Mycelium Capital · Mangrove Country Music Resort & Marina  ·  Confidential · For Accredited Investors Only · For Informational Purposes Only
Mangrove · MCMR
Project & Class A Investment Structure · 2026
Class A Equity LP · $15M Raise

Mangrove Country Music Resort & Marina.

A 60-acre operating waterfront resort and marina at Sittee Point, Hopkins, Belize, repositioned as a country-music destination. The project, the asset base, and the Class A Equity structure behind it.

$15.0M Class A Raise20% Equity / ResidualNo Preferred ReturnYear 5 Refinance
Download Project Overview
The property

Sixty acres where the mangroves meet the Caribbean.

An existing waterfront resort and marina asset at Sittee Point in Hopkins, Belize (an operating marina and private canal system, residential lot inventory, hospitality assets, and guest watercraft) being repositioned as a country-music resort and entertainment destination.

Aerial panorama of the Sittee Point peninsula with a yacht passing the mangrove shoreline
Satellite view of Sittee Point with the Mangrove property outlined and the masterplan overlaid

The site

A defined peninsula where the Sittee River opens to the Caribbean, minutes from the village of Hopkins on Belize's central coast.

  • 60-acre waterfront asset with beach, river, and canal frontage
  • Operating 42-slip marina on a private canal system
  • Established operating history: Sittee Point Limited, est. 2014
  • Phase One + Phase Two of a four-phase development strategy
Why Belize

A destination market, built for foreign capital.

For tourism

  • The Belize Barrier Reef, the largest in the Western Hemisphere, at the doorstep
  • Direct flights from 15+ major North American cities
  • English-speaking Caribbean with an established tourism economy
  • Marina lifestyle, fishing, diving, and eco-adventure demand drivers

For business

  • English common law legal system
  • No capital gains tax
  • Belize dollar pegged 2:1 to the US dollar
  • Established IBC and QRP frameworks for foreign investment
Existing asset base

A tangible asset base, not raw land.

Monetizable real estate, operating marina infrastructure, and hospitality components in place from day one.

42
Marina slips on a private canal system, operational
35
Oceanfront lots: sold, with 6 homes built
11
Canal lots in existing inventory
22
Treehome lots: 2 built
3
Condo development sites: multi-story parcels planned
5
Marina-side cabins in the rental pool
47′
Silverton yacht, plus fishing boat and wave runners for guest experiences
2014
Prior operating history: Sittee Point Limited
Built
Core infrastructure: water filtration, septic, gated entry
Aerial view of the marina, private canal, and surrounding mangrove forest

The marina and private canal system, from above

The repositioning

Country music, on the water.

Sittee Point is being rebranded as Mangrove Country Music Resort & Marina, a resort and entertainment destination centered on country music, marina lifestyle, and curated guest experiences.

The project's 47-foot yacht cruising the Sittee River at golden hour

Music-led hospitality

Music programming and live entertainment are led by Loren Kemper, Head of Production & Live Experience. Phase Two adds a 500-seat indoor performance venue and artist / production support infrastructure, making the resort a working destination for artists as well as guests.

Alison Krauss Dwight Yoakam Jamey Johnson Ben Haggard

Target artist relationships for programming (illustrative, not confirmed engagements).

Development program

Two phases: activate, then build.

Phase One

Rebrand, activate, monetize

  • Acquire / control the interest in Sittee Point Limited
  • Rebrand as Mangrove Country Music Resort & Marina
  • Activate marina, cabins, treehouses, and guest-experience assets
  • Sell available lot inventory where appropriate
  • Begin phased monetization across lots, marina, rentals, and programming
Phase Two

Resort & entertainment development

  • 100-room luxury hotel
  • 500-seat indoor performance venue
  • Restaurant, bar, and event-support F&B
  • Artist / production support infrastructure
  • Guest amenities integrated with marina operations
Illustrated masterplan of the Sittee Point peninsula showing lots, marina, and resort parcels

The Sittee Point masterplan

Revenue & monetization framework

Revenue that activates in phases.

Stream
Asset / Driver
Timing
Status
Lot sales
Oceanfront, canal, treehouse lots
Phase One / early
Existing inventory
Marina operations
Slips, services, guest access
Phase One & ongoing
Existing infrastructure
Hospitality rentals
Cabins, treehouses, rental pool
Phase One & ongoing
Existing / activating
Guest experiences
Yacht, watercraft, tours, programming
Phase One & ongoing
Existing assets
Food & beverage
Restaurant, bar, event support
Phase Two / operating
Planned
Events / music
Performance venue, artist programming
Phase Two / operating
Planned
Hotel / resort
100-room resort hotel
Phase Two
Planned
Resort real estate
Units / lots, if applicable
Phase Two
To be modeled

Revenue streams are expected to activate in phases; timing, margins, and cash-flow assumptions will be validated in the financial model.

Project overview

A hospitality asset, land-backed from day one.

Mangrove Country Music Resort & Marina (MCMR), modeled as a hospitality / refinance asset in Belize, with a $40M land transaction underneath the Class A raise and Mycelium Capital as GP and control party.

