/* Cinco Ranch Village — Financials, Returns, Exit, Risks, Sponsor, CTA */ const { useState: u2S, useEffect: u2E, useRef: u2R } = React; /* =========================== FINANCIALS =========================== */ // From OM 10-year property cash flow const NOI_YRS = [653, 691, 726, 750, 711, 829, 862, 882, 895, 855]; // $K const DEBT_YRS = [346, 346, 414, 414, 414, 435, 435, 549, 549, 549]; const LEV_CF = [252, 290, 256, 279, 109, 317, 370, 276, 250, 96]; function Financials(){ const [ref, inView] = useInView(); return

$653K Year-1 NOI growing to $895K by Year 9.

{/* Year 1 operating statement */}
Year 1 Operating Statement
{[ ['Potential Base Rent', '$653,169'], ['Expense Recoveries', '$211,831'], ['Vacancy / Credit Loss', '$0'], ['Effective Gross Revenue', '$865,000', true], ['Property Taxes', '($134,500)'], ['Insurance', '($18,500)'], ['CAM / R&M / Utilities', '($44,800)'], ['Management (3.0%)', '($25,950)'], ['Administrative', '($8,081)'], ['Total Operating Expenses', '($211,831)', true], ].map(([k,v,bold])=>(
{k} {v}
))}
Net Operating Income $653,169
{/* NOI chart */}
10-Year NOI Trajectory
{NOI_YRS.map((n,i)=>{ const h = ((n-600)/(950-600))*90; return
${n}K
Yr {i+1}
; })}
{[ ['Total 10-Yr NOI', '$7.85M'], ['Wtd Avg Cap', '7.95%'], ['Yr 5 Refi Cash-Out', '$2.76M'], ].map(([k,v])=>(
{k}
{v}
))}
{/* DSCR table */}
Debt Service Coverage · By Year Min 1.56× · All years > 1.25× lender threshold
{['','Yr 1','Yr 2','Yr 3','Yr 4','Yr 5','Yr 6','Yr 7','Yr 8','Yr 9','Yr 10'].map((h,i)=>(
{h}
))} {['NOI', ...NOI_YRS.map(n=>`$${n}K`)].map((v,i)=>(
0?'tnum':''}>{v}
))} {['Debt Svc', ...DEBT_YRS.map(n=>`$${n}K`)].map((v,i)=>(
0?'tnum':''}>{v}
))} {['DSCR', ...NOI_YRS.map((n,i)=>(n/DEBT_YRS[i]).toFixed(2)+'×')].map((v,i)=>(
0?'tnum':''}>{v}
))}
; } /* =========================== LP RETURNS CALCULATOR =========================== */ // From OM waterfall — LP distributions Yr1-10 const LP_DIST = [252, 290, 256, 279, 2867, 317, 370, 276, 228, 5600]; // $K const LP_TOTAL = 10735; // $K const LP_PROFIT = 6699; // $K function Returns(){ const [amt, setAmt] = u2S(250000); const [ref, inView] = useInView(); const MIN = 100_000, MAX = 4_000_000; const share = amt / 4_036_000; const distributions = LP_DIST.map(d => d * 1000 * share); const totalLP = LP_TOTAL * 1000 * share; const maxBar = Math.max(...distributions) * 1.05; return

$4.0M invested. $10.7M returned.

Adjust your commitment to project annual distributions, the Year 5 refi return of capital, and Year 10 exit proceeds. Based on base-case underwriting at a 6.25% exit cap — see full sensitivity in the package.

