🤖 Atlas Notes
JV structure is the critical path — Exhibit E from Novak is the blocker. Once JV is signed, deal can move forward on BTR development. Build to rent is a strong product type in Austin ETJ where for-sale lot supply is constrained.
📋 Craig's Action Items
⚪ Pending
Review JV agreement once Exhibit E is received from Novak
After Exhibit E
📍 Project Stage
✅ LOI / Term Sheet
→
📍 JV Structuring
→
Due Diligence
→
Entitlement
→
Construction
→
BTR Operations
⚡ Action Items
🤖 March 30, 2026
🚨 Urgent — Due This Week
Exhibit E from Novak — JV Agreement Blocker
| Action | Owner | Due | Status |
|---|---|---|---|
| Obtain Exhibit E from Novak | Andy / Novak | This week | 🔴 Blocking |
| Review and execute JV Agreement | John / Kent / Andy | After Exhibit E | 🟡 In Progress |
| Finalize BTR product specs and unit mix | John / Andy | After JV signed | ⚪ Pending |
📋 Project Management
🤖 March 30, 2026
Last Meeting
📅 March 30, 2026
- Novak call with Andy today — goal: get v6 executed this week
- Exhibit E correction: Novak must fill out and disclose his liens (not HSRE's job)
- F&F equity round in progress — hub page live, Excel files built
Next Meeting Agenda
📍 Upcoming — TBD
• Exhibit E receipt from Novak
• v6 execution status
• F&F raise — investor outreach plan
Open Action Items
🗂️ Tracked Items
| Item | Owner | Due |
|---|---|---|
| Obtain Exhibit E from Novak | Andy / Novak | This week |
| Execute JV Agreement v6 | John / Andy | This week |
| F&F investor outreach plan | Andy / John | After JV signed |
💰 Costs & Expenses
🤖 March 30, 2026
| Category | Item | Budget | Actual | Notes |
|---|---|---|---|---|
| Legal | JV Agreement / Legal Fees | TBD | $0 | Pending JV execution |
| Diligence | Survey & Environmental | TBD | $0 | Pending JV execution |
| Engineering | Civil Engineering / Entitlement | TBD | $0 | Post-JV |
| Hard Costs | BTR Construction | TBD | $0 | Post-JV |
| TOTAL | TBD | $0 | Pre-JV | |
💡 Budget TBD — JV agreement must be signed before costs are defined. Edit via the Cost Tracker spreadsheet.
📁 Mayfair Project Files
🤖 March 30, 2026
Mayfair Diligence & Preakness Tracker
JAK · Excel · OneDrive — diligence tracker
🤖 Last updated by Atlas · March 30, 2026
📂 Open Document →
Mayfair BTR Analysis (Live)
JAK · Excel · OneDrive — financial model
🤖 Last updated by Atlas · March 30, 2026
📂 Open Document →
Mayfair Cost Tracker
JAK · Excel · OneDrive — budget & actuals
🤖 Last updated by Atlas · March 30, 2026
📂 Open Document →
📅 Project Timeline
🤖 March 30, 2026
This Week
Exhibit E from Novak URGENT
Required to finalize JV agreement. Blocking all downstream activity.
TBD
JV Agreement Executed UPCOMING
Sign JAK / Novak JV. Defines ownership structure, promotes, and capital contributions.
TBD
Due Diligence / Engineering Start UPCOMING
Survey, environmental, civil engineering. Post-JV execution.
TBD
Entitlement / Permitting UPCOMING
Austin ETJ permitting process for BTR development.
TBD
Construction Start UPCOMING
BTR homes construction — timeline TBD pending JV and entitlement.
Past Events
Early 2026
JV Term Sheet / LOI Agreed DONE
JAK and Novak agreed on preliminary deal structure. JV agreement drafted. Exhibit E outstanding.
2025
Deal Identified DONE
Mayfair BTR opportunity identified. Build-to-rent product in Austin ETJ. JAK + Novak JV structure proposed.
💰 Deal Economics — JV with Novak (Institutional)
🤖 Pending info needed
📋 Action Item: Provide Deal Economics Info to Build This Section
Atlas needs the following to build the full GP/LP waterfall analysis for this project:
- Final JV agreement terms (promote, pref, splits)
- Total project cost / capital stack
- Equity raise amount and structure
- Projected NOI / cap rate at exit
- Hold period assumption
📱 Trigger: Send Atlas the info via Telegram and I'll build the full analysis immediately.
👥 Key Contacts
Novak (JV Partner)
JV Partner · Mayfair BTR
Exhibit E required to close JV
Kent McNeil
JAK Development Group · Partner