All Forum Posts by: 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

The time frame is short because some of the first entitlements run out in Mid-September.  Thus we need to close and start demolition of the one small warehouse to lock in entitlements.   If those expire, the property will lose some value as entitlement work has to start over and entire project could change as a result of CIty and Costal Commission.

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.