1705 Manhattan Blvd · Rev J · As-Complete ARV · Lender Collateral Letter
1705 Manhattan Blvd · Harvey, LA 70058
504-314-8441 · partners@miragedistrictnola.com · miragemanhattan.com
Dear [Name],
This letter supports as-complete improved collateral for Rev J — a 3-story engineered steel mixed-use destination (permanent structural steel frame · hurricane-rated Jefferson · superior clear-span and durability vs typical stick-built strip). It is sponsor-prepared sales comparison — not an appraisal. Order independent MAI at credit approval. Public / lender language: quality steel construction — do not characterize as temporary or “prefab.”
| Measure | SF | Use |
|---|---|---|
| Gross building area @ CO | 55,000 | ONLY sales-comp / MAI basis · L1 11,200 + L2 16,000 + L3 16,000 enclosed |
| Building pad (plan) | 16,000 (200′ × 80′) | Steel takeoff / site · never sales-comp alone |
| Open court (outdoor) | 4,800 | Accessory · excluded from GBA |
| Residence area | 36,080 (48×610 + 8×850) | Inside L2–L5 · income component · inside GBA |
| Item | Detail |
|---|---|
| Address | 1705 Manhattan Blvd · Tax ID 0300008355 · PLS #8387 · 2.2 ac |
| Program | CRAVE 4,800 SF (one menu · table service) · Mirage Ballroom 4,500 SF · 10 retail 7,500 SF · kitchen BOH 1,260 SF · 48 hotel rooms |
| Structure | Engineered steel frame · finished §40-447(h) exterior · not stick-built · PE-stamped connections |
| All-in @ CO | ~$3,500,000 |
Bracket on recorded sales: 1020 Manhattan @ $166/SF on 31,115 SF is the same street at bulk scale. 1650 Manhattan @ $217/SF is the small improved strip ceiling. Reconcile between them with use and condition adjustments — always on 55,000 SF GBA, never 16,000 pad alone.
| Rank | Property | Sale | Comp SF | Comp $/SF | Subject indicated |
|---|---|---|---|---|---|
| B · primary | 1020 Manhattan · healthcare bulk | $5,170,967 | 31,115 | $166 | ~$7.17M 55,000 × $166 direct |
| A | 1650 Manhattan · VO PLAZA · Jan 2025 | $1,400,000 | 6,445 | $217 | Strip ceiling · ~$174/SF after −20% size ~$7.5M band |
| D | 1720 Gretna Blvd · bar/restaurant | $1,100,000 | 4,544 | $242 | A-2 / F&B use support · not size-blind |
| — | Wrong · footprint-only | — | 16,000 | $243 | $3.9M · undercounts L2+L3 |
| Reconciled | 1705 Mirage @ CO | — | 55,000 GBA | ~$170 | ~$9.35M |
| Element | Adjustment | Rationale |
|---|---|---|
| Location | 0% | Same Manhattan corridor |
| Scale bracket | $166/SF floor | 1020 Manhattan · 31,115 SF recorded · same arterial |
| Size · 1650 strip | −15% to −20% on $/SF | 6,445 SF vs 55,000 GBA · moderate GLA adjustment |
| Condition / structure | +8% | New engineered steel @ CO vs older strip / medical bulk |
| Mixed use + 56 residence keys | +5% | A-2 + retail + hotel vs single-use medical / inline strip |
| Reconciled rate on GBA | ~$168–175/SF | 1020 bulk anchor + strip ceiling bracket → ~$7.2–7.6M · midpoint ~$9.35M @ ~$170/SF |
| Clock | Indicated value | Method |
|---|---|---|
| 1 · Cost @ CO | ~$3.0M | Land + hard construction · floor only |
| 2 · Sales comp @ CO | ~$7.2–7.6M | 55,000 SF GBA · 1020 bulk @ $166 + 1650 strip bracket · reconciled ~$170/SF |
| 3 · Stabilized Y3–5 | $8M – $12M | Income + keys · separate clock · MAI required |
Against ~$3.5M all-in, reconciled sales comparison ~$9.35M on 55,000 SF GBA (~$170/SF) implies roughly +$5.85M day-one equity spread before stabilized income. Cost alone does not cap market value when bulk corridor comps trade at $166/SF on the same street.
Sincerely,
Philbert Honore
Sponsor · Mirage Manhattan
504-314-8441
Sponsor worksheet only · not USPAP · not a bank appraisal. Sales comparison on 55,000 SF gross building area @ CO — not 16,000 SF footprint.