RECENT MCM PROJECTS
Plank Road, LLC
Location: Fredericksburg, VA
Equity Raised: $5,850,000
Invested: 5/11/2022
Partners invested in the development of a 70,000+ square foot Class A grocery-anchored retail development in Fredericksburg, VA in May 2022. Through affiliates, we acquired land at the corner of Plank Road and Big Ben Boulevard and will develop the shopping center over a 12-month period. The Morgan Companies, through its affiliates, will serve as the developer.
The project will feature 4 inline retail units and 2 outparcels, anchored by Publix and Chick-Fil-A.
At stabilization, expected annual cash on cash is 8.33% and the projected IRR upon a sale is 15.03%.
Church Street, LLC
Location: Burlington, NC
Equity Raised: $1,368,000
Invested: 2/11/2019
Partners invested in the acquisition of property in Burlington, NC. AÂ 49,098 square foot Publix grocery with
pharmacy drive-thru and 12,600 square feet of shops was set to join:Â MyEyeLab and Habit Burger, Aspen Dental, Crumbl Cookies, ELife Nails,
uBreakiFix, MOD Pizza and Popeye’s.
In May 2022, we completed our planned refinancing of the project and returned approximately 65% of investors’ initial capital.
Upon stabilization, which is expected to occur in early January 2023, our current model projects a cash on cash return in the 45% range in the first full year.
RE Industrial Fund
Location: Various
Equity Raised: $16,750,00
Invested: 5/15/2021
Partners invested in the third and final round of Red Rock Industrial Fund I, LP.
Red Rock is managed by experienced developers who engage in speculative development in the
industrial space. The Fund acquires land, builds a large distribution/industrial building, secure a tenant,
and sells the building.
Deployed funds earn an annual, non-compounding, cumulative Preferred Return of 9%.
The term is 7 years. Red Rock will call capital during the first 4 years and return capital upon a sale.
During the final 3 years, Red Rock will return capital upon the sale of property.
Beaufort Station
Location: Beaufort, SC
Equity Raised: $14,100,000
Invested: 12/22/2021
Partners invested in the development of a new retail power center in Beaufort, SC in December 2021. The power center will be developed on the land acquired at the corner of Robert Smalls Parkway and Parris Island Gateway in Beaufort, South Carolina over an 18-month period. The Morgan Companies, through its affiliates, will serve as the developer for the project. Beaufort Station will be a Class A shopping center with over 200,000 square feet of retail space. Partners will earn 5% on equity invested during the projected 18-month construction period.
At stabilization in year 3, expected average cash on cash is 10% and the projected IRR upon a sale is
17.15%.
Deployed funds earn an annual, non-compounding, cumulative Preferred Return of 9%. The term is 7 years. Red Rock will call capital during the first 4 years and return capital upon a sale.
During the final 3 years, Red Rock will return capital upon the sale of property.
Athens Chapel
Location: Various
Equity Raised: $485,000
Invested: 10/15/2020
Partners invested in the acquisition of the Chapel at 100 Prince in Athens, GA, a historic chapel built in
the early 1900’s.
The Chapel is adjacent to our ongoing development at 100 Prince, a multi-use project that includes
high-end apartment units and approximately 25,000 square feet of retail.
Since the Chapel is within walking distance to Athens’ vibrant downtown, we renovated it and marketed
it for lease as an iconic restaurant location.
Once under contract, the buyer asked to purchase a small section of land from the main project for
outdoor coolers associated with its proposed restaurant use. Our General Partner had to wait on approval
from the New Market Tax Credit folks, and then the lender had to approve it as part of a re-subdivision
plat.
The extra time and effort were well worth it. The sale closed on 1.28.22. Total cash on cash to investors
was 27.94% and IRR was 21.09%.
Congress, LLC
Location: Delray Beach, FL
Equity Raised: $1,035,000
Invested: 12/4/2020
Partners invested in the acquisition of a Walgreens store in Delray Beach, FL in Dec 2020. The location was ground leased to RaceTrac, but rezoning was not approved.
MCM worked with Walgreens to execute a new lease extension. The asset now has a new roof and a 12-year, absolute NNN lease. As planned, the property was marketed for sale.
The Walgreens sold just over a year after our initial purchase.
Actual total cash on cash return was 27.96% and IRR was 26.19%.
WAGS II, LLC
Location: Georgia, Arizona, North Carolina
Equity Raised: $5,500,000
Invested: 1/22/2021
Partners invested in three Walgreens properties in Stone Mountain, GA, Surprise, AZ and Harrisburg,
NC in 2020.
The Surprise, AZ property received an unsolicited offer and sold 22% above purchase price.
Partners earned 25% profit on the cash invested in the property in less than a year.
A portion of the gain was reinvested into two similar properties in a 1031 exchange, deferring some of
the tax burden associated with the sale and increasing the annual cash return with the addition of higher
cash flowing assets.
H42R
Location: Clayton, NC
Equity Raised: $1,500,000
Invested: 10/4/2019
Partners invested in a new Publix anchored shopping center development in Clayton, NC in 2019.
Publix opened in November 2020, and the remaining retail space is 100% leased.
Long-term financing was placed on the asset in Q2 2021, allowing for almost 50% of the partners’
original equity investment to be returned.
Asset will produce an annual 19% to investors during the five-year interest only period, with an average
annual cash on cash return over 10 years north of 16%.
MCM OCALA, LLC
Location: Ocala, FL
Equity Raised: $500,000
Invested: 9/12/2018
Partners invested in the acquisition of two closed Walgreens stores in the Ocala, FL market for
$2,925,000 in Q3 of 2018.
One location was ground leased to gas station operator, RaceTrac, while the other was leased as-is to
Dollar Tree.
The RaceTrac ground lease sold in November 2019 for $4,100,000; the Dollar Tree property sold in
January of 2020 for $2,350,000; netting over $3.5M in profit in less than 2 years.
Total ROI to investors was 92.91%, with an IRR of 71.88%.
MCM - CA, LLC
Location: Gunnison, UT
Equity Raised: $3,850,000
Invested: 8/23/2019
Partners invested in the acquisition of Christensen Arms in August 2019.
Christensen Arms is a leading gun manufacturer which specializes in highly-accurate bolt action hunting
rifles and carbon fiber barrels.
We invested with KLV Capital, a Dallas based lower middle market private equity firm with tremendous
operational expertise.
WUP INVESTMENTS, LLC (I, II, III)
Location: New York NY
Equity Raised: $388K, $2.1M, $566K
Invested: 2015, 2017, 2019
Partners invested in Wheels Up, acquiring Class B shares (2015), Class C shares (2017), and Class D
shares (2019).
Wheels Up is a revolutionary membership-based private aviation company that significantly reduces the
upfront costs to fly privately.
Wheels Up announced plans in February 2021 of a SPAC merger with Aspirational Consumer Lifestyle
Corp.
The merger closed July 2021 with Wheels Up Experience, Inc. becoming the first private aviation
company to be traded on the NYSE.
INDEPENDENCE FINANCIAL ADVISORS, LLC
Location: CHARLOTTE, NC
Equity Raised: $775,000
Invested: 3/12/2021
Partners invested in a loan to LabCity, LLC in March 2021.
A young entrepreneur runs a basketball training operation and youth basketball league in Charlotte. He
desired to borrow funds for the build-out of a new basketball training and gym facility. MCM led the
creation of a working capital loan for Speechless Basketball.
Loan term is 5 years with an annual interest rate of 8%, paid quarterly.