Foresthill Basecamp · Investor Opportunity

A New Kind of
Mountain Hospitality

10 endurance-focused studios. 37 acres in Foresthill, CA.
Preferred equity from $50K.

~22%

Project IRR (Y5)

2.8x

Project Multiple (Y5)

$1.17M

Equity Raise

These figures reflect our current base-case underwriting. Braxton Wright is independently reviewing construction costs, and a CFA charterholder has separately stress-tested and reviewed the proforma. We’re evaluating both SBA and USDA B&I as the debt source. Final numbers will firm up after contractor bids on horizontal work and the binding appraisal. Committed investors get the updated figures as each review closes.

02 / Location

Foresthill, California

21235 Spring Garden Rd. 37 acres adjacent to the Western States 100 trail course, the most iconic ultramarathon in the world.

2 hours from the Bay Area. Drive market, no airport friction.

Adjacent to Mile 62 of the Western States 100 trail course

37 acres of Sierra Nevada pine forest, held by Tyler for 15 years

Elevation ~3,400 ft. High enough for training adaptation, low enough for year-round access.

Gateway to Tahoe National Forest, American River canyon, and Auburn SRA

Mile 62 trail marker near the Foresthill property

37 acres

Property Size

3,400 ft

Elevation

2 hrs

From Bay Area

Mile 62

WS100 Position

03 / The Product

Elmntl Shelter Studios

420 sqft modular studios purpose-built for endurance athletes. Private recovery amenities. Designed for the trail, not the lobby.

Elmntl Shelter Studio — panoramic bedroom with floor-to-ceiling glass

Guests enjoying outdoor shower and cold plunge

Private Sauna

Wood-fired barrel sauna per unit

Cold Plunge

Recovery-grade cold plunge pool

Rooftop Deck

Private deck with mountain views

Gear Wall

Built-in storage, wash, and dry

420 sqft Studio

Full kitchen, bath, sleeping loft

Trail Access

Direct WS100 and TNF trailheads

Why 10 Units (Phase 1)

Phasing de-risks the project and positions Phase 2 for easier financing with real revenue history.

1Cuts equity requirement roughly in half vs. 20 units

2Proves the concept with real operating data

3Makes Phase 2 financing dramatically easier

4Most infrastructure built in Phase 1 anyway

04 / Market

Why This Works

$425

per night, starting ADR

Conservative for 420 sqft studios with private saunas, cold plunges, rooftop decks, and gear walls. Bay Area endurance athletes paying for a WS100-adjacent basecamp with recovery amenities will pay this. Grows 3% annually in the model.

Typical Tahoe Airbnb

$250–350

Foresthill Basecamp

$425

Couple enjoying an Elmntl Shelter Studio porch

The Location Moat

Mile 62 of the Western States 100, the iconic ultramarathon course. Nobody else is sitting on a parcel like this.

Every unit gets a private sauna and a cold plunge. Tahoe vacation rentals don't.

Two hours from 8 million people. Drive market, no flights.

The Closest Things That Exist

Each of these works in its own niche. None of them is this. Together they tell us the demand is real and the price point holds.

The Hub Chamonix

Chamonix, France · Shared chalet for trail runners

The closest thing to what we’re building. Trail runners share rooms, soak in a Nordic bath, train on UTMB course. Open three months a year. Sells out anyway.

AutoCamp Yosemite

Mariposa, CA · Design-forward outdoor lodging

$400+ ADR for Airstreams and cabins, backed by institutional capital. The closest US comp on unit economics. No athlete focus, no recovery amenities.

HYPO2 Sport

Flagstaff, AZ · Elite training programs

Olympians fly in for altitude camps and stay at coordinated hotels HYPO2 books for them. The demand exists at scale. Nobody owns the lodging.

Mammoth Lakes Crib

Mammoth Lakes, CA · Tourism-board athlete house

Elite athletes stay free in exchange for social posts. Mammoth’s tourism board has paid for this since 2011, in the same town where Chloe Kim and Deena Kastor train.

Occupancy Thesis

Period	Occupancy	Note
Year 1	55%	Soft open mid-year. Building brand + first reviews.
Year 2	55%	First full operating year. Construction debt refinanced.
Year 3	68%	Word-of-mouth, repeat guests, race-week pricing power.
Year 4+	72%	Stabilized.

72% blended accounts for 85–95% summer peak (WS100 week, training-camp season, Tahoe spillover) and 40–55% winter low. 3% ADR growth annually.

