618 Sunset Boulevard • Brunswick, Georgia 31525 • Glynn County
2.7 acres. A 5,000 sf house. Golf-adjacent. Zero debt. Two LLC entities. Three clear paths forward. This is the full map — no fluff, no promises that aren't real, no guessing.
KBD Management LLC | Owner of Record since January 6, 2026
This proposal draws on four source documents. The table below identifies what each document confirms, and what remains unconfirmed pending independent professional review. No claim in this proposal overrides the need for licensed appraisal, title search, zoning verification, and lender underwriting. Do not rely on figures in this proposal as a substitute for current third-party professional opinions.
| Item | Source | Status |
|---|---|---|
| Property address and parcel identity | Quitclaim Deed, Jan 6 2026 | ✓ Verified from recorded instrument |
| Vesting entity — KBD Management LLC | Quitclaim Deed, Glynn County records | ✓ Verified from recorded instrument |
| House appraisal value ($475,000) | FIRREA appraisal, Jan 2021 | ✓ Verified — document reviewed |
| Land appraisal value ($225,000) | FIRREA appraisal, Jan 2022 | ✓ Verified — document reviewed |
| Hospitality market study (Parker Associates) | Parker Associates study, 2021 | ✓ Verified — document reviewed |
| Current market value | No current appraisal exists | ⚠ Pending — new FIRREA appraisal required before any financing |
| Lien search / encumbrance status | Not conducted | ⚠ Pending — title search required before any transaction |
| Transfer chain / prior title warranty | Quitclaim deed only — no warranty | ⚠ Partial — quitclaim conveys no title warranty; title insurance required |
| Zoning / entitlements for development | Not confirmed | ⚠ Pending — pre-application meeting with Glynn County required |
| SBA 504 borrower pre-qualification | Not conducted | ⚠ Pending — depends on business structure, occupancy, and borrower eligibility |
| USDA B&I rural area eligibility | Not confirmed | ⚠ Pending — must confirm with USDA Rural Development, Douglas GA office |
Before we talk about what to do, let's be precise about what you have. This is the foundation every lender and investor will start from.
Approximately 5,000 square feet. Overlooks the Brunswick Country Club golf course. Appraised in January 2021 by Richard Friedman, a certified Georgia appraiser.
Approximately 2.25 acres of wooded land adjacent to the main house. Appraised separately in January 2022 by Richard Friedman.
Directly adjacent to Brunswick Country Club — established 1920, with course redesign work attributed to Donald Ross in 1938–39. Golf cart access. Per the 2021 Parker Associates study, BCC hosts one of the top amateur tournaments in Georgia.
Muddy Waters Estuary LLC quitclaimed the property to KBD Management LLC on January 6, 2026. Both entities are controlled by you. Recorded with the Glynn County GSCCCA.
You own $700,000 in documented appraised value with zero dollars of debt against it. That is your entire position of strength. Every lender, every investor, every bank starts from this. A free-and-clear property in this location — adjacent to Brunswick Country Club, under 20 minutes from Sea Island — is strong, well-documented collateral. The 2021–22 appraisals are stale; no institutional lender will rely on them as-is. A current FIRREA-compliant appraisal is the required first step — and given coastal Georgia market trends since 2021, it may come back higher, though that is not guaranteed until the appraisal is in hand.
| Item | Detail | Status |
|---|---|---|
| Current Owner | KBD Management LLC (Chip Drury, Manager) | Confirmed |
| Prior Owner | Muddy Waters Estuary LLC (Chip Drury, Manager) | Quitclaimed Jan 6, 2026 |
| Existing Mortgages / Liens | None reported | Free & Clear |
| County Assessor Record | Glynn County — still shows Muddy Waters (lag in public records) | Recorded deed controls |
| Parcel 1 | 03-01190 | Active |
| Parcel 2 | 03-11735 | Active |
| Total Acreage | ~2.7 acres | ALTA survey recommended |
| Main House Size | ~5,000 sf | Per 2021 appraisal |
You have three clear options. They are not mutually exclusive — in fact, Path A is almost always the first step regardless of which larger path you choose. Pick based on how fast you need capital, how hands-on you want to be, and how big you want to go.
