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Location15 minutes from Redmond Municipal Airport (RDM)

15 minutes to downtown Bend, Oregon

Excellent national connectivity via six carriers with 60+ daily

3 hours' drive from Portland, 5.5 hours from Seattle

Bend is one of the fastest-growing markets in the U.S. with annual growth rates over 2.5%.

Median home prices now exceed $800,000, with 25%+ of transactions above $1 million.

Location

Executive Summary

Thornburgh is a premier lifestyle destination set on 2,400 acres in Central Oregon, bordered by 32,000 acres of federal conservation land.  The property provides panoramic views of the Cascade Range, 600 feet of elevation change, and direct access to outdoor recreation.  

Planned as a two-phase development, Thornburgh combines luxury real estate, resort amenities, and a long-term hospitality platform, designed to attract affluent buyers and lifestyle-driven investors.

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Phase 1: Tribute (underway)

494 single-family residential lots

125 overnight lodging units

18-hole golf course (Whitman, Axland & Cutten; initial routing by Coore/Crenshaw)

9-acre Lake Thornburgh for kayaking, paddle boarding, swimming

Wellness/spa, clubhouses, dining, courts, and extensive trail systems

Phase 2: Pinnacle (future)

~400 single-family residential lots

80 overnight units

Championship golf course, clubhouse, water recreation lake, and expanded amenities

Development Program

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Fully entitled for 950 resort residences and 450 overnight units

Approved Conceptual Master Plan and Final Master Plan*

Permits secured for water rights, sewer treatment, and state/federal access agreements

Infrastructure underway: water reservoir, sewer, utility mains, roadwork, golf course shaping

Entitlements and Infrastructure

* Oregon law tightly limits development, keeping new master plans scarce, while Deschutes County has a moratorium in place for new Destination Resorts.  Deschutes County grew ~12.4% (2019–2023) and Bend reached ~107,800 in 2025, underscoring sustained in-migration. Proven comps include: Tetherow (median sale ≈$1.65M), and Brasada Ranch recorded $57 Million 2024 volume with rising medians. For Thornburgh investors, buyers, and stakeholders, constrained entitlements plus strong demand translate into durable pricing power and long-run value.

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Last MAI Appraisal (Nov 2021): $166M “As-Is”

Feasibility & Valuation (Aug 2021): $187M “As-Is”

Encumbrances: ~$31M first mortgage, $6.5M second lien

Investment to Date: ~$15M in infrastructure and development (post appraisal)

Projected Revenues: $1.6B+

Real Estate Sales: $1.1B+

Resort Operations: $500M+

Gross Margins: $540M+

Resort EBITDA: $190M+

Total EBITDA: ~$630M

Financial Overview

Capital Stack:  $110M

Participating Debt/Equity (Preferred Equity): $30M

Construction Debt: $50M

Residential Lot Development Facility: $12M

Residential Construction Facility: $18M

Total: $110M

Preferred Equity terms:

12% preferred return

2x liquidation preference

Estimated IRR: mid-20% range

Market Position

Strong demand from affluent buyers seeking lifestyle real estate post-pandemic

Median home price in Bend: $800,000+

Comparable projects (Tetherow, Brasada Ranch) demonstrate strong pricing power and absorption

135,000 website visitors since Oct 2022

117 reservations with escrow deposits already submitted

Investment Structure

Thornburgh presents a rare opportunity to invest in one of the most compelling resort developments in the Pacific Northwest.

With entitlements, infrastructure, and market momentum already in place, the project combines luxury real estate sales with recurring resort operations for durable value creation.

The Access Fund commitment of $5 million anchors the $110 million capital stack in a Preferred Equity position, enhancing the overall capital structure.

Management's participation helps secure construction milestones, accelerates market launch, and improves projected returns for all equity participants.

Investors benefit from:

World-class amenities and lifestyle positioning

Proven demand from affluent buyers with reservations and deposits already secured

A balanced capital stack reinforced by institutional-level participation

Targeted returns in the mid-20% range, supported by both real estate and recurring resort operations

[Request Fund I Investor Information]

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Disclaimer: Investments in the Fund are speculative, involve significant risks including possible loss of the entire investment, and are not insured by the FDIC or any other government agency.  Any investment opportunity will be made only through the Fund's official offering documents, which include important details about risks, fees, and restrictions.  [Review Full Disclosures]