Your commitment
{fmtUSD(amt)}
setAmt(parseInt(e.target.value))} style={{width:'100%', accentColor:'var(--gold)', marginBottom:8}}/>
$100K min$4.0M
{[100000, 250000, 500000, 1000000, 2000000, 4000000].map(v=>( ))}
Waterfall
Tier 1 · 1.25× Return of Capital to LP
Tier 2 · 80% LP / 20% GP promote on excess
1.25% AM Fee · 1.0% Acquisition Fee · No double promote
Total LP distributions
{fmtUSD(Math.round(totalLP))}
10-yr cumulative
LP IRR (net)
14.9%
post-waterfall
LP equity multiple
2.66×
on invested capital
{/* Distribution bars */}
Projected LP cash distribution schedule (your pro rata)
{distributions.map((d,i)=>{ const pct = (d / maxBar) * 100; const isRefi = i===4; const isExit = i===9; return
{fmtUSDshort(Math.round(d))}
{isRefi &&
Refi
} {isExit &&
Exit
}
Y{i+1}
; })}
Total returned over 10 years
{fmtUSD(Math.round(totalLP))}
Net profit
+{fmtUSD(Math.round(totalLP - amt))}
{/* Sensitivity table */}
Sensitivity — LP IRR by exit cap rate
{['5.50%','5.75%','6.00%','6.25%','6.50%','6.75%','7.00%'].map((p,i)=>(
{p} cap
))} {['18.4%','16.9%','15.8%','14.9%','14.0%','13.0%','12.1%'].map((v,i)=>(
{v}
))} {['3.05×','2.89×','2.77×','2.66×','2.56×','2.45×','2.35×'].map((v,i)=>(
{v}
))}
Even at 7.00% exit cap — 75 bps of expansion from going-in — LP IRR holds above 12% with a 2.35× multiple.
; } /* =========================== EXIT (Cap Rate Sale) =========================== */ function ExitVision(){ const [ref, inView] = useInView(); return

$15.1M gross sale at a 6.25% cap.

Year 10 disposition to an institutional or 1031 buyer on a forward $946K NOI. After debt payoff and disposition costs, $6.9M flows to equity. Combined with $5.3M of operating cash flow and the Year 5 refi, LPs receive $10.7M on $4.0M invested.

{[ ['Exit cap', '6.25%'], ['Year 11 NOI', '$946K'], ['Gross sale', '$15.1M'], ['Net to equity', '$6.9M'], ].map(([k,v])=>(
{k}
{v}
))}
Why a cap-rate exit works here: 100% leased NNN centers in top-tier Houston submarkets trade to private REITs, family offices, and 1031 exchangers at 5.50–6.50% caps. Our 6.25% underwriting builds in 25 bps of exit cushion vs. current comp caps. La Centerra's 5.00% transaction across the street is the institutional benchmark.
; } /* =========================== RISKS =========================== */ function Risks(){ const [ref, inView] = useInView(); const items = [ ['Tenant turnover', '100% leased, 9-tenant roster · 5.0-yr WALT. Largest tenant (Montessori) is 20% of GLA. Laddered expirations through 2036 (AFC Urgent Care).'], ['Mark-to-market execution', 'Current wtd avg rent of $32.36/SF sits well below comp centers at $45–$50/SF. Natural upside without capital outlay. Montessori rollover alone adds ~$40K NOI.'], ['Cap rate expansion', 'Base case underwrites 6.25% exit — 25 bps wider than current comp median. At 7.00% cap, LP IRR still exceeds 12% with a 2.35× multiple.'], ['Interest rate / refi risk', 'Conservative 60% LTV with min DSCR of 1.56×. Year 5 refi modeled at 5.25% — 75 bps of cushion vs. current rates. No-refi scenario still yields positive LP returns.'], ['Property tax reassessment', 'HCAD reassessment risk offset by triple-net recovery structure — taxes pass through to tenants under all existing leases.'], ['Insurance / storm exposure', 'Gulf Coast location mitigated by flood zone X (minimal), concrete tilt-wall construction, and NNN expense recovery pass-through.'], ['Pending tenant execution', 'Suite 190 LOI signed at $28/SF NNN. If lease does not execute, $34K of Yr 1 revenue shifts to Yr 2 — immaterial to 10-yr returns.'], ]; return

Where it could go wrong. How we've priced it in.

