/* Shoppes at San Felipe — Financials, Returns, Exit, Sponsor, CTA */ const { useState: u2S, useEffect: u2E, useRef: u2R } = React; /* =========================== FINANCIALS =========================== */ const NOI_YRS = [1846, 1951, 1996, 1988, 2061, 2072, 2198, 2211, 2178, 2260]; // $K const DEBT_YRS = [1072, 1072, 1329, 1329, 1329, 1117, 1117, 1409, 1409, 1409]; const OPCF_YRS = [725, 830, 619, 611, 684, 908, 1033, 753, 720, 802]; const COC_YRS = [5.58, 6.39, 4.76, 4.70, 5.26, 6.98, 7.95, 5.80, 5.54, 6.17]; const LP_DIST = [563, 668, 457, 449, 521, 745, 871, 591, 558, 640]; const LP_COC = [4.3, 5.1, 3.5, 3.5, 4.0, 5.7, 6.7, 4.5, 4.3, 4.9]; const REFI_Y5 = 2495; function Financials(){ const [ref, inView] = useInView(); return

$1.85M in-place NOI. $7.69M total 10-year operating cash flow.

{/* Year 1 operating statement */}
Year 1 Operating Statement
{[ ['Retail Base Rent', '$1,616,788'], ['Expense Recoveries', '$594,523'], ['Ground Lease (CVS)', '$385,000'], ['Signage / Other', '$3,120'], ['Gross Revenue', '$2,599,431', true], ['Property Taxes', '($403,580)'], ['Insurance', '($36,675)'], ['CAM / R&M / Utilities', '($227,029)'], ['Management (3.0%)', '($77,983)'], ['Administrative', '($8,370)'], ['Total Expenses', '($753,637)', true], ].map(([k,v,bold])=>(
{k} {v}
))}
Net Operating Income $1,845,794
{/* Cash flow chart */}
10-Year NOI Trajectory
{NOI_YRS.map((n,i)=>{ const h = ((n-1700)/(2300-1700))*90; return
${(n/1000).toFixed(2)}M
Yr {i+1}
; })}
{[ ['Total 10-Yr Op. CF', '$7.69M'], ['Avg Cash-on-Cash', '5.91%'], ['Yr 5 Refi Cash-Out', '$2.50M'], ].map(([k,v])=>(
{k}
{v}
))}
{/* DSCR table */}
Debt Service Coverage · By Year Min 1.42× · 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=>`$${n.toLocaleString()}K`)].map((v,i)=>(
0?'tnum':''}>{v}
))} {['Debt Svc', ...DEBT_YRS.map(n=>`$${n.toLocaleString()}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 =========================== */ function Returns(){ const [amt, setAmt] = u2S(250000); const [ref, inView] = useInView(); const MIN = 100_000, MAX = 5_000_000; const share = amt / 13_000_000; const distributions = LP_DIST.map(d => d * 1000 * share); const refiAmount = REFI_Y5 * 1000 * share; const yr5Total = distributions[4] + refiAmount; const exitLP = 40353557 - 8558971; // net exit after pre-exit dists ($6.063M ops + $2.495M refi) const exitShare = exitLP * share; const totalLP = 40353557 * share; return

$13M invested. $40M returned.

Adjust your commitment to project annual distributions, the Year 5 refi cash-out, and Year 10 exit proceeds. Based on base-case underwriting at $300/SF exit — 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$5.0M
{[100000, 250000, 500000, 1000000, 5000000].map(v=>( ))}
Waterfall
Tier 1 · Return of capital
Tier 2 · Preferred return to 1.25× invested
Tier 3 · 80% to LPs / 20% GP promote on excess
Total LP distributions
{fmtUSD(Math.round(totalLP))}
10-yr cumulative
LP IRR (net)
14.0%
base case · $300/SF
LP equity multiple
3.10×
on invested capital
{/* Waterfall bars */}
Projected LP cash distribution schedule (your pro rata)
{distributions.map((d,i)=>{ const total = i===4 ? d + refiAmount : d; const pct = (total / (exitShare * 1.1)) * 100; const isRefi = i===4; return
{fmtUSDshort(Math.round(total))}
{isRefi &&
+Refi
}
Y{i+1}
; })} {/* Exit bar */}
{fmtUSDshort(Math.round(exitShare))}
EXIT
Total returned over 10 years
{fmtUSD(Math.round(totalLP))}
Net profit
+{fmtUSD(Math.round(totalLP - amt))}
{/* Sensitivity table */}
Sensitivity — LP IRR by exit land price
{['$200','$225','$250','$275','$300','$325','$350','$375','$400'].map((p,i)=>(
{p}/SF
))} {['8.3%','10.0%','11.5%','12.8%','14.0%','15.0%','16.0%','16.9%','17.8%'].map((v,i)=>(
{v}
))} {['1.91×','2.21×','2.51×','2.81×','3.10×','3.40×','3.70×','4.00×','4.30×'].map((v,i)=>(
{v}
))}
Even at $250/SF — 17% below base case — LP IRR exceeds 11.5% with a 2.51× multiple.
; } /* =========================== EXIT VISION =========================== */ function ExitVision(){ const [ref, inView] = useInView(); return
Conceptual rendering — The Residences at San Felipe
Illustrative — depicts what the next buyer could build after our exit (est. 2036).

