Condominium Conversion Project In Need Of Additional Equity
20 Unit Condominium Project in upstate New York. Currently, six units have been sold and closed to date.
There are 14 remaining units for sale including the Model Unit. The estimated remaining proceeds from the remaining units is $3.7 million. There is over $1.2 million in actual equity money that was put into the project.
Project needs approx $250-300,000 more in equity. Sponsor working on FHA approval so it can offer Condo Units with 3.5% downpayment and up to 96.5% financing. Avg Condo cost is $250,000. Level of finishes are luxury level.
New Member in LLC would get preferred return and priority over all other equity and be 1st to be paid out as Units sell and/or units are rented. Very interesting project. Complete package available in PDF.
And your role is... broker? Owner?[ Edited by ITBInvestor on Date 03/07/2010 ]
I am a Member of the Condominium Board of Managers and authorized representative for the Sponsor ownership group.