Haven Longevity Village – An Investor Brief

Haven Senior Living Partners — Phase I Investment Brief · OZ Long-Hold · Parcel A · Decatur, TX

Care-First Longevity Campus · 96 Units Pending Site ConfirmationUSDA B&I $14M · 6.25% Fixed · 30yr No BalloonOZ Long-Hold · 9.7% Pretax · 13–15% EffectiveZero Competitive AL/MC · 27.8% MC Demand Gap$228K Per-Unit Basis · 50% of DFW Replacement CostReplat Required · Currently Platted as Townhomes84–90 Unit Backup if Site Plan ConstrainsCare-First Longevity Campus · 96 Units Pending Site ConfirmationUSDA B&I $14M · 6.25% Fixed · 30yr No BalloonOZ Long-Hold · 9.7% Pretax · 13–15% EffectiveZero Competitive AL/MC · 27.8% MC Demand Gap$228K Per-Unit Basis · 50% of DFW Replacement CostReplat Required · Currently Platted as Townhomes84–90 Unit Backup if Site Plan Constrains

Primary Investor Type

OZ Family Offices

Capital gains investors on a 10-year hold. USDA 30-year term eliminates balloon payment risk at stabilization — the structural barrier that makes OZ equity difficult to place in conventional construction deals. Full appreciation exclusion converts 9.7% pretax to 13–15% effective.

Secondary Investor Type

Mission-Aligned Capital

Family offices and foundations with care quality as an investment criterion alongside return. Zero-supply market, below-market basis, and federal credit enhancement produce a risk-adjusted profile that holds under conservative assumptions.

This Brief Is Not For

Traditional Development LP

Development equity targeting 15%+ pretax IRR on a 5-year exit will not find that here. This is a 10-year, long-hold, OZ-structured first phase. The OZ benefit is what makes the economics compelling for the right investor type.

The right first phase for this site, this market, this investor type.

Parcel A is the care-first anchor of the Haven Longevity Village: a right-sized assisted living and memory care campus designed specifically for long-hold Opportunity Zone capital, with integrated wellness and family-support commons, a below-market basis, and a capital structure anchored by USDA-guaranteed debt and confirmed C-PACE financing through Lone Star PACE. It is not the maximum-density version of this site. It is the most financeable, operator-credible, and de-risked first phase of a larger longevity platform.

The site is currently platted as the Nouvelle Terrace Lofts townhome subdivision — 60 units, four internal streets, a detention pond. Replat and ROW vacation are required before a care campus can be built. That process is a critical path item and must begin immediately in parallel with operator selection. A site plan study is needed to confirm 96 units before that number is presented to investors — 84–90 units is the backup if parking, fire lanes, secure MC courtyard, or drainage geometry pushes back.

The investment case rests on three things that do not require optimism: a supply vacuum with no competitive pipeline, a per-unit basis of $228K versus $450K DFW replacement cost, and a 30-year USDA guarantee that removes the refinancing event OZ investors most fear. The OZ designation then converts a 9.7% pretax base case to a 13–15% effective after-tax return for investors in the 23.8% LTCG bracket — without any assumption of above-market execution.

Site Status — Replat Required

The site is currently a final-platted townhome subdivision: Nouvelle Terrace Lofts Addition, 60 units, 4 internal public streets (Fluer Terrace, Finch Lane, Egret Lane, Heron Lane), a detention pond in the northwest corner, and a fully executed final plat filed with the City of Decatur. Converting this to a single care parcel requires vacation of all internal ROW, lot consolidation, replat filing, and city council approval. Estimated timeline: 60–120 days. This must be in the project schedule from Day 1.

Unit Count — Pending Site Plan Confirmation

96 units is the base case to develop and pitch. 84–90 units is the backup if site planning, parking geometry, fire lane requirements, MC secure courtyard dimensions, or drainage constraints push back. The thesis does not change at either number. The IRR moves modestly — both scenarios are underwritten on the same conservative operating assumptions.