Use the property as collateral for a private bridge loan right now. One lender, one promissory note, one deed of trust. Get capital moving while you figure out the bigger picture. This is what Buck can fund directly.
Build the 8-cottage golf concierge compound. Finance it with SBA 504 (a program worth exploring for owner-operated hospitality — eligibility requires lender pre-qual), USDA rural business loans, and a small equity raise. This is the full development play — $8M in, $3.5M+ in annual revenue at stabilization.
Tokenize the asset — fracitionalize ownership of the property, cottages, and revenue streams. Raise from hundreds or thousands of investors instead of five. Distribute returns monthly in stablecoin. This is Path B, done in the digital capital markets.
This is the first move. You have equity sitting in a free-and-clear property. A private bridge loan lets you pull that equity out quickly — without banks, without SBA timelines, without committees. One person, one note, one deed of trust. Close in 2–3 weeks.
A private lender — whether that's Buck Vaughan or another individual — lends money directly to KBD Management LLC. The loan is secured by a first deed of trust on the property (just like a first mortgage, but faster and simpler). No bank committee. No SBA timeline. No underwriting committee. Just two parties, a note, and a deed.
Amount: $500,000 – $700,000
Rate: 11–12% per year (interest only)
Term: 18 months (with one 6-month extension option)
Security: 1st Deed of Trust on 618 Sunset Blvd
Monthly payment: ~$4,583 – $7,000/month
LTV at $700K loan / $900K current value: 78% (conservative)
LTV at $500K loan / $900K current value: 56% (very conservative)
The lender holds a first deed of trust. If anything goes wrong, they foreclose. They're ahead of everyone — including you.
Property is free and clear. There's nobody else in line. Their lien is the only lien.
Three existing appraisals and a Parker market study back the value. It's not a guess — it's a documented $700K floor, likely higher now.
You can't get that in a CD. Short-term Treasuries are around 3.7% as of early 2026. A first-lien note on coastal Georgia real estate at 11% is a meaningful premium — with the collateral backing it.
A private bridge loan between two parties requires exactly four documents: (1) a Promissory Note specifying the amount, rate, term, and payment schedule; (2) a Georgia Deed of Trust placing a first lien on the property; (3) an Assignment of Rents (gives the lender right to rents if you default); and (4) a Loan Agreement covering representations and default conditions. A Georgia real estate attorney can draft all four documents for $2,500–$5,000. This is entirely standard. You do not need an investment bank, a securities broker, or any registration for a private two-party loan secured by real estate.
You've already done the conceptual work. Eight cottages, the Main House as a 16-room inn, golf cart to the BCC, shuttle vans to Sea Island, Ocean Forest, and Jekyll. Here is what it takes to actually build it and how to finance every dollar.
| Component | Detail | Projected Rate | Annual Revenue (60% occ) |
|---|---|---|---|
| 8 Golf Cottages | ~2,000 sf each, overlook park + golf course | $1,500/night | ~$2,628,000 |
| 16-Room Inn | Main House converted to boutique inn | $400/night | ~$1,401,600 |
| Golf Concierge | Shuttles, tee time packages, club access | $200–$500/person/day | ~$300,000+ |
| Total Gross Revenue | ~$4,329,600 | ||
| Operating Expenses (45%) | Payroll, OTAs, maintenance, insurance, utilities | ~($1,948,320) | |
| Net Operating Income | ~$2,381,280 |
Comp note: Sea Island golf cottages (15 min away, ~1,500 sf) rent for $4,000–$6,000/night. The $1,500/night cottage rate is deliberately conservative. At 70% occupancy, total gross revenue exceeds $5.2M.
| Tranche | Source | Amount | Rate / Terms | Lien Position |
|---|---|---|---|---|
| Land Equity | KBD Management / Drury (you contribute it) | $900,000 | No cost — your equity | Subordinate |
| SBA 504 — Bank Portion | Georgia community bank (Synovus, Ameris, Colony Bank) | $4,015,000 | ~7.5%, 25-year amort | 1st lien (shared) |
| SBA 504 — CDC Portion | Certified Development Company (SBA-backed bond) | $3,212,000 | ~6.3% FIXED, 25 years | 1st lien (shared) |
| Mezzanine / Equity Gap | Private investor(s) or Buck Vaughan (2nd lien note) | $1,000,000 | 12–14%, 2-3 yr, IO | 2nd lien |
| Cash Equity (Drury) | Personal funds or investor profit share | $803,000 | Your equity upside | Equity |
| Total Stack | $9,930,000 |
SBA 504 is designed for owner-operated businesses acquiring fixed assets — hospitality, job creation, and coastal Georgia all fit the profile. Eligibility is confirmed at pre-qualification; it is not automatic.