A 19.2% project IRR for the next buyer.

Developer economics at $300/SF land basis validate our exit thesis. The next buyer — a mixed-use developer — earns a market-rate return building 449 units on the parcel. Our sale is their acquisition.

{[ ['Developer IRR', '19.2%'], ['Equity multiple', '2.78×'], ['Stabilized value', '$255.4M'], ['Profit margin', '28.8%'], ].map(([k,v])=>(
{k}
{v}
))}
{[ ['14 stories', '449 units'], ['353,005 NRSF', '725 SF avg unit'], ['$4.90 / SF / mo', '660 parking stalls'], ['24,500 SF retail', 'Pool · fitness · dog run'], ].flat().map((v,i)=>(
{v}
))}
; } /* =========================== RISKS =========================== */ function Risks(){ const [ref, inView] = useInView(); const items = [ ['Tenant turnover', 'Diverse 21-tenant roster · 95.2% occupancy · 5.77-yr WALT. No single tenant (ex-CVS) exceeds 13% of revenue.'], ['Below-market rent', 'Current rents ~21% below market creates natural upside buffer. Mark-to-market adds $471K to NOI without new tenants.'], ['Land value compression', 'Even at $225/SF (3.2% CAGR, below Houston\'s 5–7% avg), LP IRR is still ~10% with a 2.2× multiple.'], ['Interest rate / refi risk', 'Conservative 60% LTV with DSCR > 1.42× in all years. No-refi scenario still yields 12.4% LP IRR.'], ['Property tax reassessment', 'HCAD reassessment risk offset by triple-net recovery structure — taxes pass through to tenants under existing leases.'], ['Insurance / storm exposure', 'Gulf Coast location mitigated by concrete tilt-wall construction, flood zone X (minimal), and NNN expense recovery.'], ['Zoning / deed restrictions', 'Confirmed NO deed restrictions. Standalone commercial plat. Houston Ch. 42 — no height limits on this parcel.'], ]; 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:'Co-Founder · 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.', 'Helped invest and/or manage $600M across 26 assets and 3.9M sf in Texas and North Carolina — delivering a 4.13× realized equity multiple and 16.1% realized IRR across six exited assets, with an additional twenty active assets carrying an estimated 3.36× total equity multiple as of underwriting.', '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:'Co-Founder · 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', ], }, ]; const TRACK = [ { phase:'Realized', dot:'var(--gold)', rows:[ ['Northwest Mall', 'Houston, TX · Land', '5.62x', '17.4%'], ['UTMB / Texas City', 'Texas City, TX · STNL', '3.07x', '31.0%'], ['Village @ West Oaks', 'Houston, TX · Retail', '2.74x', '28.4%'], ['Sherman Centre', 'Sherman, TX · Retail', '2.31x', '13.5%'], ['Laredo San Dario', 'Laredo, TX · Land', '1.27x', '3.3%'], ]}, ]; function Sponsor(){ const [ref, inView] = useInView(); return ; } /* Simple count-up for stat labels like "$600M", "20+ yrs", etc. */ function CountUp({inView, value}){ const [shown, setShown] = u2S(value); u2E(()=>{ if(!inView) return; const m = String(value).match(/^(\$?)(\d+(?:\.\d+)?)(.*)$/); if(!m) { setShown(value); return; } const prefix = m[1], num = parseFloat(m[2]), suffix = m[3]; const start = performance.now(), dur = 1100; const raf = (t)=>{ const p = Math.min(1, (t-start)/dur); const eased = 1 - Math.pow(1-p, 3); const cur = num * eased; const rounded = num >= 100 ? Math.round(cur) : (num % 1 === 0 ? Math.round(cur) : cur.toFixed(2)); setShown(`${prefix}${rounded}${suffix}`); if(p<1) requestAnimationFrame(raf); }; requestAnimationFrame(raf); },[inView]); return shown; } /* =========================== CTA + FOOTER =========================== */ function CTA({ onCTA }){ return
— Off-Market · By Invitation —

Raising $13.0M in LP equity.
$100K minimum.

Request the full investment package — financial model, offering memorandum, and rent roll — or schedule a call directly with Justin or James.

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