🏗 Part 1 — Real Estate Deals
Thaxton Corner
UNDER CONTRACT
Acquisition
$6.5M
Exit (Mid-Case)
$14.7M
LP IRR
~27.8%
LP Equity Needed
$2.86M ($0 closed)
Capital Structure
95/5 LP/GP · 8% non-compounding pref · 2% acquisition fee · 75/25 promote after pref + ROC
Senior debt: $4,523,400 (60% LTV) · LP equity: $2,864,820 · GP equity: $150,780
Senior debt: $4,523,400 (60% LTV) · LP equity: $2,864,820 · GP equity: $150,780
Lot Schedule (Locked May 8, 2026)
| Lot | Position | Acres | Use | $/SF | Value |
|---|---|---|---|---|---|
| 3 | Hard Corner (Slaughter/Thaxton) | 1.50 | C-Store / Gas | $48 | $3.1M |
| 1 | Slaughter Frontage West | 1.95* | QSR / Drive-Thru | $36 | $3.1M |
| 2 | Slaughter Center | 1.10* | Coffee / QSR | $40 | $1.9M |
| 4 | Interior Large | 2.84 | Gym / Large Format | $22 | $2.7M |
| 5 | Interior Mid | 0.85 | Small Shop / Bank | $28 | $1.0M |
| 6 | Interior Mid | 0.85 | Multi-Tenant | $26 | $963K |
| 7 | Thaxton Frontage South | 1.44 | TBD | $30 | $1.9M |
LOI Stack — Lot 3 (Hard Corner)
Deer Creek$50/SFVerbal
Grace Asset / An Tran$42.85/SF⚠️ TRAP — 5-mi c-store noncompete
Alison CRE / Sahil Khwaja$42/SFSigned
7-Eleven$35/SF → countered $50–55Signed / In Counter
Game Plan
1
F&F Capital Raise — identify 20–35 LPs, Kutak Rock draft PPM, target $2.86M before Jul 3. Sunday 11AM reminder set.
2
Phase II Environmental — order now. 6–8 week timeline. Must complete before July 3 feasibility deadline.
3
Lot 3 LOI Decision — counter 7-Eleven at $50–55; Deer Creek verbal needs written LOI; Grace Asset non-compete is disqualifying unless waived.
4
Consultant Briefs — Mahoney Engineering (civil), BOE (survey), Kutak Rock (legal), Sean Murphy / CLD (broker). Sunday 1PM reminder set.
5
Lender Package — SouthState (Ben Richards) first call. 3–5 lenders total. Sunday 2PM reminder set.
6
Investor Deck — Atlas building 10-slide PPTX now. Deliver → John reviews → use at F&F pitches.
Slaughter Park
ACTIVE DISPOSITION
Remaining Lots
| Lot | Size | Use | Status | Price |
|---|---|---|---|---|
| 2N | ~3.4 ac | Retail | Suds Car Wash LOI active | $3.2M |
| 2S | ~12.6 ac | MF 330 units | Seeking buyer | $10.5M |
| 3 (Preakness) | — | Multifamily | UNDER CONTRACT ✅ NRP Group | $10.564M |
| 4 | ~2.2 ac | Retail | O'Reilly / CLD negotiating | $2.2M |
Waterfall remaining: ~$918K LP ROC + pref → $3M GP promote (Burns + McNeil 50/50) → 50/50 residual split
John projected: ~$7.84M (37.4%) total
John projected: ~$7.84M (37.4%) total
Game Plan
1
Lot 4 PSA — close Suds Car Wash or O'Reilly negotiation; PSA target Jul–Aug 2026 (CLD)
2
Lot 2N PSA — Suds Car Wash LOI to firm up; PSA target July 1
3
Preakness Closing Sep 7 — monitor title, survey, lien releases. Start LP distribution planning now.
4
Lot 2S MF — no active buyer; may need re-broker or re-engage NRP for second tract
5
Google Drive — upload master intel brief + deliverables to SP folder (Atlas task pending)
FM 812 — Project Reveile BBM
UNDER CONTRACT
✅ Key Win: Wong Tract SERs 5002+5003 APPROVED. Utility cost drops from $2–6M → ~$100–500K in tap fees only. Adjacent Lennar/Milrose tract (123.5 ac) brings water/wastewater to FM 812 frontage at no cost to BBM.
Strategy: De-annexation from City of Austin ETJ → Travis County admin plat (4–5 pads). Eliminate CEF setback. Same retail pad playbook as Thaxton Corner. Phase I ESA clean. Three 180-day extension options remain ($15K each, all apply to price).
Game Plan
1
TxDOT Driveway Permit — START NOW — 6–12 month process. Can't sell pads without confirmed access. Engage Mahoney Engineering immediately.
2
De-Annexation — confirm status with Kutak (Heather Kendrick). If not filed, file before Aug 14 or exercise Extension #2.
3
Extension #2 Decision — make by Aug 1 (don't wait until Aug 14). $15K is cheap insurance. Extends to ~Feb 10, 2027.
4
Admin Plat — once de-annexation confirmed, engage Mahoney for 4–5 lot county admin plat.
5
Broker Engagement — W3 Commercial (Will Withers) already in contacts; approach once plat in motion.
6
Google Drive — upload FM812 deliverables to folder (Atlas task pending).
Kohlenberg
PROSPECTING
Structure: 70/30 BBM/LO Tier 1 → 10/90 Tier 2 → 50/50 Tier 3. QT, Big League Car Wash, Bubble Bath have expressed interest. Owner (Jason) believes land worth $20M — needs education. Broker Brett Gissler (Edge Realty Partners) has not confirmed owner appetite.
