RESERVE
min $300
2.2M Priced Round + Profit Distributions with target 3x in 5 years
Fueling Growth and Building Community
Our fans are the reason we’ve opened this raise. We’re on a mission to build a community drawn to our shared vision. And with our dedicated team at the helm, we can bring this vision to fruition.
We’ve made incredible progress thus far and have already raised $385k from a broad range of supporters: strategic advisors, angel investors, real estate experts, and people passionate about nature and disc golf. This diversity underscores the broad appeal of North Cove.
We're inviting anyone who resonates with our vision to invest in our future. Together, we can grow North Cove’s valuation and unlock lucrative financial potential.
Progress to Date
Use of Funds
Music Venue
(Rendering. Final design TBD. Placement is below the parking lot. This current round supports the needs of a portable stage. In discussions with potential strategic partners for permanent stage funding)
Current round supports the following:
Weddings & Corporate Retreats
Accommodations
This spreadsheet shows our revenue projections across all five key revenue streams with a clear plan for projected distributions back to investors.
Assumptions:
When Investing in Real Estate: Location, Location, Location
Our 157 acre recreation center is nestled up to Pisgah National Forest and between the Linville Gorge (the "Grand Canyon of the Southeast") (10 mins away) and Blue Ridge Parkway (entrance 12 mins away).
(Photo courtesy of Our State)
The parkway saw 15M+ visitors collectively in 2022, making the parkway the #1 visited National Park in the country.
Our small, local town is developing quickly. More housing developments, AirBnbs, and small business growth attracts more visitors, who have more to do, and stay longer. A rising tide for our local economy.
Remote workers and digital nomads are expanding, and they’re attracted to the natural beauty in North Carolina. We have high speed wifi and great cell phone reception on the property.
We’re within one hour of Asheville and Boone. Two hours from Charlotte and Greenville SC. All four cities have seen population growth, and are popular destinations for people moving from the major cities on the East Coast.
Investment Structure
In 2023 our bank said they would appraise us at $2.2M based on the improvements we’ve already made to the property.
We expect the value of the property to increase based on continued investment across the five key initiatives: Disc Golf, Restaurant & Bar, Wedding Venue, Music Venue, Overnight Stays
This spreadsheet shows Example Targeted Returns for different investment amounts.
Here are targeted returns for a $1,000 investor.
Profit Distributions - Short Term Returns
We project to be cash flow profitable in 2025*
*On top of the $385k we already raised, our Co-Founders have contributed $400k of cash, and 2 of our team members provided $130k of debt financing. An additional $600k from a combination of proceeds from this raise + debt financing our bank has verbally committed to in 2023 Q4 is projected to get us to profitability.
In 2023 and 2024 we intend to invest this cash + revenues back into the business
We plan to provide a 3x return to investors by early 2028 through a combination of 25% distribution of profits + cash from an exit event**
**How 3x could be returned to investors e.g. every $1k becomes $3k on exit
Below are the 2 most common scenarios
Both include Sharing in Profits + 1. Debt Refi, or 2. a Financial Buyer
1. Through debt refinancing, where we increase debt on the property and use the debt to provide a payout to investors.
We’d need ~$2m in cash by early 2028 to pay investors 3x
2. Through a Financial Buyer, they either
a) provide approximately $2m to existing investors. The new buyer owns that previous investor equity OR
b) the Buyer buys 100% of the company
The Founding Story
I'm Kyle Sims, one of the Co-Founders of North Cove Leisure Club. My Co-Founder, Luke Peniston and I bought a 157 acre 18 hole ball golf course in the middle of the pandemic.
(Luke, left and me, right)
In ~2 years we turned that failing 18 hole ball golf course into a paid 3 course disc golf haven that is now one of the top places for disc golf in the world. We also have a fully operational bar and restaurant (Birdie’s) that is exceeding sales projections.
After the successful launch of our disc golf course and lounge, we decided to start Phase II. Expand our wedding venue, add glamping accommodations, and finish the 1st part of our music venue.
We’re built an initial “village” of 10 stout tents. And we’ve recruited a wedding planner and are booking weddings, wellness retreats, and other events in 2023 and 2024.
Our music venue is almost ready for a portable stage to book an initial concert series. We already have the planning in motion for a summer concert series in 2024.
We’re in the process of layering in amenities, parking, security, and a slew of other considerations to provide an excellent experience.
We want to build a brand that becomes a household name. The Cove.
Join us in our pursuit to build this with a community of people that want to be a part of that vision, directly, as investors.