Recently Completed Project

[John Ford]

Investment Info:

Other commercial investment investment in Newburgh.

Carmel North Storage - Self Storage Facility

What made you interested in investing in this type of deal?

Looking for something to build future income with minimal impact on my free time.

How did you find this deal and how did you negotiate it?

I used a piece of land that we already owned and completed the project from scratch.

How did you finance this deal?

Commercial Mortgage with Camden National Bank

How did you add value to the deal?

We already had equity in the land, so we were able to compete the project without any cash of our own.

What was the outcome?

We quickly obtained 63% occupancy with minimal effort. Only advertising was facebook and our own website.

Lessons learned? Challenges?

Everything took twice as long as expected!

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Paul Doody from Camden National Bank was excellent to work with!

[John Ford]

My feasibility  study was years of watching people build these and watching them fill up quickly.  This is my first development project and I did act as the GC.  Even though I survived the project just fine, I learned that there is a lot more moving parts than expected.  Getting power to the site was my biggest challenge.  There was a lot of paperwork, permits and processes for the electricity.  Overall the project went smoothly though.  I am approved by the town for 2 more buildings and I don't think it will be long before I start another.  The cost per square foot ended up around $37.  That included an extensive amount of earthwork as the land that we had was not most ideal.