Rev J · lender credit memo · Jul 2026 lock
Mixed-use collateral · corridor proof · income stack.
Sponsor worksheet for construction or bridge underwriting on 1705 Manhattan Blvd. Collateral is a single MU-CD PEMB shell — dual-entry Hotel + CRAVE · 100′×55′ grand court (outdoor · not in GBA) · 56 Mirage Residences. Wellness / chair rent = killed (not in program). Numbers match pnl-2d.html Likely row. Not an offer to lend · not MAI · verify all third-party data.
Jul 2026 lock · single source (matches pnl-2d.html)
| Tier | Gross/mo | Opex/mo | NET/mo |
|---|---|---|---|
| Stress · conservative | ~$210k | ~$100k | ~$110k |
| Likely · base | ~$254.0k | ~$102.6k | ~$151k |
| Strong · upside | ~$297.0k | ~$115k | ~$192k |
NOI ladder Likely: residences $64,185 + CRAVE $35,492 + bar $42,750 + court $9,000 = $151,427. Residences: $2,400 / $3,400 · 72.7% occ · rent ~$103.5k/mo. Valuation @ CO: ~$9.35M on 55,000 GBA · all-in ~$3.5M.
← Primary lender door Full destination P&L →
1 · Collateral summary
One PEMB 100′×110′ shell · five levels · 2.2-acre flag lot (Lot P-2-A1Y4 · bowl + neck · 95,795 SF) · PLS #8387 · Harvey · Jefferson Parish MU-CD. Appraisal and sales-comp basis = 55,000 SF gross building area @ CO (5 × 11,000) — grand court and pool yard are outdoor · not in GBA.
| Underwriting field | Rev J · lock |
|---|---|
| Collateral | 55,000 SF GBA · PEMB 100′×110′ · 5 levels · dual entry |
| Principal use | CRAVE (~7,050 SF) · 6 kitchen licenses · bar · accessory 100′×55′ grand court |
| Supporting uses | MIRAGE lobby (~550 SF) · fitness 750 SF · private pool north · 56 Mirage Residences · wellness chairs killed |
| All-in @ CO | ~$3,500,000 (~$435k land + owner-GC build · current package) |
| Sales comp @ CO | ~$9.35M reconciled · ~$170/SF on 55,000 GBA · 1020 Manhattan anchor |
| Stabilized gross · Likely | ~$254.0k/mo · four revenue lanes · Y2–3 target |
| Stabilized NET · Likely | ~$151k/mo operator · after ~$102.6k/mo opex |
| Lender floor · stress | ~$110k/mo NET · conservative tier · residences + kitchen base (no wellness) |
Wellness / chair rent removed from program — fill risk too high for one-shot loan. Underwrite residences + CRAVE kitchen base; bar/court as upside.
Program @ CO (measured)
| Zone | SF | Notes |
|---|---|---|
| Door 1 · MIRAGE residences lobby | ~550 | Concierge · elevators · fitness access |
| Door 2 · CRAVE dining & bar | ~7,050 | 6 kitchen licenses · courtyard bar · one A-2 license |
| Fitness · amenity | 750 | L1 · hotel guests |
| Wellness · chairs | — | KILLED · not in program |
| Grand court · outdoor | — | 100′×55′ · porte cochère · valet · not in GBA |
| Private pool + tub · north | 12′×20′ | Behind building · tree screen |
| residences · 56 keys | 36,080 | L2–L5 · 48×610 + 8×850 · 30+ nights |
| Parking | 100 | Locked on PLS #8387 |
| GBA @ CO | 55,000 | 5 × 11,000 · MAI / sales-comp basis |
2 · Corridor · why this address converts
Lenders anchor on recorded sales on Manhattan Boulevard and national operators already on the strip. ~45,000 vehicles/day* · Chili's (1741) · IHOP · Zea (1121) · Copeland's (2333) · Target · Sam's Club · Holiday Inn Express (2433 · 91 keys).
| Proof point | Read | Source |
|---|---|---|
| 1020 Manhattan · $5.17M · ~$166/SF | Primary bulk scale comp · same street · healthcare/improved | Recorded sale · sponsor worksheet |
| 1650 Manhattan · $1.4M · ~$217/SF | Improved strip ceiling · moderate size adjustment | ELIFIN · Jan 2025 |
| ~45k VPD Manhattan Blvd | Drive-by F&B · retail · hotel demand already proven | McEnery Co OM · LADOTD @ credit approval |
| Holiday Inn 2433 Manhattan · 91 keys | Same-street lodging comp · $120–$200 public OTA band | Brand / OTA snapshot · Jul 2026 |
| Crescent City Connection | 3–5 min drive · bridge overflow is one hotel lane — not the land thesis | Sponsor measurement · verify ALTA |
*Traffic count pending official LADOTD PDF at term sheet. Full comp workbook: valuation.html · homepage comps →
3 · Sales comparison · land + improved @ CO
Cost approach sets the floor (~$3.5M all-in). Sales comparison on 55,000 SF GBA sets day-one improved value — bracketed by 1020 Manhattan bulk sale and 1650 strip ceiling.
| Comp / method | $/SF | Indicated value |
|---|---|---|
| 1020 Manhattan · bulk · primary anchor | $166 | 55,000 × $166 = ~$9.13M floor |
| 1650 Manhattan · strip ceiling | $217 | Size-adjusted band · ~$7.5M bracket |
| Reconciled @ CO · sponsor | ~$170 | ~$9.35M on 55,000 GBA |
| All-in cost | — | ~$3.5M · day-one spread ≈ +$5.85M vs cost |
| Stabilized · Y3–5 · income + keys | — | $8M+ headline · MAI required · separate from day-one sales comp |
4 · Operating pro forma · Likely stabilization
Operating model · matches pnl-2d.html · not CPA-certified · Y2–3 stabilization target · never mix tiers without labels.
