All Forum Posts by: Michael E Wimpfheimer

Thank you!

Seeking a roofer to replace eight roofs in Granbury and Fort Worth, Texas. Single family and duplex. 

Seeking Equity Side Funding for 75-Unit Luxury Apartment Redevelopment Project in Upstate NY.

This is an unprecedented opportunity to redevelop a former college campus. The property includes a regulation basketball gymnasium, a restaurant, a US Post Office, and 5 single-family houses, all on a 16-acre plot overlooking Binghamton University. The conversion of 90 dorms and a 12 unit apartment building will result in 71 residential, luxury apartments.

Project Cost: $15.5mm ($4.5m purch. / $11mm construction)

Equity Raise: $3.5mm - $1.5mm (in-hand) = $2mm needed

Project Status: The project plans are complete and approved by the municipality. The construction budget is finalized, and several bids have been received.

Target IRR = 21%
EM = 1.8
Anticipated Hold = 5 Years
ARV = $18mm

Our team owns and manages several hundred multifamily units in upstate NY and have been repositioning multifamily units for about 10 years.