Me and My brother have found this great office building for sale on the same block as a very expensive private college. When I was in college in Philly I lived in one, it was nice but nothing crazy fancy. For a two bed two bath it was $3,000/ month, I know this market as I have rented out multifamily homes to them. I am just struggling to figure out how I would afford the monthly interest expenses as construction on this type of project would take a ton of time and money.
The building will be luxury student apartments which on my rough calculations can have realistically 60-65 apartments or 180-195 beds. Being a different type of real estate and nothing like it around I can get realistically $1,500- $1,700 a bed being a different realm of real estate (especially in my area).
I just need to know is there any type of private lenders who specialize in much larger transactions with having windows on time of finish which I estimated at around 2 years. I have enough for 20% down of the $7 Million I would have budgeted for but wouldn't have enough again to cover the acquisition cost and then interest payments on a construction loan.
Any help is appreciated
Thank you
