All Forum Posts by: Christopher Goldie

@Matthew Ryan I may fit into that lone wolf category. Working on a 4 mil deal in an OZ that also qualifies for New Market Tax Credits. I have one potential private investor that is specifically looking for OZ investments, but I'm a little stumped on exactly how to create a fund to make it work. Any advice?

@Casey Baldovin, Have you figured out the process for becoming a qualified fund? I'm in the same position. 

@Natalie Kolodij, Could you expand any on forming an opportunity zone fund? We are currently in the process of closing on property located in a zone, that we intend to develop and have had interest from private individuals looking to invest with us.

I'm sure there's more to it than electing to file as a corporation and filing form 8996. Or is there?

I 've reached out to our local CPA, but always like to have other opinions.

Unfortunately we were not able to secure suitable financing. The gentleman selling the deal is moving forward to develop it himself and I believe it's either at the loan committee or will be after the first of the year. Someone could still buy him out but it would have to be cash and real quick.

Can anybody recommend a demo contractor for a complete teardown of 6 townhome units in Greensboro NC?

Have an update to this request. We received our appraisal in late Septmeber and were pleasently surprised. It came in at $7.4 million, well above our initial estimates. As such we have decided to expand our scope of work and are actively seeking $2.7 million which keeps us under 40% LTV.

At this time we are looking for a 24 - 36 month Bridge Loan for A&D of Phase 1 renovations and would prefer to close by December 5th. Please contact me if interested. Thanks

Seeking development loan for $1,500,000 to redevelop phase 1 of existing industrial complex into lifestyle community. Property is 300,000 sf of block and steel construction located on 12 acres .

Some highlights -  

200,000 sf is on National Historic Registry granting 20% Federal and 25% State Tax Credits

All 300,000 qualifies for Abandoned Building Tax Credit

Tax credits can be brokered for cash.

Property has been approved for Tax Increment Funding by city, total amount to be determined after PUD filing.

Property is located in New Opportunity Zone as part of the Tax Cuts and Jobs Act of 2017. Not entirely sure how this could benefit a lender yet.

Current as-is value of $4 - 5 million ( waiting for appraisal to verify)

Current note private note balance of $650,000, split equally bteween 2 family trusts. Family A wants cashed out, Family B will carry 2nd postion note for $325,000.

$1.2 mil for construction of Phase 1 to provide roughly 100,000 sf of leaseable space, along with some infrastructure improvements.

Currently producing $3500 in rent as-is.

Will have no less than 25,000 sf @ $10 per sf annually, preleased before funding.

My ideal lending scenario is $1.5 mil @ 3 points upfront or less and 12% interest or less with 3 -6 month deferred payment. Would like to fund project before August 31st. Will have market study, appraisal, executive summary, income projections, construction costs, and architectural renderings complete within the next 7-10 days.

PUD is being filed July 30th for first city council reading last Monday of August.

Hypothetically, as a builder / developer, would you pay a slight premium for property that has the federal historic tax credit of 20%, a state historic tax credit of 25% and a city empty building tax credit of 25% - capped at $500,000, as well as a dense mixed use approved PUD, and a tentative $5 mil TIF district for the site?

I'm putting together  a development that contains 300,000 sf of building, 200k of which is being approved for historic tax credits and all qualifies for empty building. I would be looking to sell off some of the building to fund the overall development and was curious to what additional value the above brings.

Close to securing 2 more Riverfront pre sales. With 5 presales the acquisition and construction cost for the riverfront units is covered. 

Units can be ready to be closed by September / October this year.

The timing is right and with no direct competition the product is right.

Actively seeking private equity partners to get this project completed.

Just to throw it out there, I have several development opportunities here in South Carolina if your investor wants to travel. One would potentially fit the 40 -100,000 sf mixed use, and I'm sure their dollars would stretch a good bit further here. Another is phase 2 of a shovel ready riverfront luxury townhome project that I'm about to add 2 more presales too. Could be a fairly quick in and out for the right investor.