13 unit development advice needed!

[Christopher Dockins]

Hello, I'm looking to build 13 units and looking for advice on financing, feasibility, and deal structure. I've got a mortgage on a property in phoenix which currently sits a triplex and based on the entitlements can build 13 additional units. I have site plan approval from the City and moving into prelim design. Now looking to see if I am able to secure financing. I haven't done a ground up build before so financing with some institutions has proved to be not possible

Projected construction loan (incl. triplex loan) is 2.5m

I'm anticipating a 65% LTC and have about 50% of down payment in existing triplex property equity

Considering doing a GP/LP structure with friends and fam for remaining 50%. Goal is to refinance the construction to perm loan eventually, pay off all the LPs and hold the property long term.

Looking to move on this fast to maximize existing property appraisal and secure a rate that makes the project feasible.

Any recommendations or advice for deal structure, development landscape, and loan options is much appreciated!