Private · not part of the public presentation
Example economics & capital structure
This page is the project-level conversation: what one location costs, what it returns, how the profit splits, and how a site is carried before anyone commits project capital. Participation in the platform company is a separate instrument and is set out on the investor page.
The figures below are modeled planning examples underwritten to a downside floor and confirmed per deal. They are not an offer to sell or a solicitation to buy a security.
Illustrative economics · one location
What a single location returns
North Star underwrites a project to a development spread: the stabilized yield on total development cost is targeted to clear the market exit measure for that project's type by a deliberate margin, so a location produces value from the development itself rather than from leverage or a rising market. A project that does not clear that spread does not advance.
These are gross, structure-independent economics - what a location itself produces, before any capital partner's fees, promote, or split are applied. How that gross return is shared is a separate conversation, set per deal.
The current pilot's real, maintained figures live on its own page - winnie.nsgia.com, the Winnie/Beaumont fee-and-fuel node - and the full development calculation is in the working spreadsheet in the document library. Those are the source; this page does not restate their figures, which change as the model is refreshed. Winnie, as a fee-and-fuel operating business, is valued on its earnings rather than by capping site income against a real-estate cap rate, so a single "exit value" is not a meaningful headline for every project.
Modeled on a planning model, not results. No project has been fully exited and no capital has been returned. What any specific capital partner would net - after fees, after any promote, on whatever structure is agreed - depends on that structure and is set in conversation. Not an offer to sell or a solicitation to buy a security; any participation would be by definitive agreement.
Staged, so capital follows proof
How a site is carried
A site is carried on a defined draw rather than a lump commitment, and it stops the moment it fails to clear.
| Stage | Amount | What it buys |
|---|---|---|
| Start fee, on a named site | $25,000 (illustrative allowance) | Opens the work: secure an option or an assignable purchase-control position on the property, and begin owner path, title, and access work before larger capital moves. |
| Third-party expenses, as incurred | Actual, documented | Reimbursed separately for the site work: civil, flood, soil, zoning, traffic and carrier-demand review, broker and user validation, third-party reports, and legal and survey items, assembled into one site report. |
The draw credits against North Star’s origination fee if the selected deal closes, and is retained on sites that do not advance. It is funded from the segregated predevelopment account described in the platform round, not from project capital, so no project investor is asked to pay for sites that were investigated and rejected.
If the site clears validation, the investor receives the first right to fund the selected project entity, including land closing, site work, improvements, and carrying costs. If the site does not clear validation, investigation stops before large capital moves. Roughly one site in three that is investigated advances to a start.
Participating in the platform itself, rather than in one project
This page describes project-level participation: one location, its own entity, its own budget and distribution. Participation in the platform company is a separate conversation, set directly with the founding partner.
This is a preliminary discussion only. Nothing here is an offer to sell or a solicitation to buy any security, and nothing here is an offering of any kind. Any structure would be defined only in definitive documents and only after review by securities counsel.
Leadership
Leadership
North Star Group is led by two principals whose skills are deliberately complementary.
Michael Hoffman
Designed and built the North Star platform himself - the iVerify screening software, the databases, and the geospatial processing - and remains its principal architect and developer. That technology sits on top of extensive real estate development experience: retail, office, multifamily, institutional development, and site-selection assignments associated with Walmart. Holder of eleven U.S. patents.
Clint Connell
Brings corporate and institutional-level site selection depth: developed site strategy for 120 Walmart Supercenters, led development and entitlements as VP, Development Director at Colonial Properties Trust, a public REIT, and negotiated a 350-property portfolio at Wells Fargo, with nine years as an MAI commercial appraiser behind it. Currently Director of Advisory Services at a wealth-planning practice, with a client base of roughly 300 relationships.
The pairing is deliberate: one principal built the technology and carries the development record; the other carries chain-scale, institutional site-selection and capital experience. Full biographies and credentials: Michael Hoffman's development history is public; Clint Connell's full profile is in the document library.