Phase I proves the base. Phase II scales the campus.
Phase II is treated as a separate, readiness-gated expansion vehicle. A local data-room export reviewed during implementation included a $14.101M stabilization schedule and a broader $15M-$18M lender range, but those source artifacts are not checked into this worktree. Treat the figures below as provisional diligence references, not offering terms.
Diligence status: the Capital Stack plan, Lender Credit Memo, and Class P v3.1 references were recovered from local operator data-room materials outside this checked-in worktree. Definitive values remain blocked until those artifacts or a canonical workbook are committed. Spreadsheet cross-check: recovered Evergreen Foundary P&L V2.6 and V2.7 files list Phase II categories but do not contain a 55,000 SF Commons schedule.
No expansion capital before operational proof.
Phase II remains contingent on Phase I performance. The expansion is designed as controlled growth: income-producing assets, reserves, and staged ramp-up rather than speculative land development.
What Phase II funds
- Greenhouse winterization and vertical farming capacity.
- REGENiGROW production upgrades and wholesale foods buildout.
- Community building retrofit to full operating potential.
- Hospitality and housing assets, including ADUs and tiny homes.
- Adjacent acreage, reserve coverage, and ramp protection.
A provisional sources-and-uses schedule.
The schedule below is included for diligence context only because its source document is not yet checked into the repo. It should be replaced by committed source artifacts before this row is considered complete.
| Use | Amount |
|---|---|
| Greenhouse winterization + vertical farming add | $1,100,000 |
| EPL upgrade for scaled REGENiGROW | $2,000,000 |
| Wholesale foods buildout | $5,000,000 |
| Community building buildout | $1,500,000 |
| 5 issho ADUs | $1,375,000 |
| 8 tiny homes | $1,400,000 |
| Adjacent 5 acres | $800,000 |
| Debt service reserve | $926,706 |
| Total Phase II Uses | $14,101,706 |
Capital stack
| Source | Amount |
|---|---|
| Equity / preferred equity at 30% | $4,230,512 |
| Senior debt at 70% | $9,871,194 |
| Total Phase II Sources | $14,101,706 |
Provisional debt assumptions from local data-room materials: one schedule uses 12% interest, 18 months interest-only, then 25-year amortization; an alternate lender range describes 8.5% senior debt and a 7-10 year mini-perm. Definitive terms require committed source documents.
Designed for diversified, lender-readable cash flow.
Local data-room materials model Phase II as a multi-use campus expansion with hospitality, residential, commercial, agriculture, and energy revenue streams. These operating figures are provisional until the underlying memo is committed or superseded by a canonical workbook.
All operating figures are forward-looking, provisional, and subject to final Phase II ratification, diligence, financing terms, committed source artifacts, and execution risk.
Separate vehicle. First-allocation logic. Clear risk boundary.
Phase I investor materials identify Phase II as a possible exit source or reroll path, not as a dependency for operating performance. A future Phase II offering would require its own definitive documents and investor verification.
Boundary conditions
- Phase II is illustrative until formally approved and financed.
- Existing investors may receive first-allocation rights before new capital enters.
- Phase II returns are not guaranteed and are not part of the Phase I Class P terms.
- Accredited-investor verification is required before any investment is accepted.
Request the Phase II package.
For financial advisors and verified accredited investors, the Evergreen Foundry team can provide the current package and source materials for diligence.