$40M
Total land transaction value backing the structure
$80M
After-construction value at project stabilization
Year 5
Modeled refinance, capital return & liquidity event
Capital raise

The instrument, at a glance.

Instrument
Class A Equity LP
Raise Amount
$15,000,000
Position
20% EquityResidual participation
Preferred Return
NoneEquity only, no pref modeled
Capital Return
Year 5 RefiSubject to available proceeds
Residual
20% RetainedParticipation post-refi
Investor economics

What the investor holds.

Term
Detail
Note
Investment
$15.0M
Class A LP
Position
20% Equity
Residual
Preferred Return
None
Equity only
Capital Return
$15.0M
Yr 5 Refi
Downside Support
$40M Collateral
Land
Ongoing Participation
20% Retained Equity
Post-refi
Use of Class A capital

Where the $15.0M goes.

Use of funds
Amount
% Total
Mangrove reserve / held account (3-mo hold to support Loan 1)
$10.00M
66.7%
Mycelium Capital raise / structuring fee (5%)
$0.75M
5.0%
PMO / Project Management Office fee (5%)
$0.75M
5.0%
Working capital, closing support, reserves, activation, cushion
$3.50M
23.3%
Total Class A raise
$15.00M
100%
Purchase / land partner structure

The land, rolled into the deal.

A $40M land transaction: half paid in cash to the Land Partner, half rolled forward into Class B equity, aligning the seller alongside the project rather than cashing fully out.

Total Transaction
$40M
Land partner structure value
Cash to Land Partner
$20M
Paid at close
Class B Rollover
$20M
Non-managing LP · no GP control
Debt stack

How the debt is layered.

Loan 1: Land Loan$14M · 35% LTV
$40M collateral value · commitment fee 6% ($0.84M) · debt service reserve $1.0M · expected payoff 3–6 months
Loan 2: Construction / Project$60M · 75% LTV
Fixed loan · $80M after-construction value · interest reserve 18mo @ 8% ($7.2M) · origination fee 2% ($1.2M)

Loan 2 major uses: construction / FF&E / vehicles / OpEx ($35.413M), Loan 1 payoff ($14M), interest reserve ($7.2M), origination ($1.2M). The $10M Class A reserve is held for a three-month period to unlock Loan 1, then released.

Ownership / residual economics

Three parties, one waterfall.

20%

Class A Equity LP

New cash investors · $15M equity raise · no preferred return · capital return at modeled Year 5 refi · residual participation.

40%

GP / Mycelium

Control party · execution, financing, development, investor relations, and management.

40%

Class B Land Partner

Land-seller rollover · $20M Class B · no preferred return · non-managing LP · no GP control.

Timeline / capital flow

From raise to liquidity.

Step 1
Class A raise: $15M Class A Equity LP (20% position)
3-Month Hold
$10M reserve held to unlock Loan 1
Loan 1 Closes
$14M land loan ($40M collateral × 35% LTV)
Land Partner
$20M cash payment + $20M Class B rollover
Loan 1 Payoff
Expected within 3–6 months
Loan 2 Closes
Fixed $60M construction / project loan
Construction
Build / FF&E / vehicles / OpEx funded
Year 5
Modeled refinance · capital return · liquidity planning
Post-Refi
Illustrative retained equity upside shown separately in model
Refinance assumptions: Year 5

Modeled across three scenarios.

Scenario
NOI / Cap
Refi LTV
Rate
Amort.
Conservative
75% / 9%
65%
8.0%
30 yr
Base
85% / 8%
65%
7.5%
30 yr
Upside
95% / 7%
70%
7.0%
30 yr

Refinance value driven by lender-adjusted NOI, cap rate, LTV, and DSCR; final loan sized as the lower of LTV-based and DSCR-constrained sizing.

Capital return / waterfall

How capital comes back.

1

Refinance proceeds

Mangrove project / refinance proceeds realized at the modeled Year 5 event.

2

Pay project debt

Project debt retired and lender requirements satisfied first.

3

Return Class A capital

$15M Class A equity capital returned.

4

Return Class B rollover

$20M Class B Land Partner rollover returned.

5

Residual split

Remaining cash split 20% Class A / 40% GP-Mycelium / 40% Class B. No preferred return modeled.

Capital return status

Cash available for residual split.

Scenario
Net Refi Cash
Class A
Class B Rollover
Residual Split
Conservative
$40.37M
$15.0M
$20.0M
$5.37M
Base
$67.97M
$15.0M
$20.0M
$32.97M
Upside
$114.74M
$15.0M
$20.0M
$79.74M

Class A capital ($15M) and the Class B Land Partner rollover ($20M) are fully returned in all modeled scenarios; remaining cash is then split 20% Class A / 40% GP-Mycelium / 40% Class B Land Partner.

Class A investor outcomes: Year 5 refi event

Modeled Class A returns.

