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We can do $12.5M and will need to review an exec summary and financial overview before issuing an LOI. What LTV does the $12.5M represent?
I look forward to hearing from you.
The $12.5M is a very high estimate. Its a 25,000sf structure and a 12,000sf underground parking. The development cost is probably $6.5 and the land acquisition is in the $4MM coupled with some reserves. This is a hot area. The residential condos will bring $7.8M. The retail will bring $1.4M on a 5yr lease. The office will bring $1.6 on a 5 yr. lease. These are estimates and I really can't begin to appraise the completed development. Present NOI is $13,500 per month on 9 unit multifamily. USE permits in place.
Do you know a developer who might be interested? JV Partner? What interest rate can you do on this project?
Likewise, there is a 10-unit apartment for sale in the area for $3.7M. It has a gross of $210,000 per annum, which is low because the market will bear $249,000. If you know a buyer or JV partner for either let me know. send me your personal email and I'll get you a non-disclosure document
Rodney...that seasoning I'll send you some info on one of my products which offers 100% financing for development projects, acquisitions & re-fi's, however I must be honest, the challenging part of funding this type project will be the residential condos. Let me know if you lke to discuss further.