Financials · Project Pro-Forma · Hutto
Hutto Retail
+ Medical Flex
Project-level financial pro-forma for the Hutto Retail + Medical Flex development. $44M all-in project cost, $32M capital raise, 5-year stabilisation path, Y5 NOI ~$2.7M. Capital stack, construction draw schedule, pro-forma, exit scenarios, and key assumptions.
Hutto Financials
Total Project Cost~$44M
Capital Requested$32M
Sponsor Land Equity~$12M (sunk)
Stabilised Gross Rent (Y5)~$2.8M
Stabilised NOI (Y5)~$2.7M
Target Stabilised Occupancy95%
Exit Cap Rate6.5–7.0%
01
Capital Stack
Sources and Uses — Hutto
| Capital Stack (USD) | Hutto |
|---|
| Sources |
| Sponsor Land Equity (in kind) | ~$12M |
| Construction Debt (Requested) | $25M |
| Equity (Requested) | $7M |
| Total Sources | ~$44M |
| Uses |
| Hard Construction | $22–24M |
| Soft Costs | $4–5M |
| Site / Infrastructure | $3–4M |
| Contingency | $2M |
| Lease-up Reserve | $1M |
| Land (sunk) | ~$12M |
| Total Uses | ~$44M |
Capital split (equity vs debt) negotiable per tranche based on investor preference.
02
Construction Draw Schedule
Month-by-Month — Hutto
| Milestone | Hutto Draw | Month |
|---|
| Capital Close | $32M | M0 (Dec '25) |
| Site Mobilisation / Grading | ~$3M | M1–M2 |
| Foundations + Site Work | ~$5M | M3–M5 |
| Structure + Envelope | ~$12M | M6–M12 |
| MEP + Rough-In | ~$6M | M9–M14 |
| Fit-Out + Interiors (incl. TI) | ~$4M | M12–M18 |
| Site Finish + CO | ~$2M | M16–M20 |
| Lease-Up / Stabilisation | Reserve draw | M18–M30 |
03
Hutto Pro-Forma
Retail + Medical Stabilised Economics
| Metric | Y1 (Lease-up) | Y2 | Y3 | Y5 (Stabilised) |
|---|
| Leased SF | 39,360 (40%) | 68,880 (70%) | 83,640 (85%) | 93,480 (95%) |
| Retail Rent (NNN, avg) | $22 / SF | $23 / SF | $24 / SF | $25 / SF |
| Medical Rent (NNN, avg) | $32 / SF | $33 / SF | $34 / SF | $35 / SF |
| Gross Rent | ~$1.1M | ~$1.9M | ~$2.4M | ~$2.8M |
| Expense Recoveries | ~$0.3M | ~$0.5M | ~$0.7M | ~$0.8M |
| Effective Gross Revenue | ~$1.4M | ~$2.4M | ~$3.1M | ~$3.6M |
| Operating Expenses | ~$0.4M | ~$0.6M | ~$0.8M | ~$0.9M |
| NOI | ~$1.0M | ~$1.8M | ~$2.3M | ~$2.7M |
Rental rates based on current Austin MSA sub-market comps; actual lease economics will vary by tenant.
04
Exit Scenarios
Hutto — Sale or Hold
Y5 Stabilised NOI
~$2.7M
95% leased base case
Retail/Medical Cap Rate
6.5–7.0%
Mid-point ~6.75%
Base Case Exit Value
~$40M
NOI ÷ 6.75% cap
Long-Term Hold
Income
Refi unlocks equity
Exit Scenario — Sale at Stabilisation
Hutto's Y5 NOI of ~$2.7M at a ~6.75% retail-medical cap rate produces an exit value of ~$40M, covering the $44M all-in project cost (including sunk land) with upside from rent escalations and cap-rate compression.
Exit Scenario — Long-Term Income Hold
Alternative: hold Hutto to produce steady ~$2.7M annual NOI, supporting amortising long-term debt while delivering predictable distributions. 3% annual rent escalations push Y10 NOI to ~$3.1M+, with refinance at stabilisation unlocking trapped equity for the next pipeline deployment.
05
Key Assumptions
Model Inputs — Hutto
Construction Period18–22 months
Lease-Up Period18–30 months post-CO
Stabilised Occupancy95%
Retail Rent (Y5, NNN)$25 / SF
Medical Rent (Y5, NNN)$35 / SF
Annual Rent Escalation3%
OpEx Ratio (of EGR)~22–25%
Exit Cap Rate6.5–7.0%
Construction Debt RateFloating (SOFR + spread)
Complete due-diligence package
Detailed site plans, entitlement status, comparable lease data, sponsor track record, and draw-schedule workbook available on request.
Disclaimer · Confidential Financial Model
Projected Financials · Forward-Looking
All financial figures are projected and forward-looking, based on management assumptions regarding construction cost, leasing velocity, market rents, and macro conditions. Actual results may differ materially. Investment involves risk of loss of principal.
Hari-P Capital · Land-Play · land-play.com