$150MM mixed use under way after being broken 20 years, $10MM away

[Bob Faulis]

We have put together the major pieces of a broken broken mixed-use project.  It is 100,000 sqft of retail with 55 luxury waterfront condos ($1.3MM to 3MM+)  All permits and entitlements are in place. Property Value is $20MM+ with entitlements and agreement has been made with lender to purchase for $10MM.

The equity partner is in place for the $150MM development costs with an exit value of approximately $220MM.  There are four legs to the development for incremental return of development costs. Additionally, the property Generates $550,000 per year in revenues form the land.

I just spent a month doing the due diligence, aligning the management team, developing relationship with key players (particularly the lender) in order to have the equity partner sign off.  The equity partner is a very, very well know international organization and the team having great success around the world.  We  were , .. . .  almost there and the $10MM acquisition capital became tied up at the 11th hour.

I now scurry to see who doesn't have $10MM tied up in other projects.. . . so far they are all committed to other projects. I have three maybe five days to pull this all back together.

Contact me directly for further information and interest.

Bob Faulis

BeatTheBank.org

[email protected]

(760) 212-3729