The CDC portion (40%) is fixed by the SBA bond market at ~6.3%. That rate doesn't change for 25 years regardless of what interest rates do.
You only need to put in 10% cash equity. Your land counts toward that — meaning you may need very little additional cash.
Lower monthly payments. At $8M total, monthly debt service is roughly $55,000–$60,000. Your projected NOI covers it 3-4x.
Brunswick / Glynn County may qualify as a rural community under USDA definitions
(non-metropolitan county). The USDA B&I program guarantees 70–80% of a
conventional loan to businesses in eligible rural areas. Eligibility must be confirmed
with the USDA Rural Development office — not all Glynn County locations qualify automatically.
Amount: Up to $25M (no hard cap for this program)
Guarantee: 80% — the USDA backs the lender
Rate: Negotiated (~9–10% today, floats with prime)
Term: Up to 30 years on real estate
Lender: Farm Credit Southeast (Brunswick branch), South State Bank
If SBA 504 takes too long or doesn't fit, contact the USDA Rural Development
office in Douglas, GA (covering Glynn County) first.
| Incentive | Potential Value | How to Access | First Step |
|---|---|---|---|
| Opportunity Zone | Reduced cost of equity capital | If parcels 03-01190 or 03-11735 are in a designated OZ census tract, equity investors can defer capital gains taxes — meaning they accept lower cash returns from you | Check HUD Opportunity Zone map (free, online). Your attorney confirms in 1 hour. |
| New Markets Tax Credits | $700K–$1M in effectively free debt | If property is in a Low Income Community census tract, a CDFI can allocate NMTCs. Investors get 39% federal tax credit over 7 years — in exchange, you get near-zero interest subordinate debt that converts to a grant | Your attorney checks the CDFI Fund census tract map. Contact National Development Council or Reinvestment Fund. |
| Federal Historic Tax Credit | Up to $160,000 credit | If the Main House qualifies as a certified historic structure, 20% of $800K rehab cost = $160K federal credit. Georgia adds 25% state credit on top. | Georgia DNR Historic Preservation Division. Free preliminary opinion in 2–3 weeks. |
| Georgia Tourism Development Act | Grants + sales tax exemptions | Georgia Dept. of Economic Development has a Tourism Product Development Fund specifically for new tourism infrastructure projects | Contact GA Dept. of Economic Development, Tourism Division. They have a Glynn County liaison. |
| Cost Segregation Study | ~$1.2M first-year tax deduction | Accelerated depreciation on the built assets. Engineering firm identifies components that depreciate over 5–7 years instead of 39. Worth $350,000–$500,000 in cash tax savings to you personally in Year 1. | A cost segregation firm (Madison SPECS, KBKG, or Duffy & Pollack) quotes this for ~$12,000. Standard for any hospitality construction project this size. |
Path B, but instead of 3–5 investors writing large checks, you raise from a broader pool — each holding a fractional interest in the property, the cottages, or the revenue stream. The legal framework is real and regulated. Tokenized real-estate raises have been completed under Reg D and Reg A+ — but they require a tight SPV structure, securities counsel, offering documents, and ongoing compliance. This is not crypto speculation. It is private securities law applied to real estate, and it carries real execution complexity.