On C-PACE

C-PACE through Lone Star PACE is confirmed in the capital stack. USDA lender has consented. Engineering has confirmed eligible basis on HVAC, electrical, building envelope, and energy systems. $5M at 7.25% fixed over 25 years — long-duration, fixed-rate, non-accelerating debt alongside the USDA guaranteed loan. The Mesa Verde transaction (Durango, CO) executed this identical structure at 80%+ combined LTC.

Site Analysis  ·  Nouvelle Terrace Lofts Addition  ·  Final Plat March 2026

Currently platted as townhomes. Requires replat and consolidation before a care campus can be built.

The existing plat shows a 60-unit townhome subdivision with four internal public streets, a detention pond, and a fully executed final plat. Five constraints require resolution in Stage 1 diligence.

Critical Path  ·  60–120 Days

Replat & ROW Vacation

Four internal public streets (Fluer Terrace, Finch Lane, Egret Lane, Heron Lane) must be vacated. 60 platted lots must be consolidated into a single care parcel. Requires city council approval in Decatur. Must begin in Stage 1 diligence — this is the longest-lead site item and cannot wait for operator or USDA confirmation.

Hard Constraint

Detention Pond  ·  NW Corner

The existing detention pond serves the subdivision's drainage and cannot simply be removed. Options: retain as an integrated stormwater and landscape feature (preferred — adds site amenity), or pursue a regional detention alternative with civil engineering. Must be in the civil scope from Day 1. Reduces net buildable area by approximately 0.5–0.7 acres.

Geometry Constraint

Trophy Ridge Drive Setbacks

Trophy Ridge Drive curves along the entire south and southwest boundary, creating 25–35 ft setback requirements along that edge. The building mass must be pushed toward the center and northeast of the site. Fire lane geometry for a care facility requires a second access point — evaluate Deer Park Road (primary) plus Rodden Drive or a secondary Trophy Ridge Drive connection.

Capacity Check

96 Units — Tight but Feasible

Estimated footprint: 36,000–42,000 SF building + 6,000 SF wellness commons + ~80 parking spaces + secure MC courtyard (min. 5,000 SF) + fire lanes + arrival. Total developed: ~110,000–125,000 SF on ~310,000 SF net after pond and setbacks (~37–40% coverage). Achievable, but leaves limited margin. A site plan study by a senior housing architect is required before 96 is committed to investors.

Backup Position

84–90 Units — Stronger Execution

If site plan, parking, fire lanes, MC courtyard, or drainage geometry constrain the 96-unit program, reduce to 84–90 units. Typical configuration: 52–55 AL + 32–35 MC. This improves site planning flexibility, outdoor wellness space, and arrival experience — all elements that support the longevity village brand. The thesis and capital structure are identical.

Positioning Opportunity

Site Becomes the Asset

Once replatted and consolidated, the site should be described as: "A purpose-built care parcel with controlled access, residential-scale arrival, surface parking integrated into the landscape, a secure memory care outdoor courtyard, and reserved future expansion area." That description replaces the townhome subdivision entirely — and it is the honest description of what Phase I delivers.

Market Thesis  ·  20-Minute PMA  ·  NIC MAP Vision (Jan 2025)

The supply vacuum is real. The demand is structural.

0

Purpose-Built AL/MC

in PMA

No pipeline · Apr 2026

27.8%

MC Qualified

Demand Gap

1 in 4 unserved

19.0%

AL Qualified

Demand Gap

1 in 5 unserved

37.1%

PMA 75+ Growth

2026 → 2031

5,001 → 6,728

Qualified Demand Pool  ·  NIC MAP  ·  2026 → 2029 → 2031

AL qualified pool~364 HH

AL unmet demand69 → 86 → 97 units 19.0% gap

Phase I AL (60 units)70% of 2029 unmet

MC qualified pool~216 HH

MC unmet demand60 → 72 → 80 units 27.8% gap

Phase I MC (36 units)50% of 2029 unmet

Nearest MC facility30–45 min drive

776+ dementia beneficiaries in PMAZero local option

Market-rate AL/MC pipelineNone · April 2026

Basis Advantage

Phase I per-unit basis~$228K

DFW core replacement cost~$450K/unit

Basis as % of replacement~50%

Decatur land basis (Parcel A)$1.4M (8.496 ac · flat)

Why basis compounds for long-hold investors

Entry basis at 50% of replacement cost creates structural equity at inception — before occupancy, before NOI, before cap rate. On a 10-year hold that equity compounds through NOI growth, debt paydown, and cap rate movement. Patient capital benefits from basis advantage more than any other investor type because they hold long enough for all three to work simultaneously.

