Project-level financial pro-forma for the Tunnel Hill TA-Petro Center. Capital stack, 5-year revenue trajectory (fuel + QSR + truck services + market + amenities), EBITDA margin progression, debt service coverage, and exit math.
| Capital Stack (USD) | Amount |
|---|---|
| Sources | |
| Senior Debt | $16M |
| LP Equity (Requested) | $10M |
| Sponsor / Land Contribution | $4M |
| Total Sources | $30M |
| Uses | |
| Hard Construction | $18M |
| Soft Costs / Permitting / Legal | ~$9M |
| Contingency (10%) | ~$3.0M |
| Lease-Up / Operating Reserve | ~$2M |
| Total Uses | $30M |
Capital stack illustrative; sizing subject to debt market, franchise requirements, and investor preference.
| Line Item | Y1 | Y2 | Y3 | Y4 | Y5 (Stabilised) |
|---|---|---|---|---|---|
| Fuel Revenue | $8M | $13M | $16M | $17.5M | $18M |
| QSR / Food Revenue | $1.5M | $2.5M | $3.2M | $3.5M | $3.8M |
| Truck Services | $1M | $1.6M | $2.2M | $2.5M | $2.8M |
| Market / C-Store | $2M | $3.4M | $4.2M | $4.6M | $5.0M |
| Parking / Amenities | $0.5M | $0.8M | $1.0M | $1.1M | $1.2M |
| Other / Royalty | $0.5M | $0.7M | $0.9M | $1.0M | $1.1M |
| Total Revenue | $13.5M | $22.0M | $27.5M | $30.2M | $31.9M |
| Cost of Fuel (low-margin pass-through) | ($6.0M) | ($9.8M) | ($12.0M) | ($13.1M) | ($13.5M) |
| Direct OpEx (labour, utilities, mcs) | ($4.1M) | ($6.3M) | ($7.6M) | ($8.1M) | ($8.5M) |
| Franchise Royalties + G&A | ($1.0M) | ($1.5M) | ($1.9M) | ($2.1M) | ($2.2M) |
| EBITDA | $2.4M | $4.4M | $6.0M | $6.9M | $7.7M |
| EBITDA Margin | 18% | 20% | 22% | 23% | 24% |
TA-center DSCR reflects fuel-revenue operating leverage. Fixed-rate senior debt at close; construction financing converts to permanent at stabilisation.
| Metric | Amount |
|---|---|
| Y5 Stabilised EBITDA | $7.7M |
| Exit Multiple (TA-Petro benchmark) | 8.0x |
| Gross Enterprise Value | $61.6M |
| Debt Payoff | ($15.2M) |
| Net to Equity | $46.4M |
| LP Equity Invested | $10M |
| MOIC | 4.6x |
Site engineering, franchise agreements, GC pricing references, and stabilised pro-forma workbook available on request.