RED II - LEEDS, UT
INVESTOR UPDATE | MARCH 2026
SILVER CLIFFS
PHASE ONE
EXECUTIVE SUMMARY
Silver Cliffs is entering its final infrastructure push with horizontal work now substantially complete and surface improvements beginning this month. Asphalt installation is imminent, the water tank is mobilizing within the next four weeks, and initial lot deliveries to our builder partners are targeted for May 2026. The first tranche of lot sales is projected to generate approximately $6.6M in gross proceeds, which will be applied in accordance with the fund's capital waterfall — with preferred equity repayment prioritized ahead of any remaining capital deployment.
RECENT KEY ACCOMPLISHMENTS
Horizontal Infrastructure
  • Mass excavation approximately 95% complete across all phases, with all roads cut to sub-grade
  • Sewer, water, hydrants, and storm drainage approximately 55% complete
  • Power live across all six phases; trunk and communication lines fully installed
  • Rock walls approximately 80% complete
  • Wet Well #1 installed; Lift Station #1 construction actively underway
Surface Improvements
  • Horizontal scope substantially complete and transitioning to surface work
  • Curb, gutter, and asphalt installation scheduled to begin this month
  • Silver Cliffs Boulevard prepared for imminent asphalt placement
CURRENT PRIMARY FOCUS AREAS
Infrastructure Completion
  • Executing asphalt installation across Silver Cliffs Boulevard and all feeder roads within the next one to two weeks
  • Mobilizing water tank construction, with groundbreaking expected within four weeks
  • Completing remaining utility work in parallel with surface improvements
Financial Planning
  • Preparing for first tranche closing with estimated ~$6.6M in gross sales proceeds
  • Proceeds will be applied first to redeemable preferred equity, with remaining capital directed toward continued construction
Lot Delivery Preparation
  • Coordinating with builder partners ahead of May 2026 initial lot deliveries
  • Finalizing lot transfer logistics and regulatory requirements for first tranche
MAJOR MILESTONES
1
Spring 2026
  • Complete asphalt installation across all roads
  • Deliver initial lot tranche to builder partners (May 2026)
  • Execute first capital waterfall distribution to preferred investors
2
Q2-Q3 2026
  • Complete water tank construction and bring system fully operational
  • Unlock additional lot sales capacity beyond initial phase
  • Continue quarterly lot absorptions through builder partners
3
Ongoing
  • Advance remaining infrastructure phases in parallel with lot closings
  • Build market presence and awareness for Silver Cliffs community
LOOKING FORWARD
With horizontal infrastructure now substantially complete and surface work beginning, Silver Cliffs is in its strongest operational position to date. The asphalt timeline and imminent water tank mobilization reflect the project executing on its critical path. May lot deliveries will mark the first revenue event for the fund, triggering the capital waterfall and preferred equity repayments. Water system completion in mid-2026 will remove the remaining constraint on expanded lot sales, positioning the project for accelerated volume in the quarters that follow.
Project Photos