All Forum Posts by: Mike H.

Hi all,

Does anyone have any experience or advice in raising LP money for ground up developments? I have raised $1M of $4M total that I need for a project in Sarasota,FL from friends and family. The project is an assemblage of 3 lots (1 of the lots we closed on and the other 2 we have in contract) to build a 200k square foot condo/hotel (18 condo units & about 120 hotel rooms). 

The most attractive traits regarding the project is that our acquisition basis is super low at $11.50 per buildable sf and having more than one exit strategy (sell the condos & either refinance or sell the hotel).

As you all know debt for any project is much easier to raise vs LP. I would be glad to give more info regarding the project and financial offering to investors if needed. My strategy is to raise the funds with $150k minimum investment until reaching the $3M mark. 

-Michael

What is the project? Are you looking for debt or equity? Feel free to message me.

Great post! Congratulations 

Alexander,

I'd be glad to help or at least point you in the right direction. I work with developers in identifying projects predominately in Manhattan & Brooklyn from JV's to straight sales. I also assist in sourcing debt & equity for projects at $1M and above nationwide. Most recently we received a commitment letter in raising a $68M construction loan. I'll shoot you a private message with my contact info so we can speak further.

-Michael

Glad to hear! I run a weekly newsletter as well that features the top 5 buzzing articles in NY real estate and I also feature one neighborhood a week that highlights its history, location and trendy spots. I put the links below if you'd like to check it out.

Latest Issue: Click Here

Sign-up Form: Click Here

-Michael

We just listed a mix-use development R6 site in Bushwick for $6.6M. Buildable is approximately 24,367 and its close to the L & M trains. There are some new projects being built in the neighborhood as well. If you need more information let me know. Based off current numbers that would put the purchase price at $270 a foot. 

New Dev counts for less than 5% of sales in Brooklyn as a whole. There is a huge shortage of inventory.

Subject Property

http://michaelholt.elliman.com/new-york-city/373-383-harman-street-brooklyn-wadycqh

Nearby

http://streeteasy.com/building/the-boswyck

330 Himrod St – also in back of these lots. Currently under construction

http://wyckoffheights.org/post/91246268515/mixed-use-development-planned-for-himrod-street

301 Himrod St – Lots sold last year for 9.5m. plans submitted.

http://newyorkyimby.com/2015/09/permits-filed-first-look-301-himrod-street-bushwick.html

http://ny.curbed.com/2016/4/7/11387056/median-sales-price-for-brooklyn-apartments-hits-post-recession-peak

-Michael

[email protected]

Hi Paul,

My sister is a real estate agent in Sarasota who has a ton of experience working with investors & wholesalers. I'd be glad to connect you two.

William I am actually looking for rehab projects in Siesta Key. We also will look all the way up to Bradenton. The closer to the water the better. I would be very interested in taking a look at what you have. 

-Michael

Michael I'd be glad to help. I work with investors & developers predominantly in Manhattan & Brooklyn. I do have colleagues in the Bronx & Queens I'd be happy to refer you if need be. Our team is #6 by transactions in the US at Elliman so we have a pretty large network. I'll send you a private message here and I'll help you get the ball rolling.

Bernard, nice to see you on here. I do work with investors here in NY. I am actually currently negotiating a deal for a 3-family in BK for my clients who have the same objective as yourself. I know the current inventory well and I do receive off-market opportunities often. I'll send you a private message here on BP with my email. 

-Michael 

I am not sure if you all missed the publications in the Real Deal but I looked up the links for you all to read. You'll find this VERY informative. 

Also I wouldn't knock Brooklyn just yet. The amount of sales are up nearly 25% form last years 4th Quarter report from Miller Samuel, which states that a large contribution was from 1-3 family sales. Currently I am representing homebuyers looking to purchase a 1-3 family to live and rent out with a budget of $1.6M. I've been seeing a lot of 2-3 Family homes that are fix n flips and as the market shows they are selling like hot cakes. Keep in mind inventory is also down so its not like the sales are up because of a high inventory spike. With the Median sales price in BK setting historical records its an excellent time for investors. This means the public is comfortable living out in East Brooklyn. The demand is now here.

BRONX MARKET & COMPARISON CAP RATES http://therealdeal.com/issues_articles/the-bronx-f...

TRANSIT IN THE BRONX - DEVELOPERS TARGETING THE HIGHEST TRANSIT AREAS http://therealdeal.com/issues_articles/next-stop-t...

THE MOST ACTIVE DEVELOPERS IN THE BRONX http://therealdeal.com/issues_articles/the-bronx-h...

MARKET REPORTS http://www.elliman.com/reports-and-guides/reports/...

If anyone needs any real estate assistance don't hesitate to reach out. I have access to off-market inventory, contractors, architects and private lenders.