Rev J one-pager · Jul 2026 · forward to partners
Mirage @ Manhattan · 1705 Manhattan Blvd, Harvey · 2.2 ac
Dual-entry Hotel + CRAVE · PEMB 100′×110′ · 55,000 SF GBA · 56 Residences · grand court · Jefferson Parish · land under contract.
~$3.5MAll-in @ CO
~$9.35MSales comp @ CO
56 Residences$2,400 / $3,400 all-in
~$151kNET/mo Likely
Underwrite first · Rev J lock
- 55,000 SF GBA · PEMB 100′×110′×5 · dual-entry MIRAGE + CRAVE
- Sales-comp @ CO ~$9.35M (55k × ~$170/SF · 1020 Manhattan bulk floor)
- Lean project cost ~$3.5M · GC Mid ROM ~$12M (do not mix clocks)
- Land $435k locked · ~$3.5M lean path · steel GATE ≤$1.0M · pre-app path
Location · corridor
- Flag lot · Target ~300′ · Chili's / IHOP / Zea / Copeland's same blvd
- ~45k VPD on Manhattan (broker OM · LADOTD PDF @ diligence)
- Holiday Inn Express ~0.8 mi · same street lodging context only
Product · operator model
- 56 Mirage Residences · 48×610 @ $2,400 + 8×850 @ $3,400 all-in · 30+ nights
- Door 2 CRAVE · 6 kitchen licenses (base + 15% house POS) · Mirage owns the bar
- Grand court 100′×55′ · fitness · pool IN · wellness killed
Financials · Likely core
- Core gross ~$254.0k/mo → NOI ~$151k/mo (~$1.82M/yr)
- Bank floor: keys @ 72.7% · ~$64k NOI · DSCR holds without bar
- Full P&L · 20-min decide · lender memo
Gaps before wire · honest
- NDA package: land contract (redacted) · resume · PFS · guaranty · term sheet
- Third party @ close: MAI · ALTA · stamped GC bid · AOR/PE seals
- Before hard yes: LADOTD AADT · Westbank STR · kitchen LOIs · SBA/conventional term sheet
Illustrative terms · NDA · not an offer
- Capital path: loan-first (SBA/conventional) or equity partnership · term sheet
- Preferred return: e.g. 8–12% before sponsor promote (term sheet)
- Control: investor approval on budget · draws · change orders · major leases
- Draw gates: land close → written OK → site → vertical → CO · no lump sum
- Illustrative exit strategy @ CO: refi ~$9.35M sales-comp @ ~60% LTV (illustrative) · subject to MAI · lender UW · lease-up · not guaranteed
Philbert Honore · Owner · 504-314-8441 · partners@miragedistrictnola.com · miragemanhattan.com
Forward-looking statements are sponsor coordination estimates — not an offer to sell securities · not a certified appraisal · consult counsel before investing.