05 / Demand Validated

The market showed up

Before raising a dollar of outside capital, we tested whether the market shows up at our prices. 105 people have already put $50 down to back the idea.

105 refundable $50 deposits

As of May 13, 2026

1.11x ROAS on Meta ad spend

Every dollar of Meta ad spend has returned more than a dollar in customer deposits

1,016 email subscribers

56.27% average open rate across the welcome series

948 Instagram followers

Six posts so far, on a channel we haven’t focused on yet

We’re in active partnership conversations with running and cycling operators and Placer County businesses ahead of opening.

Ready to talk?yj@foresthillbasecamp.com

06 / Why Now

Why hasn’t this been done?

Adjacent forms have been tried. The Hub in Chamonix runs seasonal trail-running rooms and proves the archetype. AutoCamp Yosemite hits $400 ADR with no athlete positioning. HYPO2 in Flagstaff hosts elite training camps but doesn’t own the lodging. Nobody has put it together at the mile marker of an iconic race. The reasons it couldn’t happen until now are mostly gone.

Modular construction has matured

Prefab cabins from operators like Elmntl have cut unit-level capex 30–40% versus traditional build, with real warranties and institutional acceptance. A 10-key purpose-built lodge didn't pencil before this generation of factory shelters.

Direct booking has shifted the math

Post-2020, brands that own their funnel keep the 15–25% of revenue that used to leave with the OTAs. Leisure ADR in destination markets reset 20–30% higher and held there. The marketing investment now compounds into the asset.

The endurance market is 4–5× larger

WS100 lottery odds have collapsed. Strava has 100M users. UTMB is a global brand. Trail running is the fastest-growing running segment. Recovery-as-identity (sauna, cold plunge, zone 2) has gone mainstream and the audience is addressable through channels that didn't exist five years ago.

Ten years ago, a 10-key performance lodge at $425 ADR was a niche bet with a few thousand potential customers and no obvious way to fund it. The audience is an order of magnitude larger now, the loan products exist, and the operating tools are off the shelf.

07 / Financials

The Numbers

Project Cost Breakdown

Category	Total	Per Key
Land and site work Land buyout plus grading, septic, well, roads, fire hardening, and parking	$1.78M	$178K
Buildings and amenities Ten Elmntl cabins with the 30% volume discount, two community saunas, FF&E, install	$2.72M	$272K
Soft costs Entitlement, architecture, environmental, legal, and a 10% contingency	$517K	$52K
Financing and operating reserve Construction interest, loan fees, and working capital through stabilization	$1.23M	$123K
Total Project Cost	$6.25M	$625K

Capital Stack

SBA 7(a) construction loan

$5.0M

SBA 7(a) cap. Refinances at Year 2 into a 30-year permanent loan at 8.5%. Stabilized debt coverage well above the bank’s 1.20x floor. We’re evaluating USDA B&I alongside, which allows higher loan amounts.

Total equity required

$1.34M

Tyler’s land (in-kind)$170K

Outside investor raise$1.17M

· Partner land buyout$170K

· Project equity$1M

Tyler co-owns the parcel 50/50 with a partner. His half goes into the LLC as in-kind contribution. The other half is bought out at appraised cost so ownership and title are clean before debt closes.

Operating Performance

Year	Revenue	NOI	DSCR
Yr 2	$1.21M	$502K	construction
Yr 3	$1.53M	$700K	1.52x
Yr 4stabilized	$1.67M	$780K	1.69x
Yr 5	$1.72M	$804K	1.74x
Yr 10	$1.99M	$937K	2.03x

Permanent loan closes at the Year 2 refi. DSCR is measured against $461K of annual debt service at the $5M SBA-cap level. The bank’s floor is 1.20x. Stabilization clears it by a wide margin. DSCR will refresh slightly upward once the debt structure finalizes.

Key Assumptions

Stabilized occupancy72%

Starting ADR$425

Annual ADR growth3%

Exit cap rate9.5%

Stabilization yearYear 4

Senior debt rate (permanent)8.5%

DSCR target (covenant)1.20x

LTV ceiling70%

Cash Waterfall at Stabilization (Year 4)

Total Revenue

$1,668,090

Operating Expenses

($888,058)

NOI

$780,032

Permanent Loan Debt Service

($461,366)

Levered Cash Flow

$318,666

Investor Preferred (target 8% on outside cash)

($80,000)

Remaining to Operators / Reinvestment

$238,666

Projected Returns

22%

Project-level IRR (Year 5 sale)

2.8x

Project-level equity multiple (Year 5 sale)

These are project-level returns. Every dollar of equity earns this combined. The preferred-equity investor return on a $100K check is structured in section 11.

