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

[Bob Faulis]

Diary entry One- I just spent a month doing the due diligence, aligning the management team, developing relationship with key players (particularly the lender), and I am almost there.  Well, .. . . was almost there.  

I have sign-off from the equity partner providing the $150MM (a big name).  The total project will have an exit value of $220MM++  I have an agreement to purchase the land at $10MM which is at least $10MM under current value.  I have all entitlements, permits, plans and proformas all complete, but then the seed money evaporated at the last minute. This is a high profile project with some 5 million feet passing in front of the property each year. There are many that want to see this complete. 

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

Keep tuned in. . . we will see where it goes.