Syndicating New Construction?

[Christopher Goldie]

Quick primer:

I was involved in the site work of a luxury riverfront townhome development here in Columbia a couple years. Phase 1 had 12 units - 6 river priced at $540,000 and 6 city view priced at $430,000, all currently sold and occupied. 

Phase 2 infrastructure is in place with minimal site work needed to complete and asphalt paving.

There are currently 2 presales and 1 confirmation to purchase once activity resumes. Presales are verified, with funds in escrow. This is without any activity on the site for last 8 months.

The investor has decided he does not want to continue with Phase 2 and wants out of the project. There is significant (in my opinion) profit left in the deal and I have the opportunity to participate if I can assist in putting the funding together.

All that being said, and understanding the basics of syndication ( for apartments), is this a possibility to put this project together? Acquisition and construction are $3.5 milllion, with total sellout gross at $5.7 mil. I have no where near the wherewithal to approach a bank, nor access to individuals with this amount of capital. 

Are there people / companies to approach about funding a project of this type? I've raised capital for residential flips but never anything near this amount. 

This isn't intended as a solicitation, simply a how to.

[Jillian Sidoti]

@Christopher Goldie - I think I might have the perfect guy(s) for you. Please feel free to reach out to me and I will introduce you.