HSRE Hub — Thaxton Corner

📄 PSA Snapshot — Boghosian Contract 📄 Open PSA ↗

Seller	Philip Boghosian, Trustee — Philip Boghosian Living Trust 7316 N. Hulbert, Fresno CA 93711 · pboghosian@boghosianraisin.com
Buyer	BBM 2025, LLC (Craig Biggar, Manager) · cwbiggar@gmail.com
Purchase Price	$6,500,000 — all cash, no financing
Acreage	~9.8512 acres · Santiago Del Valle Survey, Abstract 24, Travis County TX
Earnest Money	$55,000 → Heritage Title Co. (John Bruce) · due 3 days after Effective Date
Indep. Consideration	$5,000 — non-refundable, credited to sales price at closing
Buyer Signed	February 2, 2026
Seller Signed	February 3, 2026
Effective Date	⚠️ Date Heritage Title acknowledged receipt — confirm with Heritage Title
Deed Type	Special Warranty Deed
1031 Exchange	Both parties may complete a 1031 exchange

📅 Critical Dates (Effective Date: February 3, 2026)

Property info delivery	~Feb 13 (10 days)	✅ Past
Title commitment due	~Feb 17 (14 days)	✅ Past
Title & Survey Objection Letter	April 2, 2026	✅ SENT — Heather Puckette
ALTA Survey due	April 4 (60 days from Feb 3)	⚠️ URGENT
Seller cure deadline	April 17	Monitor
Extension notice #1 deadline	April 29 (≥5 days before May 4)	Monitor
Extension fee #1 due	May 1 ($10,000 to Seller, within 3 days of notice)	Monitor
Feasibility period expires	May 4 (90 days from Feb 3)	~34 days
Closing (no ext)	~June 3
Closing (1 ext)	~Aug 2
Closing (2 ext)	~Oct 1

🔴 Effective Date confirmed: February 3, 2026 (Kutak Rock confirmation). April 2 = Title & Survey Objection Letter DUE.

🔄 Feasibility Extension Terms 📄 Feasibility Section ↗

Base feasibility: 90 days from Effective Date
Extensions: 2 × 60-day increments (120 days max additional)
Notice: Written to Seller ≥ 5 days before current period expires
Fee: $10,000 per extension — paid directly to Seller within 3 days of notice
Refundable? No — except Seller default. Credited to sales price at closing.
Max feasibility: 210 days total
Closing: 30 days after feasibility expires

⚠️ Key Encumbrances & Due Diligence Flags

🔴 Storm Drainage / Detention Pond (M/I Homes) — Eighth Amendment, recorded Doc No. 2020205640, Travis County. Easement binding with land. Buyers take subject to this.
🔴 TIA — Traffic Impact Analysis (LJA, Oct 2021) — $400K+ traffic mitigation obligations under negotiation. 📄 TMA ↗ 📄 TMA Markup ↗
🟡 Impervious Cover — LJA letter Aug 2025: up to 65% IC assumed; on-site water quality controls required for any development.
🟡 Preliminary Plan — Thaxton Road Small Lot Subdivision Prelim Plan approved May 28 2022. 📄 Concept ↗
🟢 As-Is sale — No seller reps/warranties except title.

📍 Current Status

🔴 Listing agreement — No team consensus yet. No urgency — can decide any time. See decision memo for full analysis.
🔴 TIA / Traffic mitigation — Heather Kendrick engaging Josh Brown (seller's atty) re: $400K+ surprise. PSA notice question pending Kutak Rock advice.
🟡 Concept Plan 5 — Tyler Boykin (Mahoney) responded to broker feedback. Recurring meeting: Wednesdays 2pm CT. 📄 CP4 Redlines ↗
✅ Title & Survey Objection Letter — Sent by Heather Puckette (April 2).
🔴 Extension #1 notice deadline — April 29. BBM reviewing docs today. Kutak Rock briefed Friday April 4. Fee $10K due May 1.
🟢 Attorney lineup — Heather Puckette (lead) + Heather Kendrick + Heidi Wolford on BBM/Thaxton. Katie Crane removed March 31.
🟢 Signed PSA filed — March 31. Both PDFs in OneDrive.

✅ Action Items

Atlas Heritage Title (John Bruce) replied Apr 1: "No comments from our end." — title commitment review proceeding. Heather Puckette's team is reaching out directly to Heritage to confirm PSA dates.
John Listing agreement decision — team discussion needed (no urgency, no consensus)
John Confirm ALTA survey engaged (due ~April 6)
Kent/Craig Confirm PSA notice strategy with Heather Kendrick re: seller attorney + TIA
Atlas Monitor Kutak Rock for response on PSA notice / Josh Brown outreach

👥 Key Contacts

Michael Searls	Charter Stone Capital — Prospect/Buyer	michael@charterstonecapital.com · 303-819-7592
Philip Boghosian	Seller · Boghosian Living Trust	pboghosian@boghosianraisin.com
Josh Brown	Seller's attorney	—
John Bruce	Heritage Title	200 W. 6th St Ste 1600, Austin TX 78701
Heather Kendrick	Kutak Rock (BBM lead)	heather.kendrick@kutakrock.com · (281) 413-5730
Heather Puckette	Kutak Rock (BBM)	heather.puckette@kutakrock.com
Heidi Wolford	Kutak Rock (BBM)	TBD
Tyler Boykin	Mahoney Engineering	tboykin@mahoneyeng.com
Craig Biggar	BBM Manager / Buyer	cbiggar@highside-re.com · (512) 922-5127
Kent McNeil	BBM Partner	kmcneil@highside-re.com

🎯 Interested Parties & Prospects

Charter Stone Capital (CSC)	Potential equity buyer — SW Corner / Thaxton tract	Michael Searls (Founder/CIO) — michael@charterstonecapital.com · 303-819-7592 Stephanie Cusack (Partner) — stephanie@charterstonecapital.com Reviewing with equity partners week of Mar 31. Plans to drive site again. Touch base next week. Austin-based, $130M+ portfolio.
HPI Properties	Potential JV partner — Lot 6 (2.47 ac back lot)	AJ Loudermilk (VP) — aj@hpiproperties.com Evan Dyer — evan@hpiproperties.com Discussing curb cuts on McKinney Falls extension. Craig had breakfast w/ AJ Mar 6. Term sheet needed before finalizing Lot 6 marketing.
7-Eleven	Tenant LOI — Lot 3 (1.5 ac, C-Store/Gas)	Alan Davis (7-Eleven contact) — via Sean Murphy Confirmed 1.5 ac works. 24 spots + 3 ADA parking. LOI at ~$35/SF anchors Lot 3 pro forma.

💰 Deal Economics 📊 Pro Forma ↗

📬 Recent Activity

Apr 1 Charter Stone Capital — Michael Searls told Craig they're reviewing with equity partners this week and plan to drive the site again. Touch base next week.
Apr 1 Heritage Title (John Bruce): "No comments from our end" on title commitment. Puckette team engaging to confirm PSA dates.
Mar 31 Craig filed signed PSA + Feasibility Section — Atlas reviewed & filed to OneDrive 📄↗
Mar 31 Heather Kendrick: Puckette + Wolford in, Katie Crane out for BBM/Thaxton 📄↗
Mar 30 Craig recommends terminating listing agreement with Sean & Ben 📄↗
Mar 30 Mahoney (Tyler Boykin) responded to CP5 requests — recurring Weds 2pm confirmed 📄↗