Minneapolis, MN – October 28th, 2025
We’ve just completed the largest investor distribution in our firm’s history. The result wasn’t a surprise swing; it reflects a repeatable playbook applied across three projects in Georgia and Florida.
At Carpathian Capital Management, we design for outcomes by focusing on four things: structure, partners, markets, and exit visibility. Where appropriate, we use preferred‑equity positioning to prioritize cash flows and mitigate downside risk. We pair that with experienced, local operators in supply‑constrained, job‑rich submarkets—and we seek to map the exit before heavy spend begins.
This approach underpinned the recent distribution announced. Three projects contributed:
• The Gathering — Alpharetta, GA. Infill land development in a top Atlanta suburb. Attractive land basis and a blend of single‑family and townhome product near schools, employment, and retail.
• Bells Ferry — Kennesaw, GA. Age‑targeted (55+) community with resort‑style amenities, situated among highly desirable northwest Atlanta suburbs and developed with a best‑in‑class partner.
• Project #3 — Sarasota, FL. Townhome lot development with a purchase agreement in place with the largest U.S. homebuilder. The site sits near major retail and interstate access, supporting efficient absorption.
We view this milestone as validation of process over promises. The same discipline that guided these projects informs our current pipeline and ongoing underwriting.
Key milestone details (by project)
Distribution date for all: October 28, 2025
| Project | Net IRR to Preferred | MOIC | Project Hold |
|---|---|---|---|
| The Gathering | 15.1% | 1.52x | 3 years, 8 months |
| Bells Ferry | 16.75%† | 1.63x | 4 years, 2 months |
| Project #3 | 20.56%† | 1.35x | 1 year, 9 months |
For a brief walkthrough of the playbook and current pipeline, contact us here.
Estimated‑returns methodology (†):
Project #3 and Bells Ferry returns are estimates derived from our internal model. We began with each project’s gross cash‑flow schedule, applied “haircuts” equal to the relative platform costs, reserves, and other reconciling items observed on The Gathering standalone investment, and then ran those haircutted cash flows through the same investor waterfall used for The Gathering. These estimates are illustrative of project‑level, standalone outcomes and are not fund returns. Actual results may differ.
Disclaimer:
This communication is for informational purposes only and does not constitute an offer to sell or a solicitation of an offer to buy any securities. Any offering is made only pursuant to definitive offering documents to accredited investors and qualified purchasers, as applicable. Past performance is not indicative of future results. All investments involve risk, including loss of principal.