Partner NOI lock · Likely/mo (matches decide.html)
| Engine | NOI/mo | Basis |
|---|---|---|
| residences · 56 keys | $64,185 | $142k GPR × 72.7% · 38% opex |
| CRAVE · traffic + POS | $35,492 | Base + 15% of corridor food model − BOH |
| Bar · owner ops | $42,750 | ~$95k gross floor · ~45% contribution |
| Court · 5,500 SF | $9,000 | $12k gross − $3k ops |
| Partner NOI | $151,427 | ~$1.82M/yr · before debt |
| Bank core (keys + kitchen base only) | ~$66k | Bar / % rent / court excluded until proven |
Operating expenses · Likely/mo (matches pnl-2d)
| Expense | Likely/mo | Notes |
|---|---|---|
| Residence ops · HK · utilities · mgmt · reserves | −$39,340 | ~38% of residence EGI · before debt |
| CRAVE support · grease / BOH admin | −$8,000 | License income · chefs self-op |
| Bar · COGS + payroll + comps | −$52,250 | ~55% of ~$95k bar gross |
| Court events | −$3,000 | Watch nights · sections |
| Total opex | −$102,590 | Before debt · NOT Mirage kitchen COGS |
Gross $254,017 − opex $102,590 = NOI $151,427. Wellness chairs killed — not in stack.
Sensitivity · do not blend tiers
| Tier | Gross/mo | Opex/mo | NET/mo | Use |
|---|---|---|---|---|
| Conservative · stress | ~$210k | ~$100k | ~$110k | Lender floor · Y1 ramp |
| Likely · base | ~$254.0k | ~$102.6k | ~$151k | Stabilization Y2–3 |
| Strong · upside | ~$297.0k | ~$115k | ~$192k | Higher ADR · fuller occ · more events |
5 · Hotel lane · supporting use only
56 residence keys are not the collateral headline — they are one stabilized income lane inside a dual-entry shell. Rents are $2,400 / $3,400 all-in (30-day) — monthly hotel residences + on-site CRAVE, not nightly ADR.
Metro NOLA lodging · cited market (not Mirage forecast)
| Metric | Figure | Period | Source |
|---|---|---|---|
| Occupancy | 63.9% | 2024 YTD | NAIOP NOLA MSA report Q3 2025 |
| ADR | $204.93 | 2024 YTD | Same · metro aggregate |
| RevPAR | $130.92 | 2024 YTD | Same |
Mirage 56 Residences model · owner lock
| Tier | Monthly rent | Occ | Room gross/mo | Keys NOI/mo* |
|---|---|---|---|---|
| Downside | $2,400 / $3,400 | 55% | ~$78.3k | ~$48.6k |
| Likely | $2,400 / $3,400 | 72.7% | $103,525 | $64,185 |
| Strong | $2,400 / $3,400 | 90% | $128,160 | $79,459 |
*Keys NOI after 38% residence opex · before debt · excludes CRAVE / bar / court / wellness. Monthly rents — not nightly ADR. Sponsor does not underwrite Jefferson at 95% annualized occ.
Same-corridor lodging comp
| Property | Keys | Public rate band* | vs Mirage |
|---|---|---|---|
| Holiday Inn Express · 2433 Manhattan | 91 | $120–$200 | Same street · limited-service box |
| Hampton Inn · 1651 5th St Harvey | 83 | $121–$203 | ~1.5 mi · bridge marketing |
| Mirage Rev J | 56 | $2,400 / $3,400 | Residence monthly · CRAVE downstairs · 30+ nights |
*OTA snapshot · Jul 2026 · verify at underwriting. Paid STR / CoStar Harvey slice = gap item §7.
6 · Valuation · LTV · exit
Cost approach · ~$3.5M all-in
| Land (locked) | ~$435,000 |
| Build · locked lean · steel GATE ≤$1.0M | bid hub |
| All-in @ CO | ~$3,500,000 |
GC number is owner capital-stack target until stamped lump-sum bid after permit-ready set — not a contractor quote today. Bid hub: current package →
Illustrative LTV @ CO
| ~$3.5M all-in ÷ ~$9.35M improved comp basis | ~37% LTC |
| Stabilized refi @ 60% on $8M indication | ~$4.8M capacity · pays down construction |
| Likely NET ~$151k/mo · ~$1.82M/yr | ~0.52× all-in · cash-on-cost · illustrative |
7 · What is ready · what is not · honest
| Item | Status | Closes with |
|---|---|---|
| Permit drawings · stamped | Gap | LA AOR + PE produce own CDs · ~35% schematic today |
| MAI appraisal · as-complete w/ 56 residence keys | Gap | Independent at land close / CO |
| STR / CoStar · Harvey submarket | Gap | Paid report · West Bank slice |
| Official LADOTD traffic count | Pending | PDF at credit approval |
| Stamped GC lump-sum | Pending | After permit-ready set + parish OK |
| CPA 5-year pro forma | Gap | Term sheet · audit-ready model |
| Hotel flag / management LOI | Optional | Owner-operated default |
Philbert Honore · Owner · 504-314-8441 · partners@miragedistrictnola.com · 1705 Manhattan Blvd · Harvey, LA 70058