For all these projects, I am a friend of the developers and can set up a call quickly if you are interested to learn more.
Gilbert AZ - $160M raise. $1M left with $250K min.
On 6/20 the Town Council of Gilbert AZ voted 6-1 in support of the revised Morrison Ranch Project proposal. This land has already been purchased!
Hotel Portfolio ($4.0M target, $500K left to raise):
· Our goal is to establish a portfolio of seven extended-stay hotels, serving as workforce housing. Construction has commenced on the first four locations.
· The final three are set to start in Q4 - this Quarter!
· Debt financing is in place for the first four locations, with underwriting underway for the remaining three.
Crescent Haven, UT
· 466 +/- Acres near the St. George, UT airport
· 5-year development plan
· $10.3M Appraisal “as-is” 9/21/23 by Morley and McConkie
· Lenders want to do a buyout of the property. $4.6M 1st position, $3M 2nd position. Anticipate buying the property for $6.5M.
· Ask: $3.5M equity position at 40%.
Warner Valley Project (By Sand Hollow Lake), Utah
· Seeking $450K debt, 1-yr term with interest reserve built in. The purchase price is less than $10K an acre. Could provide additional collateral in a 2nd lien position.
Port Haven - Highway 7 Flex Development (close to Sand Hollow Lake), Utah
· 160 Acres - Flex Industrial Project directly off the offramp on Highway 7 (between St. George Airport and Warner Valley exit). High-density residential, RV park, industrial, commercial.
· DR Horton is expected to be issuing an LOI soon for a portion of the project.
· The current lender has $2M invested and is seeking funds to purchase and develop the property. The $2m loan will be put in as equity as part of the purchase offer.
· Seeking $7.7M equity for a 30% position in the project (proceeds would be put directly into the project). Could be structured as debt.
· Valuation as-is BPO of over $23M plus with several other LOIs in works with Monster Storage and more.
· Full built-out value - $81M with a 3-years to complete for full exit.
Lot development – Phase II Hurricane, UT
· Seeking $5.1M debt @ 12%, 1-year term.
· Exit strategy is selling the lots or the developer would like to build presold custom houses or spec houses.
· Uses:
1. Payoff the current debt on Phase I of $4.8M.
2. $600K to finish Phase II (19 lots) Sewer is the last thing to complete.
· 5 lots have sold in Phase I. Lots are worth $150K on the low end to $225K on the high end.
· Phase I value (13 lots left) $2M - $3M range.
· Phase II value (19 lots) - $2.8M - $4M range
Florida waterfront development (This project was brought to me by a friend that knows the developer. I do not have a direct relationship with the developer)
Develop 120 units on waterfront property (purchased and owned by developer)
$15M Debt for Phase I
$15M Equity option to purchase adjacent property.
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