Summit Fund I
Premium Storage Development
A closed-end private real estate development fund with exclusively identified projects. Invest alongside the developer, beside the operator, on every project.
Minimum investment $100,000 Accredited investors, verified (Rule 506(c))
Working summary: terms follow the Summit Fund I deck and are being finalized in the offering documents. Not an offer to sell or a solicitation of an offer to buy securities. Terms are subject to final offering documents and counsel review.
Fund at a glance
- Strategy
- Premium storage development
- Structure
- Closed-end private development fund
- GP commitment
- 2% of total commitments
- Portfolio
- Identified projects, pipeline, multiple operators
- Fund term
- 7-year target, two 1-year extensions by LP vote
- Investment period
- 18 months from first close, deployed in tranches
- Preferred return
- 12% to LPs
- Sponsor carry
- 25% after capital + pref
- Management fee
- 1% a year; fund costs itemized in the offering documents
- Minimum investment
- $100,000
- Target net LP IRR
- 19-24%, subject to underwriting
- Target net LP MOIC
- ~1.8x-2.6x, subject to timing
- Offering
- Reg D Rule 506(c); accredited investors, verified
All terms subject to final offering documents and counsel review. Targeted returns are projections, not guarantees.
"Why not invest with the operator directly?"
| Direct with the operator | Through Summit Fund I | |
|---|---|---|
| Fee load | Operator retains all fees: acquisition, development, construction, asset management, disposition. | A 1% annual management fee. Fund operating, offering and placement costs itemized line by line in the offering documents. |
| Fees and promote | Developer promote and fee income stay with the operator. | Everlong Summit's project-level fees and promote flow into the fund for LP benefit. |
| Alignment | Operator economics sit outside your return. | 12% preferred return ahead of the 25% carry. The sponsor earns after you do. |
| Diversification | One project, one operator, one market. | Multiple projects in multiple markets with multiple operating partners, in one vehicle. |
Summit Fund I economics tied to performance
- 01
Fees reinvested
Everlong intends to roll its share of co-GP development fees and promote back into the fund or project-level equity. Sponsor economics ride with LP outcomes.
- 02
Performance-weighted waterfall
LPs receive return of capital and a 12% preferred return before the sponsor's 25% carry participation.
- 03
LP priority access
Summit Fund I LPs receive priority allocation rights in future Everlong Summit funds, subject to final documents and capacity.
- 04
Full fee transparency
Project-level fees, third-party expenses and fund costs disclosed in offering materials. No hidden economics, with yearly third-party audits.
Risk is underwritten, not ignored
Development and execution
Entitlement, permitting and construction cost risk, managed through disciplined predevelopment and project controls. Predevelopment diligence carried by Everlong Summit reduces LP pre-construction exposure.
Capital markets
Interest rate, debt availability, construction loan guarantee and refinance risk across the fund term.
Sales and absorption
Condo sale pricing and absorption velocity, rental lease-up and exit timing risk by market.
Concentration and term
A small number of projects and a fixed term concentrate outcomes; delays compress exit windows and returns.
Partner and market
Operating partner execution risk and market selection risk in each target metro.
No assurance of returns
Targets are projections, not guarantees. Investors can lose capital. Interests are illiquid and not transferable without consent.
A focused fund. A proven team and product. A disciplined plan.
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Step 1
Request access. Self-certify that you are an accredited investor. We review and approve your access.
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Step 2
Request the data room. Sign the confidentiality agreement to open the data room: underwriting models, operator identities, track record, the PPM and fund agreements. Indicate your interest with a non-binding LOI.
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Step 3
Subscribe. Complete the subscription documents and accreditation verification, then fund your investment.
Everlong Summit Capital | info@everlongsummit.com | (801) 822-9731