{items.map(([risk, mitigant], i)=>(
{risk}
{mitigant}
))}
; } /* =========================== SPONSOR =========================== */ const PILLARS = [ { k:'01', t:'Partnership & Leadership', pts:[ 'Longstanding collaboration across commercial real estate', 'Complementary backgrounds: private RE, public markets, capital formation', 'Institutional discipline · operator-driven execution', 'Shared philosophy, repeatable process, proven track records', ]}, { k:'02', t:'Strategy & Market Focus', pts:[ 'Private real estate with long-term value creation', 'Primary emphasis on unanchored strip centers', '"Cash-flow day one" — acquire below replacement cost', 'Texas & Southeast U.S. in a fragmented ~$3T market', ]}, { k:'03', t:'Investor Alignment', pts:[ 'Flexible: deal-by-deal, SMA, or programmatic venture', 'Modest leverage — capped at ~60% LTV', 'DSCR still 1:1 even after a 40% cash-flow loss', 'Operate assets directly — no double-promote structures', ]}, ]; const BIOS = [ { name:'Justin A. Levine', firm:'JAL Strategies', email:'jlevine@jalstrategies.com', stats:[ ['20+ yrs', 'commercial real estate'], ['$600M', 'invested/managed at Levcor'], ['3.9M sf', 'across 26 assets (TX & NC)'], ['$2.5B', 'equity raised at Blackstone'], ], bio:[ 'Former President of Levcor, Inc., a full-service national CRE firm that has developed, owned, or managed 25M sf of real estate. At Levcor (2014–2025) served as President, SVP/CIO, and VP.', 'Track record: 4.13× realized equity multiple and 16.1% realized IRR across six exited assets, with twenty additional active assets carrying an estimated 3.36× total equity multiple as of underwriting — $600M invested/managed across 26 assets and 3.9M sf in Texas and North Carolina.', 'Previously at The Blackstone Group (2006–2011) in New York, where he helped raise ~$2.5B of institutional equity for global real estate platforms across 15 private-equity advisory assignments. Active member of the Urban Land Institute.', ], creds:[ 'M.B.A., The Wharton School of Business', 'B.S. Economics & Communication Studies, Northwestern University', 'Urban Land Institute (ULI) — Member; former Houston District Council Chair (2022–24)', 'ICSC member · Licensed Texas real estate salesperson', ], }, { name:'James C. Pappas', firm:'JCP Investment Management', email:'jcp@jcpinv.com', stats:[ ['17+ yrs', 'public real estate & credit'], ['$250M+', 'discretionary capital at JCP'], ['$50M+', 'raised in co-invest strategies'], ['10+', 'public-company boards served'], ], bio:[ 'Founded JCP Investment Management in June 2009 — a value-based, SEC-registered investment firm operating across equity, credit, and distressed securities, primarily in North America.', 'Currently serves on the board of Tandy Leather Factory (NASDAQ:TLF). Prior board seats: Jamba Inc., U.S. Geothermal, The Pantry, and Chairman of Morgan\'s Foods — several taken private or sold at a premium.', 'Previously with The Goldman Sachs Group (Investment Banking / Leveraged Finance) and Banc of America Securities (Consumer & Retail Investment Banking).', ], creds:[ 'M.S. Finance, Texas A&M University', 'B.B.A., Texas A&M University', 'Houston Methodist Gastrology Board', 'Endowment Board — Houston Greek Orthodox Church', ], }, ]; function Sponsor(){ const [ref, inView] = useInView(); return ; } /* =========================== CTA + FOOTER =========================== */ function CTA({ onCTA }){ return
— Off-Market · By Invitation —

Raising $4.0M in LP equity.
$100K minimum.

Request the full investment package — financial model, offering memorandum, and rent roll.

Request investor package →
; } function Footer(){ const [dOpen, setDOpen] = React.useState(false); return ; } Object.assign(window, { Financials, Returns, ExitVision, Risks, Sponsor, CTA, Footer });