Source: NIC MAP Vision site report (Jan 27, 2025) · U.S. Census Bureau ACS 2024 · CBRE H2 2025. Supply vacuum data current as of April 2026. Not a NIC MAP product. No pipeline guarantee — monitor quarterly.

Unit Program  ·  96 Units (Pending Site Confirmation)  ·  Backup: 84–90

Assisted Living

60

Monthly rate (blended incl. care)~$5,300/mo

2029 qualified demand gap19.0%  ·  86 units

Memory Care

36

Monthly rate$5,800–$6,800/mo

2029 qualified demand gap27.8%  ·  72 units

Integrated Wellness & Family-Support Commons

6K SF

Shared therapy & rehabIntegrated care support

Adult day & family programmingBrand & referral entry point

Revenue contribution$400–$700K/yr

Care Units

96

Blended Rate

$5,600/mo

Gross Rev. @ 93%

The 6,000 SF wellness and family-support commons is not a separate ancillary business. It is the shared therapy, rehabilitation, adult day, and family programming layer integrated into the care campus — the element that makes this feel like a longevity village rather than a stand-alone care building. At $400–$700K/yr in fee-for-service revenue and a 7.0% exit cap, it adds $5.7–$10M to terminal asset value. More importantly, it builds the referral relationships before the building is licensed.

Capital Stack  ·  $27M  ·  Four Tranches  ·  USDA + C-PACE + OZ + Sponsor

USDA anchors the debt. C-PACE fixes the rate. OZ provides the equity.

USDA B&I Guaranteed  ·  Base$14M · 52%

C-PACE  ·  Lone Star PACE  ·  Confirmed$5M · 19%

OZ Equity  ·  Base$5M · 19%

Sponsor Equity  ·  Base$3M · 11%

52%

$14.0M  ·  Base Stack  ·  Federal Guarantee

USDA B&I Guaranteed Loan

6.25% fixed · 30yr · No balloon · $1,034K/yr DS

The structural foundation of the capital plan. 30-year term with no refinancing event at stabilization removes the primary risk OZ investors face. Rural qualification: Decatur pop. ~6,500, not within MSA. AL and MC explicitly eligible facility types.

19%

$5.0M  ·  Confirmed  ·  Lender Consented  ·  Basis Verified

C-PACE  ·  Lone Star PACE

7.25% fixed · 25yr · $434K/yr DS · Decatur auth. 2022 · Lender consented · Basis confirmed

Long-duration, fixed-rate, non-accelerating debt alongside the USDA guaranteed loan. USDA lender has consented. Engineering has confirmed eligible basis on HVAC, electrical, building envelope, and energy systems. Replaces dilutive mezzanine capital at a lower rate. The Mesa Verde transaction — 124-unit AL/MC, Durango CO — executed this exact USDA + C-PACE structure at 80%+ combined LTC.

19%

$5.0M  ·  Base Stack  ·  Long-Hold Equity

Opportunity Zone Equity

No contractual rate · Preferred return + 10-yr upside

This is who this brief is written for. USDA 30-year term removes the balloon payment risk that makes OZ equity structurally difficult to place in conventional construction deals. Deferred gain + full appreciation exclusion on 10-year hold converts 9.7% pretax to 13–15% OZ-effective.

11%

$3.0M  ·  Base Stack  ·  Alignment

Sponsor / Common Equity

Residual common equity return

OZ ($5M) + Sponsor ($3M) = $8M = 29.6% of $27M. Above USDA B&I 20–25% minimum for early-stage projects. No restructuring required. A real sponsor check demonstrates alignment to every counterparty simultaneously.

