Opportunity for redevelopment of a well-located, modern luxury residential and retail propertyThe Business
The Property is a luxury residential/retail-oriented mixed-use development on 1.6 acres, located in a major southeastern capital city. When completed in 2007, the Property consisted of 161 residential condominium units plus over 30,530 square feet of retail space and structured parking. Amenities included concierge, secure entries, pool, sundeck, clubroom, fitness center, and tennis court.
Of the more than 150 residential units, only about 12% were sold by the original developer before the lender foreclosed the remaining units and the retail space. The current Developer plans to acquire the Property from the creditor and also buy back the original sold units. These units would be converted to rentals to join the other residential units that are currently leased with a 70% occupancy rate.
Due to the lack of management since the foreclosure, only one tenant remains in the retail space. However, the retail space enjoys outstanding visibility and access to auto and pedestrian traffic. The building offers convenient on-site parking for retail/commercial tenants and customers. The Developer believes demand for this space would be strong under new management.
Market
The Property is located in the downtown area not far from a major university and within walking distance of many major downtown employers and attractions.
Once the Property is acquired, the Developer plans to build occupancy rates and rental rates for the residential and commercial properties. The Developer, a well-established business with experience with working out undervalued projects around the United States, is seeking project finance of about USD 8 million.
Sector: Real EstateSegment: Luxury Mixed-UseRegion: North AmericaFinancing Size: $5m to $20mContact: Pedro Arce
Company: Entrepreneurial Finance LaboratoryTelephone: +1 978 766 5559Email: [email protected]