All Forum Posts by: Jason Piccolo

@Jay Hinrichs it sounds like things are at least moving in the right direction. There are a couple of properties in the fund with rate cap expirations coming soon so you never know. The sale of one of the properties will help with the gap in the capital call funding. 

I am hopeful after this update. ”After almost one year since we completed our capital call together, the health and performance of AVAF1 continues to elevate. The February DCSR of 1.28x surpassed our 12-month goal of 1.20x.”  
We just 1031’ed out of the Vista 121 and into the Halston At North Lake with Ashcroft. I still feel like they are good operators. A lot of these operators got caught in these short term bridge loans. The only thing that gives me pause are operators that we diversified into other assets with like car washes and self storage that are still not paying distributions. It’s frustrating. 

Update on our investment. It’s should be opening soon. https://www.washingtonian.com/2025/03/07/a-luxury-hotel-with...

@Haresh Patel I am invested in their Pic Car Wash 2,3,4. Yes, distributions have been below expectations and way below NOI projections.

Thanks @Brian Burke. I appreciate your insight into the situation.Yes, the initial loan period was 3 years interest only so it was unlikely any of the loan balance got paid down. I am not sure it would be prudent to throw more money into this deal on a hope and a prayer.

@Ram Go I am in the same boat as you with this capital call. I was told that the dilution of my original investment would be 21.8% if I did not participate. If they sold the asset right now at the current valuation it would wipe out 80-85% of my equity. This would be the fourth year of two one year extensions. The asset was purchased at 76 million and it recently appraised at 63 million. I am at a crossroads on what to do about this one, but hopefully the market saturation from competitor assets in Katy, TX dries up. I  don’t think rates will change much for the next year.  

I participated in the capital call on the AVAF 1 fund and I am looking at the Braxton at Waterleigh offering that Ashcroft is putting forth with 100% GP promote going to the LP’s.  Is anyone else looking at this?  https://9409243.fs1.hubspotusercontent-na1.net/hubfs/9409243...

Well this is great news for LP’s. 

1. We are making the waterfall split more favorable on AFAF1. Instead of the 85/15 (LP/GP) that we previously communicated, we are changing it to 90/10 (LP/GP)
2.  We are about to be under contract on a Class A community at an excellent basis. Those of you who have fully funded the capital call are invited to invest and receive GP-carried interest. This is an excellent opportunity in today’s market, and we will be able to provide you with more details in approximately one week.

For B shares it has been a cumulative 7% annually, but they stopped distributions more than a year ago. Moving forward with the capital call they eliminated the 70/30 split up to a 13% IRR and made it a straight 85/15.

I just contributed my 19.7%. They seem to have a good business plan moving forward on refinancing the current debt and are adjusting the splits 85/15. Ashcroft is also offering additional GP equity on a future deal.