High-end 100k sf RV & Boat Storage Facility development

Hi, investors and developers in RV & Boat Storage.

VENTURE SUMMARY:
RV & Boat Storage Facility is currently in the permitting process. High-end RV & Boat Storage in Killeen, TX 76543. Feature and amenities packed. 100k sq ft on 5 acres already acquired, 200 spaces, 12mo build. Seeking funding solution to close. Have secured $6M already approved long-term loan sourced already. In need of equity injection gap to close construction. 24mo to stabilize, exit via refi in months 36-40. Goal 37% IRR & ROI 54%/yr or 265% in 36mo.

PROBLEM: Fast-growing sub-market just 30 mins N of Fastest growing market/ city in USA Georgetown, TX. This growth = housing developments which mean HOA and HOA rules on parking RV's on driveway or at home. Hence need for secure storage facility options.

LOCATION:
Killeen, TX (home to a largest military base in the US and 59 min N of Austin, TX. Population 160k in a 300k MSA area, median household incomes >$62k/yr. Growth 4%, 300k sq ft deficit of RV & Boat Storage space in Bell County.

DETAILS:
Just 75% occupancy is needed to accomplish a debt coverage ratio of 1.25.
Experienced GC on board
Civil Engineering Site Plan complete, Architectural Mechanical Electrical & Plumbing drawings at 50% set, Site Development permit process ongoing and pending approvals.
3rd Party Property Management agreement signed and $5MM combined -  life insurance, builders risk insurance, errors & omission insurance, and business owners insurance secured/bound.
60% Fully Enclosed units and 40% Covered Canopy units by Baja Construction. Units ranging from 14'X50 to 12'X35'. Automated systems and online conveniences.
Features will include a wash area, lounge, office, locker box rentals, gray and black water dump, and tire fill station.
80-mile radius of the proposed site has almost 0% availability of spaces to store an RV or Boat. Almost all facilities are filled, almost filled, or have a waiting list.

REQUEST:
$855 TO $1MM to  close on already secured $6MM construction loan on 30 year term. Need equity injection to close by March 2024 and break ground by April 2024. Equity will return cash flow and equity multiple return upon equity exit event via refinance in months 36-40 from the close date.