M) | ($1.44M) | ($1.48M) | ($1.52M) | ($1.56M) |
| Net Operating Income | $2.43M | $3.89M | $4.01M | $4.11M | $4.24M | $4.37M | $4.51M | $4.65M |
07
Unit Economics
Key Financial Metrics — All 5 Projects
Total Pipeline Cost
$505.1M
All 5 active projects combined
Combined Equity Raise
$135.7M
26.9% avg equity ratio
Combined Debt
$369.4M
73.1% avg LTV
Combined Stab. NOI
$31.74M
Across all 5 stabilized projects
Luxury Lofts — Cost/Unit
$165,838
$56.72M ÷ 342 units
Luxury Lofts — NOI/Unit
$13,596
$4.65M ÷ 342 units (Year 10)
Newark — NOI/SF
$23.57
$14.38M ÷ 610,190 GSF
Avg OpEx Ratio
28.2%
Portfolio weighted average
Combined Exit Potential
$577–668M
4.75–5.5% blended cap rate
08
Exit & Return Scenarios
IRR Analysis by Project & Cap Rate
🏗️ Edge Lofts — West Windsor
🏢 National Newark ★ Flagship
🏙️ Times Square Lofts — Bound Brook
🏛️ Luxury Lofts — Bound Brook (342u)
⚠ Note on Multiples
Equity multiples shown are indicative estimates based on stabilized NOI ÷ exit cap rate assumptions, divided by equity invested at project cost. Actual returns will depend on construction cost outcomes, lease-up velocity, market cap rates at exit, and financing terms. These are not guaranteed projections. Investors should conduct independent due diligence and consult their advisors.
09
Risk Factors
Key Risks & Mitigants
Construction Cost Risk
Material and labor cost escalation could increase hard costs beyond budgeted amounts. Mitigant: Axria's in-house Sigma Construction team provides cost visibility and control. Contingency reserves (0.9–4.0% of hard costs) provide buffer. Fixed-price subcontractor agreements are used where possible.
Lease-Up / Market Risk
Renter demand softening or increased competitive supply could slow absorption. Mitigant: All 5 projects are in transit-oriented, supply-constrained markets. Operating shortfall reserves cover periods below break-even. 8–12 month lease-up assumptions are conservative vs. market comparables.
Interest Rate Risk
Rising construction loan rates increase capitalized interest, impacting total project cost and equity returns. Mitigant: Cap structures can be implemented on floating-rate construction loans. Projects with shorter construction periods (Nexus: 17 months) are less exposed. Pro formas are run at conservative debt assumptions.
Exit / Cap Rate Risk
Expanding cap rates at exit reduce asset valuations and equity multiples. Mitigant: All projects target Class-A, transit-oriented locations that historically compress cap rates vs. the broad market. Axria targets exits at Year 5+ stabilization when NOI is fully seasoned and lease roll risk is minimized.
⚠ Confidential · Authorized Investors Only · NDA Required
Investment Contact — Axria
This Financial Intelligence document is strictly confidential and provided only to authorized investors under executed NDA. All projections are forward-looking statements based on management assumptions and are not guaranteed. Actual results may vary materially. This document does not constitute an offer to sell securities.
Junaid Ahmed — Vice President, Axria · junaidA@axria.com · +1 281 425 9981
Axria — 399 Hoes Ln, Piscataway, NJ 08854 · +1 732 809 8000 · info@axria.com
Review the Business Plan
Return to the Business Plan for full project narratives, site profiles, market context, and the Bound Brook 9-site portfolio map.