Lender or Joint Venture Partner Needed

[Rodney Holland]

Lender or Joint Venture Partner needed for Development Project in Arlington VA.  This is a great location short distance to nation's capital.  Need $12.5MM which will yield approximately 25,000 SF mixed used (5,750sf retail, 12,300sf residential condo, 6,200sf office).  Long term residual income and immediate income from sale of condos.  Comparable 2br. condos on new deliveries (range $600K - $850K), retail comparable(s) $50-55 per sf, and office $40-$50.  Price includes drawings, site plan approval, land and development costs.  The advertiser is a licensed Realtor with Keller Williams Realty.  Brokers Protected.  Must sign ND-NC and submit LOI.  Thanks, [e-mail]

[Darryl Cox]

Hi Rodney,

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.

Regards

[e-mail]

[Rodney Holland]

Hi Darryl.

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

Regards,
Rodney Holland

[Zee Sanders]

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.

 

Thanks

Z.Sanders