Every token issued in this structure is a security under federal law. Full stop. That means SEC rules apply. There is no way around it and no reason to try. The good news: the SEC has well-established, documented exemptions — Reg D 506(c), Reg A+, and Reg S — that allow you to raise without full SEC registration. You must use a securities attorney before issuing a single token. The attorney cost ($50K–$100K) is a fraction of what you raise. Do not skip this step.
| Token | What It Represents | Yield / Return | Who Buys It |
|---|---|---|---|
| SPT-DEBT | Fractional senior secured promissory note — same as Buck's loan, but split among 50–500 lenders | 9% fixed annual, paid monthly | Fixed-income investors, family offices, retirees seeking yield |
| SPT-COT | Fractional beneficial ownership of the 8 golf cottages — plus stay rights and rental income | Revenue share + 3+ comp nights/year | Golfers who want to "own" a cottage they'd actually use |
| SPT-INN | Revenue participation in the 16-room inn — claims on net inn revenue | 20–25% projected net yield | Hospitality-focused investors, yield seekers |
| SUNSET | Master governance and equity token — votes on major decisions, residual upside | Appreciation + residual cash flow | Family offices, sophisticated real estate operators |
| SPT-LAND | Fractional equity in the underlying land — benefits from appreciation only | Appreciation on sale/refi | Long-horizon real estate equity investors |
| SPT-ECO | Voluntary carbon credits from the wooded parcels — sold to corporate ESG buyers | $15–$50 per tonne CO2e | Corporate sustainability depts, ESG funds |
| Scenario | Who Can Invest | Max Raise | Timeline | Legal Cost |
|---|---|---|---|---|
| Reg D 506(b) — Private, Your Network | Accredited + up to 35 non-accredited from your existing network only (no advertising) | No cap | 6–8 weeks | $15K–$25K |
| Reg D 506(c) — Private, Advertise Freely | Accredited investors only — but you can post on LinkedIn, social media, investment platforms | No cap | 8–12 weeks | $25K–$50K |
| Reg A+ (Tier 2) — Mini-IPO | General public including non-accredited investors — minimum investment as low as $100 | $75M total | 4–6 months (SEC review) | $75K–$150K |
| Regulation S — Global Investors (Non-US) | Non-US persons / entities only — no SEC registration required for offshore sales | No cap | Concurrent with any above | $25K–$50K additional |
| Platform | Location | Token Types | Notes |
|---|---|---|---|
| tZERO | US (SEC-regulated ATS) | All security tokens | Largest regulated US secondary market for security tokens |
| INX Digital | US + Israel | Debt + equity tokens | SEC-registered broker-dealer and exchange in one |
| Texture Capital | US (SEC-regulated ATS) | Private securities | Focused on smaller real estate deals |
| ADDX | Singapore (MAS-regulated) | All series | Primarily associated with Reg S offshore raises — Asia-Pacific family office access |
| Archax | London (FCA-regulated) | Debt + equity | European institutional access |
All token distributions — monthly interest payments, quarterly revenue shares, governance votes — settle on Apostle Chain (Chain 7332), the custom payment network already in operation. Yield is paid in USDF, a USD-pegged stablecoin issued on Stellar and already active. The FTH Pay chrome extension serves as the investor-facing wallet and portfolio dashboard. This infrastructure is not hypothetical. It is running today.
This is the realistic sequence regardless of which path you choose. Path A starts in Week 1. Path B and C run in parallel starting Month 2.
Order a fresh FIRREA-compliant appraisal ($4,500–$6,000 — required by any lender). Pull a title search and get a title insurance commitment. Engage a Georgia real estate attorney for the bridge loan documents. Commission an ALTA survey to confirm exact acreage. Schedule a pre-application meeting with Glynn County Planning to confirm zoning.
Private bridge loan documents prepared by Georgia real estate attorney. Buck (or other private lender) funds. First deed of trust recorded in Glynn County. $500K–$700K wired to KBD Management LLC. You have operating capital for pre-development. This is the fastest move — 2 to 3 weeks from attorney engagement to funded.
Hospitality market study commissioned (Parker Associates — same firm that did the 2021 townhome study). Architect engaged for schematic design of the 8 cottages. Conditional Use Permit (CUP) or PUD application filed with Glynn County Planning. Phase I Environmental completed. Opportunity Zone and NMTC census tract status confirmed by attorney.
SBA 504 pre-qualification submitted to a Georgia CDC (Certified Development Company) and a bank partner. USDA B&I pre-application submitted simultaneously as backup. Business plan and 3-year projections completed (feeds the bank package). Equity partner conversations begin — 2 to 3 targeted family offices or high-net-worth individuals. Reg D 506(b) subscription agreement drafted (simple, $15K legal).
