Financials · Project Pro-Forma · New Braunfels
New Braunfels
Industrial Flex
Project-level financial pro-forma for the New Braunfels Industrial Flex development. $26M all-in project cost, $19M capital raise, 5-year stabilisation path, Y5 NOI ~$2.4M. Capital stack, construction draw schedule, pro-forma, exit scenarios, and key assumptions.
NBF Financials
Total Project Cost~$26M
Capital Requested$19M
Sponsor Land Equity~$7M (sunk)
Stabilised Gross Rent (Y5)~$2.5M
Stabilised NOI (Y5)~$2.4M
Target Stabilised Occupancy90%
Exit Cap Rate7.0–7.5%
01
Capital Stack
Sources and Uses — New Braunfels
| Capital Stack (USD) | New Braunfels |
|---|
| Sources |
| Sponsor Land Equity (in kind) | ~$7M |
| Construction Debt (Requested) | $15M |
| Equity (Requested) | $4M |
| Total Sources | ~$26M |
| Uses |
| Hard Construction | $14–15M |
| Soft Costs | $2–3M |
| Site / Infrastructure | $2M |
| Contingency | $1M |
| Lease-up Reserve | $0.5M |
| Land (sunk) | ~$7M |
| Total Uses | ~$26M |
Capital split (equity vs debt) negotiable per tranche based on investor preference.
02
Construction Draw Schedule
Month-by-Month — New Braunfels
| Milestone | NBF Draw | Month |
|---|
| Capital Close | $19M | M0 (Jan '26) |
| Site Mobilisation / Grading | ~$2M | M1–M2 |
| Foundations + Site Work | ~$3M | M3–M5 |
| Structure + Envelope | ~$7M | M6–M12 |
| MEP + Rough-In | ~$3M | M9–M14 |
| Fit-Out + Interiors (incl. TI) | ~$3M | M12–M18 |
| Site Finish + CO | ~$1M | M16–M20 |
| Lease-Up / Stabilisation | Reserve draw | M15–M28 |
03
New Braunfels Pro-Forma
Industrial Flex Stabilised Economics
| Metric | Y1 (Lease-up) | Y2 | Y3 | Y5 (Stabilised) |
|---|
| Leased SF | 48,000 (40%) | 84,000 (70%) | 100,800 (84%) | 108,000 (90%) |
| Flex Rent (NNN, avg) | $18 / SF | $19 / SF | $19.50 / SF | $20 / SF |
| Outdoor Yard Revenue | ~$0.1M | ~$0.2M | ~$0.3M | ~$0.3M |
| Gross Rent | ~$0.9M | ~$1.8M | ~$2.2M | ~$2.5M |
| Expense Recoveries | ~$0.2M | ~$0.4M | ~$0.5M | ~$0.6M |
| Effective Gross Revenue | ~$1.1M | ~$2.2M | ~$2.7M | ~$3.1M |
| Operating Expenses | ~$0.3M | ~$0.5M | ~$0.6M | ~$0.7M |
| NOI | ~$0.8M | ~$1.7M | ~$2.1M | ~$2.4M |
Flex rent anchors to current I-35 corridor comp rate of ~$19 NNN. Outdoor yard priced to market for storage and fleet users.
04
Exit Scenarios
New Braunfels — Sale or Hold
Y5 Stabilised NOI
~$2.4M
90% leased base case
Industrial Flex Cap Rate
7.0–7.5%
Mid-point ~7.25%
Base Case Exit Value
~$33M
NOI ÷ 7.25% cap
Long-Term Hold
Income
Steady distributions
Exit Scenario — Sale at Stabilisation
New Braunfels' Y5 NOI of ~$2.4M at a ~7.25% industrial flex cap rate produces an exit value of ~$33M, generating a meaningful gain against the $26M all-in project cost (including sunk land). Upside from outdoor-yard premium pricing and cap-rate compression in the I-35 corridor submarket.
Exit Scenario — Long-Term Income Hold
Alternative: hold New Braunfels to produce steady ~$2.4M annual NOI, with 3% annual rent escalations pushing Y10 NOI to ~$2.8M+. HVAC'd flex space with outdoor yard commands premium renewal rates relative to unconditioned corridor comps.
05
Key Assumptions
Model Inputs — New Braunfels
Construction Period16–20 months
Lease-Up Period15–28 months post-CO
Stabilised Occupancy90%
Flex Rent (Y5, NNN)$20 / SF
Outdoor Yard Revenue~$0.3M at stabilised
Annual Rent Escalation3%
OpEx Ratio (of EGR)~22–25%
Exit Cap Rate7.0–7.5%
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.
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