Annual Debt Service  ·  Base Stack (USDA Only)

USDA $14M @ 6.25% / 30yr: $1,034K/yr  ·  C-PACE $5M @ 7.25% / 25yr: $434K/yr  ·  Total: $1,468K/yr  ·  No balloon. Loan balances at Year 10: USDA $12,605K + C-PACE $4,353K = $16,958K total.

The tax benefit converts a solid pretax return into a compelling effective return.

Base case pretax: 9.7% IRR, 2.33x EM at Year 10. OZ investors receive deferred gain recognition and full appreciation exclusion on a 10-year hold. For investors in the 23.8% LTCG bracket, the effective after-tax IRR is approximately 13–15%. The supply vacuum and basis advantage are why the project works. The OZ designation is why this investor type is the right match for it.

Base Case Pretax IRR  ·  10-yr

22–24 mo

Conservative underwriting · upside for faster lease-up in zero-supply market

Base Case Cash Flow  ·  28% Operating Margin  ·  $8M Equity  ·  10-Year Hold

★ Exit: NOI $2,231K ÷ 7.0% cap = $31,871K gross · 2% transaction costs · USDA balance $12,605K · C-PACE balance $4,353K · Net equity $14,283K. Revenue: AL 60×0.93×$5,300×12 + MC 36×0.93×$6,300×12 + wellness $400K = $6,480K. NOI growth 3%/yr. Conservative timing: Year 4 first CF (22–24 month lease-up) shown in sensitivity tables.

IRR Sensitivity  ·  USDA + C-PACE  ·  $8M Equity  ·  Three Scenarios

All cells. No optimization. 22% margin is the failure mode.

The 22% operating margin row destroys returns in every table. That is a staffing risk, not a financing risk. An operator who cannot execute in Wise County produces 22% margin. A well-selected operator with a Texas MC track record and an established DFW exurban referral network produces 28–30%. The operator is the underwrite.

Scenarios:  Optimistic = Year 3 first CF (18-month lease-up — fast but plausible in a zero-supply market).  Conservative = Year 4 first CF (22–24 months).  Base ★ = 28% margin / 7.0% cap rate in each table.

10-Year Hold  ·  Optimistic (Year 3 First CF)  ·  Primary Scenario

10-Year Hold  ·  Conservative (Year 4 First CF)  ·  Formal Underwriting Scenario

8-Year Hold  ·  Optimistic (Year 3 First CF)  ·  Early Exit Option

Negative / capital impairment risk

0–6% — low pretax (3–9% OZ effective)

6–9% — acceptable (9–13% OZ effective)

9–12% — solid (13–16% OZ effective)

12%+ — strong (17–19% OZ effective)

What we preserve from the thesis

• AL/MC-first is correct. 27.8% MC gap and 19.0% AL gap against NIC MAP qualified pools. No competitive pipeline as of April 2026. Monitor quarterly — the brief's supply vacuum claim is only as durable as the pipeline data.
• USDA is the structural differentiator. 30-year term, no balloon, federal guarantee. This is why OZ long-hold equity works here when it would not in a conventional construction deal.
• Operator selection is the most important decision. Texas Type B MC licensing experience, DFW exurban referral relationships, and Wise County staffing plan. The capital stack is secondary. The operator is the underwrite.
• Basis is the return foundation. $228K versus $450K DFW replacement cost. Patient capital benefits most from basis advantage because they hold long enough for it to compound through NOI growth, debt paydown, and cap rate movement simultaneously.

Four material constraints

• Replat is the critical path item. Four internal public streets must be vacated. 60 lots must be consolidated. City council approval required. 60–120 day process. Must begin before anything else. This is the longest-lead site item and cannot wait for operator or USDA confirmation.
• Site plan must confirm 96 units before investor presentation. Detention pond, Trophy Ridge Drive setbacks, fire lane geometry, secure MC courtyard, and parking may constrain the program. Get a senior housing architect's site planning study done in Stage 1. Have 84–90 units ready as backup.
• Texas Type B MC license requires an operator with Texas track record. 36 MC suites. The operator governs the project schedule more than any financing mechanic.
• 22% operating margin is the failure mode. Every table shows it. This is a staffing and referral risk in a rural market. The operator must present a credible Wise County staffing plan and DFW exurban referral network before capital commits.

