Outcome:

• Proceeds funded land acquisition, pursuit costs, permitting & entitlements, construction costs, and developer fee

• Providing Developer certainty of funds at a lower cost of capital without giving up profit participation

Overview:

• 3 new locations in Denver MSA

• Dutch Bros- Largest Privately Held Coffee Chain in the US (300+ Stores in 7 States)

Constraints:

• The lesser of 100% of Costs or 80% of Stabilized Value