Project Tulsa Mixed-Use

A 20-acre mixed-use community at S 273rd E Avenue, Coweta, comprising 5 acres each of multifamily residential, retail, office, and single-family townhomes. Design, amenities, and certifications are benchmarked against four Oklahoma comparables: Jenks Landing, Southern Villa District, The Milestone at the Rose District, and the East Village Townhomes. Phase 1 delivers horizontal site infrastructure at a $5,000,000 budget; Phase 2 delivers vertical construction across all four components over 24 months at $150 per square foot.

Financial Breakdown:
The project is mixed-financed with $30.49M of equity, composed of $13M worth of a land. The equity is broken down into 15-85 between the original landowner and the new groups/individuals under the broader LP group. The payments of the loan will follow a capital repayment structure, and a total of $70.5M will be repaid. The attributable cash flows will be disbursed at 80-20 ratio with the GP. The 7th year is projected to be the exit of the current LP group and thus allowing them to realize 5.72X of their equity, securing a total of $115.2M worth of return. On the other hand, the GP will receive a total of $28.8M in these 7 years, including the exit. The project’s unlevered IRR is 15.25%, and the levered IRR is 26.70%. We believe on the sustainability of these numbers as Tulsa is a very lucrative city in the state of Oklahoma.

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