Deal Path  ·  Six Gates  ·  Replat and Operator Run in Parallel

Replat and operator: both start on Day 1.

1

Licensed Operator Selection

Texas Type B MC licensing experience and a credible DFW exurban referral network. This is not an execution detail — it is the investment thesis. A wrong operator produces 22% margin and negative returns. Begin RFP or direct engagement now. Runs in parallel with Step 2.

Owner: John Hauber  ·  Day 1

2

Replat & ROW Vacation Filing

Vacation of four internal public streets (Fluer Terrace, Finch Lane, Egret Lane, Heron Lane), consolidation of 60 platted lots into a single care parcel, and replat filing with the City of Decatur. Requires city council approval. 60–120 day process. Runs in parallel with operator selection. Cannot be deferred — it is the longest-lead site item.

Critical Path  ·  60–120 Days  ·  Day 1

3

Site Plan Study

Engage a senior housing architect to confirm 96 units fits the replatted parcel — parking, fire lanes, secure MC courtyard, service access, detention pond integration, Trophy Ridge Drive setbacks. This study determines whether 96 units is the pitch number or whether 84–90 is the right sizing. Produce this before any investor presentation.

Timeline: 30–45 days  ·  Parallel with Steps 1–2

4

USDA Lender Engagement

Identify a USDA B&I approved lender and begin the formal application. Geographic rural qualification, AL/MC facility type eligibility, and the inability-to-obtain-credit threshold must be confirmed. USDA indication of interest is the condition precedent for land control hard money and OZ fund formation. Lender consent to C-PACE is confirmed — coordinate Lone Star PACE execution in parallel once lender is engaged.

Timeline: Immediate  ·  Parallel with Steps 1–2

5

Land Control  ·  Parcel A

Execute PSA with extension rights tied to replat approval and USDA indication of interest. Soft earnest money. Hard money contingent on Phase I ESA, zoning, replat filing acceptance, and USDA eligibility confirmation. Title review before hard money. Do not go hard before replat is accepted.

Timeline: 30–60 days

6

Lone Star PACE Execution  ·  QOF Formation  ·  Financial Model

Coordinate C-PACE closing with Lone Star PACE — USDA lender consent confirmed, engineering basis confirmed on HVAC, electrical, building envelope, and energy systems. Begin QOF formation with tax counsel in parallel. Engage a senior housing financial advisor to build the full 10-year model using operator-confirmed rate, staffing, and absorption inputs. OZ investors require: formal model, operator LOI, USDA indication of interest, QOF-compliant structure, and replat accepted. Phase II (Parcel B — 29.124 acres) should be documented as the expansion path that Phase I operating history will unlock.

The care-first anchor of the longevity village. Built for patient capital.

A right-sized AL/MC campus in the only market in the DFW exurban corridor with zero competitive AL or MC supply — structured for OZ family offices and mission-aligned capital on a 10-year hold, anchored by USDA-guaranteed debt that removes the refinancing risk OZ investors most fear. 9.7% pretax, 13–15% OZ-effective, 2.33x equity multiple. Subject to replat from current townhome configuration, site plan confirmation, and operator selection. The thesis is right. The execution sequence is clear. The market data is documented. Now the site plan and the operator make it a deal.

Haven Senior Living Partners  ·  Haven Senior Investments, LLC  ·  Decatur, Texas  ·  Parcel A  ·  Rev. 3  ·  April 2026

Pre-development planning framework — not an investment memorandum, commitment to lend, or offer to sell securities. All figures indicative.

Subject to replat approval, site plan confirmation, USDA eligibility, operator LOI, and QOF counsel before capital commits.

OZ effective IRR is an estimate — consult qualified tax counsel. Sources: NIC MAP Vision (Jan 2025) · USDA B&I · Lone Star PACE (June 2025) · FRED · IRS OZ FAQ

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