Architect looking for 50/50 partners on ground up project

[Matthew Mazur]

Investment Info:

Other private money loan investment in Pomona.

Purchase price: $2,300,000
Cash invested: $1,150,000

This is an office with 1.34 acres of excess land on its own parcel. We have an architect who wants to buy the building with an SBA and acquire the land separately. He is looking for a 50% cash partner on the land, which we have has a value of $2.3MM. He will do the plans to entitle the land, which is zoned 'by-right' for multifamily (approximately 55 dwelling units), townhomes and hotel.