08 / Team

The Team

Two principals on the cap table. Both have skin in the project before any outside dollar comes in.

YJ Tung

Operating sponsor

Built the very first Strava Stats email, the year-end recap millions of athletes wait for every December. 10+ years in enterprise digital marketing across Strava, REI, and ESPN. Currently a Solutions Architect at Stripe. Multipitch alpine climber turned ultra runner. Miwok 100K finisher.

Tyler

Land sponsor

Senior Land Entitlements Manager at a top-20 US homebuilder. Currently leading entitlements on 7 subdivisions in Central Florida totaling ~2,000 single-family lots, shovel-ready on closeout. Previously entitled five cannabis farms in California, the most heavily regulated land use category in the state, with one in the top 15% by outdoor canopy size. Every cannabis project requires environmental review and a conditional use permit, often against active local moratoriums. Has presented at planning commission, city council, and Board of Supervisor hearings, and runs public community meetings on new development.

GC, civil engineer, and operating staff are all local to Placer County. We’ll publish the full counterparty list once each is signed.

09 / Risks

What Could Go Wrong

The five things we’d ask about if we were on your side of the table.

Wildfire and insurance

Sierra Nevada at 3,400 ft sits in a high fire severity zone, and the Placer County insurance market has tightened. We’ve budgeted defensible space, fire-suppression access, and CA-code hardening into the site development line. We won’t close the SBA loan without a binding insurance quote.

Permitting and construction

Modular delivery into California carries install risk. CEQA/MUP permitting at the Tahoe National Forest gateway adds timeline. Pre-app meeting is done. Septic, well, drainage, and traffic studies are line-itemed in the budget with a 10% soft-cost contingency on top.

SBA approval

Boutique lodging approval rates run around 65%. We’re working Stone Bank because they have hospitality experience and the model already clears their DSCR floor. If SBA doesn’t land, USDA B&I and a local construction-to-perm bridge are backup paths.

No cash-out at Year 2 refi

The permanent loan covers the construction loan and seeds an $830K cash reserve. That’s structural, not a surprise. Investor capital and returns come from operations and the sale.

Demand before opening

$425 ADR and 72% stabilized occupancy are the load-bearing assumptions. Pre-launch deposits validate price point and willingness to pay. The longer test is sustained bookings and word-of-mouth once we open.

10 / Timeline

Development Milestones

Accelerated: Summer 2027 | Conservative: Spring 2028

Mar 2026

Pre-app Meeting

Placer County pre-application. LLC banking finalized.

Apr–Jun 2026

LaunchBoom Campaign

Meta ads driving deposits. Building proof-of-demand.

Jun 2026

Feasibility Study

Third-party hospitality feasibility study commissioned.

Jul–Aug 2026

Investor Commitments

Preferred equity commitments close. You are here.

Sep 2026

SBA + Permits Filed

SBA loan application submitted. MUP/CUP filed with Placer County.

Nov 2026

SBA Approved

Loan approved. Land deed transfers to LLC.

Dec 2026–May 2027

Site Work + Fabrication

Roads, utilities, septic, pads. Elmntl fabrication in parallel.

Jul 2027

Soft Opening

First guests. Foresthill Basecamp is live.

11 / The Offer

Investor Terms

Preferred equity in the project LLC. You sit behind the SBA loan and ahead of the operators in every distribution.

Deal Structure

Raising$1.17M outside cash equity

Investors12–23 at $50–100K each

InstrumentPreferred equity

Preferred Return8% target annual, accrued until cash flows

Profit Participation15% at exit (pro rata to outside cash)

Capital ReturnAt sale (Year 5 target, 5–7 yr window)

SecurityBacked by real asset (land + structures), subordinate only to SBA debt

On a $100K Investment

Preferred equity, 5-year base case

Target preferred return$8,000/yr (accrued)

Profit participation at exitPro rata share of 15% pool

Estimated total return (5-yr)$155–200K

Target annualized return10–15%

Capital comes back at the sale. The Year 2 refinance pays off the construction loan and seeds the operating reserve. Returns are built on operating cash flow plus the eventual exit.

Preferred equity isn’t permanent dilution. You sit ahead of operators on distributions and exit at the sale. Operators keep 85% of the upside and the long-term asset.

A New Kind ofMountain Hospitality