Scenario
Class A Proceeds
MOIC
IRR
Conservative
$16.07M
1.07x
1.4%
Base
$21.59M
1.44x
7.6%
Upside
$30.95M
2.06x
15.6%

Year 5 refinance event returns exclude future post-refi cash flow from retained equity. Scenarios are illustrative and not guarantees of performance. Source: Mycelium Capital MCMR model.

The investor return

Three ways capital works.

1

Return of Capital

$15.0M Class A capital returned at the modeled Year 5 refinance.

2

Residual Equity

20% residual participation retained after capital return.

3

Downside Coverage

Class A and Class B fully returned in every modeled scenario, backed by $40M land collateral.

Capital returned + residual equity retained + land-backed downside.

Sustainability framework

Developed with the mangroves, not over them.

Regenerative land use

Development shaped around the peninsula's mangrove and forest systems.

Circular systems

Water filtration, waste, and resource loops designed on-site.

Renewable energy

Renewables integrated into the resort's long-term energy plan.

Community-first

Local hiring, local construction partners, and Hopkins-anchored operations.

Long-term stewardship

A multi-decade hold horizon aligned with the ecosystem it sits in.

On the ground

The property, as it stands today.

Aerial view of the marina and treehome sites
Marina & treehome sites
Beach on the property with palms and dock
Beach on property
Opening to the Sittee River through the mangroves
Opening to the Sittee River
Marina slips on the private canal at dusk
Marina slips at dusk
Aerial view of the marina and condo development site
Marina & condo development site
Aerial view of the Sittee Point resort development site
Sittee Point resort development site
Execution team

The people behind the project.

David Friesen

Founder & Managing Partner · Mycelium Capital

Capital oversight, structuring, and execution coordination. Formerly Friesen Capital Management at Richardson Wealth and VP at CIBC Wood Gundy.

Russel Moore

Land Partner · Sittee Point

Landowner and 50% partner with 20+ years developing in Belize, including Hopkins Bay Resort, Belizean Dreams, and Seiri Del Mar.

Loren Kemper

Head of Production & Live Experience

Music programming, live entertainment, and the artist relationships behind the country-music repositioning.

Rick Wahlberg

Head of Restaurant Operations

F&B operations. Shore Raw Bar & Grill, Bigeye Seafood (Austin), and CEO of FarmRanchStore.

Chris De Pew

Head of Hospitality & Guest Experience · ITA Global

Co-founder of ITA Global, leading hospitality and guest experience across the resort platform.

Santiago Aguilar

Destination Programming · ITA Global

Co-founder of ITA Global; destination programming experience across 24+ countries.

Rob Wilcox

Real Estate Sales & Marketing

Founder & CEO of Anchorpoint Advisors; formerly Coldwell Banker Commercial Southern Alberta.

Bradley Rinehart

Belize Legal, Permitting & Title

Local coordination across legal, permitting, and title. Excalibur Adventure Park (GSTC-certified), Coconut Point, and Manatee Park.

Design · Rolando Rios, Hauss Deluxe GC Construction · Ramirez · Arregis · Southern Belize Home Construction Ticketing · Ticketmaster Insurance · RF&G Insurance Belize
Contact

Mangrove Country Music Resort & Marina

Mycelium Capital · David Friesen, Founder & Managing Partner
David@MyceliumCapital.ca
825-425-4005
Download the Project Overview (PDF)
Important disclosures

Investor Disclosure.

This presentation has been prepared by Mycelium Capital Inc. for informational purposes only in connection with a proposed private investment opportunity in the Mangrove Country Music Resort & Marina (MCMR).

All structure, capital flow, ownership, debt, refinance, and return figures shown are modeled and subject to final documentation. Class A is structured as equity only; no preferred return is modeled.

This presentation contains forward-looking statements, including projections, estimates, assumptions, anticipated revenues, development timelines, and targeted returns. Such statements involve known and unknown risks and uncertainties that may cause actual results to differ materially from those expressed or implied.

Class A capital and the $20M Class B Land Partner rollover are intended to be returned at the modeled Year 5 refinance, subject to available proceeds and final governing documents. Future post-refi retained equity cash flow is illustrative and modeled separately.

The securities described herein are offered solely to Accredited Investors as defined under applicable securities laws and will be issued only pursuant to definitive subscription documentation and in compliance with applicable securities legislation.

Any financial projections or return targets are provided for illustrative purposes only and are not guarantees of performance. An investment in this opportunity involves risk, including the potential loss of capital and limited liquidity.

All assumptions remain subject to legal, tax, securities, lender, Belize, Delaware, and entity review. This presentation does not constitute an offer to sell or a solicitation of an offer to buy securities in any jurisdiction where such offer or solicitation would be unlawful.

The information contained herein has been prepared from sources believed to be reliable as of the date hereof but has not been independently verified. No representation or warranty, express or implied, is made as to its accuracy or completeness. Information is subject to change without notice.

This presentation is confidential and intended solely for the recipient. It may not be reproduced, distributed, or disclosed without prior written consent of Mycelium Capital Inc.

Confidential · For Accredited Investors Only · For Informational Purposes Only · Mycelium Capital Inc.