Building permit applications submitted to Frederick County. Approval anticipated ahead of construction start.
Aug 2026 — Dec 2027
Construction
17-month renovation. Adaptive conversion of the historic lodge to 15 apartment homes. General contractor selection in progress.
Jan 2028 — Dec 2030
Lease-Up & Operations
Stabilization, full occupancy, and operating cash flow to investors. Preferred return distributions begin flowing.
End of 2030
Exit (Asset Sale)
Asset sold at market. LP capital, accrued preferred return, and profits distributed per waterfall. Target IRR: 14.1% base case.
Project Updates
Latest First
June 2026Capital Raise
LP Interest Form Live
The investor interest form is now live at interest.vidonaholdings.com. Prospective LPs can submit their expression of interest — this is not a commitment. Our team will follow up with deal materials and subscription documents.
June 2026Permits
Building Permit Applications Submitted
Building permit applications have been submitted to Frederick County. We anticipate permit approval ahead of our target construction start date of August 2026. No action required from investors.
May 2026Approvals
All Zoning & Planning Approvals Complete
Change-of-use, zoning variance, and planning commission approvals are all final. This represents the highest-risk regulatory hurdle for adaptive reuse projects — it is now fully behind us. The project proceeds with a clean regulatory path.
April 2026GP Capital
$575K Founder Capital Fully Deployed
The founding partners have invested nearly $575K in site acquisition, preparation, planning, architectural work, and approvals — before requesting a single LP dollar. Founders invest alongside LPs in the same Class A equity.
UpcomingConstruction
General Contractor Selection — In Progress
We are in the process of selecting a general contractor. Once selected, we will post the GC name, planned start date, and preliminary construction schedule here.
Capital Structure
How Returns Flow to Investors
The waterfall below shows the priority order of distributions. LP investors are senior throughout.
6% simple interest accrues on invested LP capital from the investment date — even during construction. Paid first from operating cash flow at stabilization.
Tier 2 — GP Preferred Return (6% simple)After LP pref
GP preferred return activates only after LPs have received their full preferred return. Sponsors cannot collect before investors.
Tier 3 — 80/20 Split (up to 15% LP IRR)80% LP / 20% GP
Remaining profits split 80% to LPs and 20% to sponsors until LP investors reach a 15% IRR threshold. Investors are the majority beneficiary throughout this tier.
If the deal outperforms and LPs clear a 15% IRR, remaining profits above that hurdle split 50/50. This upside-sharing tier is a bonus — base case returns are targeted without relying on it.
Construction Interest Note
A deferred 3% construction interest charge accrues on invested LP capital from the closing date. This amount is paid from construction loan proceeds or operating cash flow — not added to LP equity — and does not reduce investor returns. It is a GP obligation, not an LP obligation.
Deal Documents
Key Documents & Materials
Documents available to qualified prospective investors upon completion of the interest form and direct outreach from our team.
Important Disclosures: This page is for informational purposes only and does not constitute an offer to sell or a solicitation of an offer to buy any securities. Investment opportunities described herein are available only to qualified investors pursuant to applicable securities laws. Past performance is not indicative of future results. All projections and target returns are forward-looking statements based on current assumptions and are subject to material risks and uncertainties. Investors should consult their own legal, tax, and financial advisors before making any investment decision. This offering has not been registered with the SEC or any state securities authority.