Securities attorney engaged. Delaware SPV (618 Sunset Holdings LLC) formed. PropCo and OpCo structured. PPM (Private Placement Memorandum) drafted for Reg D 506(c). KYC/AML onboarding integrated into investor portal. SPT-DEBT and SUNSET tokens configured on Apostle Chain. Investor portal live. Form D filed with SEC. Private offering launched to accredited investors.
SBA 504 commitment letter received from bank + CDC. Equity raise closed. Zoning approved (CUP granted by Glynn County — or variance heard). General contractor selected via competitive bid. Construction contract executed. Bridge loan either retired or rolled into the permanent financing. Groundbreaking on the cottages.
Construction draws against bank line as milestones are hit. First 4 cottages complete at approximately month 14 — soft open and begin generating revenue. Main House inn conversion running parallel. Golf concierge program developed in partnership with BCC. Booking platform goes live. OTA (Airbnb, Booking.com, direct) listings activated.
Full 8-cottage + 16-room inn inventory online. Golf concierge shuttle program running. Token distributions begin (for Path C — monthly USDF payments to holders). Year 2: refinance construction debt into permanent financing at stabilized NOI. Year 3: market study for expansion or sale decision. Stabilized asset value at 7% cap rate on $2.38M NOI = implied property value of $34M.
You don't need all of these people on day one. Here is the order they come in, what they each do, and roughly what they cost.
Drafts the bridge loan documents (promissory note, deed of trust, assignment of rents, loan agreement). Confirms title chain. Registers KBD Management as foreign LLC if needed. Glynn County / Brunswick-area practice preferred.
Fresh as-is and as-completed appraisal. Must be FIRREA-compliant for bank use. Georgia-licensed. Glynn County comparable experience required. Richard Friedman (the prior appraiser) is an obvious first call — he already knows the property.
Same firm that did the 2021 townhome study. Already knows the site, the BCC adjacency, and the local market. Commission a hospitality market study for the Golf Concierge Compound — same format as their 2021 work, feeds the bank underwriting package.
Schematic design of 8 cottages and Main House conversion. Glynn County/Brunswick experience preferred — they know the historic preservation board, the planning department, and the CUP process. Picard Architects was referenced in the 2021 Parker study as having prepared concept plans — an obvious starting point.
The CDC is the entity that originates the SBA bond-backed portion of your 504 loan. They are the ones who submit to SBA. Georgia CDCs include Business First CDC (Atlanta) and CDC of Georgia (Vidalia/Statesboro area). They work for free — they get paid by the SBA.
Georgia USDA Rural Development has a state office in Athens and area offices. The B&I loan program for Glynn County would be processed through the Southeast Georgia area office. Call first — they can tell you in 15 minutes whether you qualify and which lenders participate in their area.
Drafts the PPM, Token Purchase Agreement, LLC operating agreements, and files Form D. Must have experience with Reg D 506(c) and ideally tokenized real estate offerings. Firms: Nelson Mullins (Atlanta), Anderson Kill (blockchain securities), or Polsinelli.
Confirms Opportunity Zone eligibility. Sets up QOF if applicable. Commissions cost segregation study on the completed project (potentially $1.2M+ in first-year deductions). Structures depreciation pass-through to investors.
Every document that supports this deal is below. For each one you'll find two options: Read the Plain-English Summary (what it is, what it means, how it's used — no jargon) and Download the Original PDF (the actual source document for lenders, attorneys, and investors).
FIRREA-compliant appraisal of the 5,000 sf Main House at 618 Sunset Boulevard, performed by Richard Friedman. Establishes $475,000 as-is value as of January 2021.
Appraisal of the approximately 2.25 acres of wooded land comprising the second parcel of the property. Establishes $225,000 value as of January 2022.
Full residential market evaluation for the Country Club Commons Townhome development at 618 Sunset. Establishes market demand, competitive landscape, product recommendations, and 12-month sellout projection at $10.58M total revenue for 26 units.
Recorded quitclaim deed conveying the property from Muddy Waters Estuary LLC to KBD Management LLC on January 6, 2026. Certified copy from the Georgia Superior Court Clerks' Cooperative Authority (GSCCCA).
