Other than new construction development same here we have no senior debt its all cash.. of course unlevered returns are are a little less but man is it so much easier to manage and not worry about paying the senior debt all the reporting One has to do etc etc.. having been through a terrible down cycle with syndication decades past and watching what the guys I worked for went through and lost I just decided if we cant pay cash I am not going to do it. 

It shouldn't, under any circumstance I can think of, be the basis of a growth strategy.

I ran your numbers through my own development proforma analyzer and it looks really good as a DSCR loan. 

We’re developers managing our own portfolio and don’t have any outside investors.  

I recently bought a commercial condo (retail) and have been going through hoops with the seller (developer) to make changes to make the space ADA compliant. 

Quote from @Andy Tack: Hi Josh, we are developing 767 acres in Tennessee as Glamping STR properties.

Thats a lot of work that a company would have to do and they would want their money back on the development costs.

I can also see the ends of the Commuter Rail lines being good too...like Haverhill for instance  The Salem/Beverly area is great and pretty pro-development/housing from what I'm hearing.

Network with experienced investors, choose a real estate strategy, research markets with job and population growth, learn financing options, familiarize yourself with property management, develop a long-term plan, and leverage your stock experience to evaluate markets and trends.Good luck!

Developers will not be able to get these bonus building permits without providing such TDR credits.