Attracting equity on a ground up MF deals

[Shannon Robnett]

Hello everyone. I am new here and looking to see if there are tips and or tricks for how to attract equity placement out there. We are a local developer/builder in Meridian Idaho.  After you make your potato jokes go ahead and Google Idaho and you will see we have made no less than 35 top 10 lists in 2019 and almost as many the year before.  I have just finished a 180 unit ground up development and are reaching stabilization.  I have been working on another small 36 unit project and when I approached my current partner (family office) the let me know that the project was too small $5.4M with $1.3M equity need.  I have secured 70% LTC non recourse financing and am simply looking for about $1M in equity but have really struggled to get any real traction.  I would love to get a few pointers from those of you that do this regularly to see what I may be doing wrong or not asking   Returns are projected to be in the low 20's on a 12 month duration.  Let me know if you have interest and I can send you our OM for you to review and comments.