Game Plan
1
Wait for Brett Gissler to confirm owner interest before full underwriting
2
If owner responds positively → full pro forma + LOI (target June 2026)
3
If no response by June 1 → Orion pings Brett directly
Paused Deals
PAUSED — JD MAY 7, 2026
Mayfair BTR
140-unit BTR, New Braunfels TX · JAK Dev · F&F raise $800K ($0 closed) · JV v8 executed Apr 28 · Novak land loan extended May 2027
Ballun Dor Uptown
35-unit ultra-luxury MF · 3111 Cole Ave Dallas · TPC $19.97M · 29% IRR · Andy owes GC pricing · PSA target Jun 15
Geyser Hotel
120-room Marriott Tribute + 30 branded residences · Waco TX · Happy State land loan $2.5M matures Aug 2026 · Go/No-Go by Jun 2026
🤖 Part 2 — AI & Operations Infrastructure
Fleet Health — 22 Agents
ALL GATEWAYS UP
VPS-A Load
0.17
VPS-B Load
1.84
VPS-B Disk
53%
Qdrant Collections
26
Agent Roster
Orion ✓
Ace ✓ grok-4
Atlas ✓ fixed
Rock ✓
Brick ⚠️ needs redispatch
Ghost ✓
Glass ✓
Steel ⚠️ SEC fix pending
Memo ✓
SysOps ✓
Radar ✓
Wags ✓
Jimmy ✓
CFO ✓
Lawson ✓
Hawk ✓ Kent
Big-Ed ✓ Andy
Ink ✓ NEW
Ledger ✓ NEW
Honey ✓ Stacy
Miner ✓ TG only
Dispatch rule: Inbox writes + webhook POST from VPS-B localhost only. Never send_message() to agent bots. Worker agents have no home_channel.
Atlas — Model Fix (Root Cause Resolved)
HEALTHY
✅ Fixed May 9, 2026: Atlas heartbeat was calling
anthropic/claude-haiku-4-5 — a model the container image injects at every boot but that Anthropic's API rejects. Every heartbeat cycle timed out → Atlas appeared frozen on Telegram. Fixed heartbeat + compaction to anthropic/claude-sonnet-4-6. Atlas is now healthy and responsive.
Why it kept recurring: Container image permanently hardcodes
Fleet-wide sweep done: 35 SKILL.md files had haiku-4-5 → replaced. 10 had opus-4-5 → replaced with opus-4-7 everywhere.
Atlas inbox: 8 tasks queued. Thaxton slides pilot + Option A reconciliation are next up.
haiku-4-5, opus-4-6, sonnet-4-6 at every boot. Cannot remove via config. haiku-4-5 is injected but API rejects it. Rule: never use haiku for anything real in Atlas — always sonnet-4-6 or opus-4-7.Fleet-wide sweep done: 35 SKILL.md files had haiku-4-5 → replaced. 10 had opus-4-5 → replaced with opus-4-7 everywhere.
Atlas inbox: 8 tasks queued. Thaxton slides pilot + Option A reconciliation are next up.
Open Infrastructure Items
IN PROGRESS
Thaxton Investor Deck
Atlas building 10-slide PPTX (python-pptx). Navy #094F85, lot pricing chart, capital structure. Awaiting delivery to projects/thaxton/deliverables/.
LENS Global Vector Search
lens_v2_global at 0 vectors. Per-deal collections populated (SP 25,111 · Thaxton 3,550 · FM812 942). Cross-deal search broken. Task: Glass merges collections into global.
Email Vector Search (hsre_emails)
Qdrant collection exists, 0 vectors. Email semantic search not yet built. Need to run ingestion pipeline.
Steel SEC-FIX-001
C-1: RBAC path mismatch (LP data unauthed) · C-2: /excel/read arbitrary file read · C-3: X-Tenant-ID header bypass. Patched by Steel — awaiting confirmation report.
Brick Re-Dispatch
Previous dispatch had literal {instructions} placeholder — nothing executed. Needs re-send with actual task content.
Google Drive — SP & FM812 Folders
Thaxton: 5 PDFs uploaded ✅. Slaughter Park: empty. FM 812: empty. Atlas Option A task will populate.
Two-Way Comms Test
Return path confirmed: Rock, Brick, Steel, Atlas, Memo, Lawson. Unconfirmed: Ghost, Glass, SysOps, Radar, Wags, Jimmy, CFO, Ink, Big-Ed, Ledger.
F&F Capital Raise — Thaxton
$0 of $2,864,820 closed. Sunday 11AM reminder set. Need PPM draft from Kutak + investor deck from Atlas. Largest open item for deal viability.
Orion — Session Health
NEAR CONTEXT LIMIT
This session has been running 8+ hours with heavy tool usage (150+ tool calls). Context window is near compaction threshold.
Recommendation: Start a fresh session. Load
VPS-A memory: 97% full (2,149/2,200 chars) — compressed.
Session state saved: /root/.hermes/profiles/orion/workspace/session-state-current.md
This report saved: /root/.hermes/profiles/orion/workspace/reports/projects-20260508.md (markdown) + projects-20260508.html (this file)
Recommendation: Start a fresh session. Load
projects-20260508.html (this file) and deal-briefing.md at session start for full context.VPS-A memory: 97% full (2,149/2,200 chars) — compressed.
Session state saved: /root/.hermes/profiles/orion/workspace/session-state-current.md
This report saved: /root/.hermes/profiles/orion/workspace/reports/projects-20260508.md (markdown) + projects-20260508.html (this file)