Buyer VO PLAZA LLC · retail strip · ~550′ north of subject · same arterial. Published by ELIFIN Pulse · Jan 2025. Strip ceiling ~$217/SF · size-adjusted on 55,000 SF GBA → ~$9.35M reconciled @ CO (1020 bulk @ $166/SF anchors floor).
Capital: ~$3.5M all-in · Rev J
Land: under contract · not closed
Pre-app: MU-CD complete
Sponsor cash: $0 · operator + contract + parish path in
Data room · honest checklist · June 2026
What closes the ~$3.5M raise.
The website sells corridor + comps + platform math. This page shows what is ready today, what the sponsor contributes without cash, and what must be in the data room before wire. No pretend checkmarks.
12Ready on site / in memo
9Sponsor · at NDA / term sheet
8Third party · at / after close
Illustrative term sheet · not an offer
Structure for 100% investor capital
Shared under NDA with qualified investors and securities counsel. Makes sponsor $0 cash credible alongside investor protection.
| Term | Illustrative framework |
|---|---|
| Investor capital | ~$3,500,000 all-in · land close + GC hard + FF&E to CO · Rev J |
| Sponsor contribution | Land contract · pre-app · full-time operator · personal guaranty — no cash equity in raise |
| Preferred return | e.g. 8–12% pref before sponsor promote · finalized at term sheet |
| Control | Investor approval on budget · draw schedule · change orders · major leases |
| Draw gates | Land close → written OK → site → vertical → CO · no lump-sum wire |
| Security | First mortgage on fee simple after land close · UCC on FF&E · assignment of rents at stabilization |
| Illustrative exit strategy @ CO | Refi on ~$9.35M sales comp basis · ~37% LTC on ~$3.5M all-in · subject to MAI · lender UW · lease-up · not guaranteed |
| Downside @ CO | 1020 bulk floor ~$9.13M on 55,000 GBA vs ~$3.5M all-in · equity cushion if comps hold |
Verified facts · external sources · gaps labeled
Proof on the record. Path to wire.
Green = third-party or recorded data you can verify today. Amber = sponsor delivers at NDA / term sheet. We cite sources — not opinions.
Institutional sale on same Manhattan spine · ~31,115 SF · ~$166/SF. ELIFIN Pulse. Shows big-ticket commercial trades on this corridor — not a pioneer road.
1723–1831 Manhattan Blvd OM (McEnery Co) cites ~47,000 vehicles/day on Manhattan Blvd · Target · Ross · HomeGoods shadow anchors. Cross-check: LADOTD AADT · order official count at credit approval.
Listed $500,000 ask · Jefferson Parish · broker cites ~45k VPD + Target/Walmart/Sam's corridor (Compass). Status: under contract · not closed · reconciled land ~$380–480k in model.
Pearl Salon Suites · Neauxla · SalonRenter ~$250/wk avg. Mirage founding tier $1,150/mo (~$266/wk) · 48 spaces @ $225/wk → ~$43k/mo wellness rent @ 92% occ.
Harvey CDP pop. 20,915 · median HH income $48,774 (ACS 2020–24). ZIP 70058 ~39,578 residents · ~$62,416 median HH. Exhibit in pre-app trade-area package.
~$3.5M all-in ÷ ~$9.35M improved comp ≈ ~37% LTC. Stabilized partner ~$151k/mo NOI · bank core ~$66k/mo. See decide.html. Wellness rent alone ~$43k/mo gross @ 92% occ. Full stack: P&L · lender memo.
Rev J pre-app · MU-CD mixed-use · A-2 dining + accessory court · 100 parking · 55,000 SF GBA · 56 Mirage Residences. Schematic coordination only — not stamped permit CDs. Parish pre-app → · Drawings hub →
Redacted purchase contract · earnest receipt · Philbert resume · PFS · entity docs · personal guaranty term sheet. Required for $0 sponsor cash raise to read credible.
Independent as-complete @ CO appraisal · title/ALTA on PLS #8387 flag lot · licensed GC lump-sum post written OK · geotech before slab · official LADOTD count.
Confirm ELIFIN comp buyers · sale dates · $/SF at wire. Standard institutional step — flagged here so investor does not have to ask.
Close-the-gap checklist · ranked by investor impact
Do this · deal gets easy.
- 1Redacted land contract + close timelineCritical
Ends “spec land” fear · enables collateral narrative · assignable close at capital event.
- 2Sponsor resume + PFS + guaranty term sheetCritical
Makes $0 cash in raise + operator-led credible · pair on every investor call.
- 3MAI appraisal · as-complete @ CO scenarioCritical
Independent ~$9.35M vs sponsor reconciliation on 55,000 SF GBA · lender-grade sales comp clock.
- 4LADOTD AADT PDF · Manhattan BlvdHigh
Replaces broker ~45–47k cite with official count · attach to data room.
- 5Jefferson Clerk deeds · 1650 + 1020High
Wire-ready comp verification · VO PLAZA LLC · healthcare buyer.
- 6Stamped licensed GC bidHigh
Current owner-GC package · bid hub · lump-sum contract post parish written OK.
- 7CPA 5-yr pro forma + downside caseHigh
Rev J: Likely ~$254.0k core gross → ~$151k NOI · stress ~$110k NET (~$210k gross − ~$100k opex).