The house appraisal is from January 2021 and the land appraisal from January 2022. These are 3–5 years old. No institutional lender will lend against them as-is. The first order of business — regardless of which path you choose — is commissioning a current, FIRREA-compliant appraisal. Given coastal Georgia real estate trends since 2021, an updated combined appraisal may well exceed $700,000 — but the number is not confirmed until a licensed appraiser delivers it. As-completed value will depend on the path chosen.
This is a real deal with a real path to execution. It also has real risks. Anyone who tells you otherwise is not being straight with you. Here is the honest version.
The 2021–22 appraisals will not satisfy any lender. You need a current appraisal before approaching any bank, SBA, or investor. Budget $5,000–$7,000 and 3–4 weeks. Non-negotiable.
Neither the townhome plan nor the Golf Concierge Compound has confirmed zoning approval. A Conditional Use Permit (CUP) or rezoning may be required. Glynn County approval is not guaranteed. A pre-application meeting is the first step.
A quitclaim deed conveys only what Muddy Waters owned — it makes no warranty of title. A lender will require a full title search and title insurance commitment. Budget $1,500–$2,500 for the search and expect 2–3 weeks.
The Golf Concierge Compound revenue projections are based on Drury's stated assumptions and the Sea Island comp — not a third-party validated study. A bank underwriting the SBA 504 will require one. Commission Parker Associates.
Material and labor costs in coastal Georgia have been elevated since 2022. The $275/sf build cost estimate is a reasonable starting point but not a contract. Get 3 GC bids before committing to any specific number.
Both Muddy Waters and KBD Management are single-manager LLCs (Chip Drury). If you're the sole manager and something happens to you, the lender or investors have no one to deal with. Your attorney should address succession in the operating agreement.
Any token issued in Path C is a security. No exceptions. Do not issue tokens without a securities attorney drafting the PPM and filing the Form D. The cost is $50K–$100K. The penalty for getting this wrong is an SEC enforcement action.
Running 8 cottages and a 16-room inn requires staff, a property management system, OTA relationships, licensing, health inspections, alcohol licensing (if applicable), and sustained marketing. This is an operating business, not a passive investment. Plan for a professional GM hire from day one.
This proposal is a private planning document, not a securities offering, loan commitment, appraisal, legal opinion, or financial plan. Every material decision referenced below requires independent professional confirmation before any capital is committed, any agreement is signed, or any offering is made to any third party.
No current market value is represented in this document. The $475,000 house appraisal is from January 2021. The $225,000 land appraisal is from January 2022. Neither will be accepted by any institutional lender without update. A current, FIRREA-compliant appraisal from a licensed MAI appraiser is required before any financing discussion with a bank, SBA, or private lender. The outcome of that appraisal cannot be predicted by this document.
Revenue, ADR, occupancy, yield, and construction cost figures in the Path B and Path C sections are estimates based on publicly available comps, the 2021 Parker Associates hospitality study, and stated assumptions. They are illustrative only. A lender underwriting any development loan will require a current third-party feasibility study. These numbers are starting points for analysis, not underwritten projections.
SBA 504, USDA B&I, bridge loan, and private placement structures described in this document are financing options that exist and have been used for comparable projects. None of them are approved, committed, or guaranteed for this property or this borrower. All are subject to lender underwriting, borrower qualification, property appraisal, and SBA/USDA program eligibility — none of which has been confirmed. Engage a CDC, bank, or SBA lender for pre-qualification before relying on any of these paths.
Any issuance of tokens, fractional interests, or investment contracts in connection with this property is a securities offering under federal law. Reg D 506(c), Reg A+, and Reg S are available exemptions — but exemptions do not eliminate compliance requirements. A properly executed offering requires: (1) an SPV (LLC or LP) established by counsel, (2) a Private Placement Memorandum or offering circular, (3) transfer restrictions on all interests, (4) KYC/AML procedures for all investors, (5) Form D filing with the SEC, and (6) ongoing reporting and governance. No token may be issued without securities counsel supervising the full structure. Cost: $50,000–$120,000 before the first dollar is raised.