External exhibit index · clickable sources
| Exhibit | Fact cited | Source · link | Status |
|---|---|---|---|
| A · Comp A | 1650 Manhattan · $1.4M · $217/SF · VO PLAZA LLC | ELIFIN Pulse | Verified |
| B · Corridor sale | 1020 Manhattan · $5,170,967 healthcare | ELIFIN Pulse | Verified |
| C · Traffic | ~47,000 VPD Manhattan Blvd · Target node | McEnery Co OM · LADOTD | Broker + pending official |
| D · Subject land | 1705 · 2.2 ac · MLS #2541375 · $500k ask | Compass listing | Under contract |
| E · Suite rent | $175–350/wk · ~$250/wk market avg | Pearl · SalonRenter | Verified |
| F · Demographics | Harvey 20,915 pop · ZIP 70058 ~39,578 | ACS 2020–24 · trade-area package | Ready |
| G · LTV / income | ~37% LTC @ CO · ~$151k NOI/mo Likely | Lender memo · P&L | Ready |
| H · Independent ARV | ~$9.35M @ CO · 55,000 GBA | MAI appraiser · order at DD | Gap |
Three questions every investor asks
| Question | Answer today | Proof they still need |
|---|---|---|
| Can I lose money @ CO? | 1020 bulk ~$9.13M floor on 55,000 GBA · reconciled ~$9.35M vs ~$3.5M all-in | MAI appraisal @ CO · Clerk deed on 1650 + 1020 Manhattan |
| Does income pay the note? | Likely ~$151k/mo operator NET · stress ~$110k · wellness space rent ~$48k/mo alone · pre-operating asset | CPA pro forma · rent roll after open |
| Who runs it if sponsor puts $0 in? | Philbert operator-led · pre-app done · land under contract | Resume · guaranty · entity docs |
Ready now On this site · in lender memo
| Item | Status | Where |
|---|---|---|
| $1.8M · one check · 100% GC bid sheets · $1.44M + $360k FF&E | Ready | 100% bid sheets · Lender §4 |
| Harvey sales comps · 1650 Manhattan $217/SF · adjustment grid | Ready | Valuation memo |
| Three clocks · ~$3.5M cost · ~$9.35M sales comp @ CO · $8M+ stabilized | Ready | Valuation · Lender memo · P&L |
| Rev J P&L · four lanes · Likely / stress / strong | Ready | Destination P&L · 2D deck |
| Rev J lender credit memo | Ready | lender-2d.html |
| Concept #1 legacy (~$1.8M) · separate program | Archive | investors.html · lender.html |
| Investor one-pager (print / save PDF) | Ready | one-pager.html |
| Investor overview · Concept #1 (~$1.8M) | On site | Rev H West PDF |
| Full vision book · lender narrative | On site | Full Vision PDF |
| ARV / appraisal letter · Harvey comps | On site | ARV lender letter |
| Rev J · ~$3.5M vs Concept #1 $1.8M archive | On site | Rev J deck · 6 worlds |
| Mixed-use lender memo · comps · P&L | On site | Rev J credit memo |
| Site concept · PLS #8387 layout | Ready | Site plan |
| Pre-app summary · MU-CD program spec | Ready | Parish pre-app |
| Milestone path · close land → permit → build → CO | Ready | Investors |
| Station / vendor economics · founding tiers | Ready | Entrepreneurs · Partners |
| Honest stage · land under contract · not fee simple | Ready | This site · all pages |
Sponsor · NDA Closes a nothing-down check
Investor funds ~$3.5M all-in for Rev J (55,000 SF GBA · 56 residence keys). Sponsor contributes site control, parish path, operator labor, and guaranty — not cash equity.
| Document | Status | Why it matters |
|---|---|---|
| Executed land purchase contract @ 1705 · close timeline | Under contract · NDA | Shows site control · assignable close at capital event |
| Earnest money / deposit receipt | To provide | Shows sponsor skin in the game without cash equity in the raise |
| Philbert Honore resume · project list · operator track record | To provide | Nothing-down only works with a credible operator |
| Entity formation · operating agreement · cap table | To provide | Who controls what after wire |
| Personal financial statement · 2–3 yr tax returns | To provide | Guaranty underwriting · Lender §13 |
| Personal guaranty · global debt schedule | At term sheet | Recourse backstop when sponsor puts $0 cash in |
| Term sheet · pref return · security · control · draws | At NDA · counsel | Illustrative framework on Investor deck |
| 10-year model · Excel · three scenarios | NDA request | CPA review at close |
Third party At / after investor close
| Item | Status | Timing |
|---|---|---|
| Title commitment / ALTA survey | Order at close | Flag lot · wetland · access verification |
| MAI appraisal · land now + as-complete @ CO | Order at close | Independent ARV confirmation |
| Jefferson Parish Clerk deeds · 1650 + 1020 Manhattan | Pull at DD | Verify ELIFIN comp sales · VO PLAZA LLC |
| Stamped licensed GC bid + contract | After written OK | ROM on site today · stamp post pre-app |
| Geotech report | Before slab | Slab-on-grade PE requirement |
| Parish written OK · permit set | After land close | Pre-app complete today · not a permit |
| Official LADOTD traffic count · drive-time trade area | At credit approval | Replace preliminary ~45k VPD claim |
| CPA-reviewed pro forma · POS actuals post-open | At / after open | Stabilization underwriting |
Checklist reflects package status June 2026 · updated as documents enter the data room · not an offer to sell securities · consult legal and tax counsel before investing.