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Here is my project in a nutshell. I own four old (and ugly) buildings in a downtown area which is experiencing lots of redevelopment and the building of new residential condos - over 500 units. My four buildings all adjoin and are located across from a city parking lot. One is beside our local theatre. They are also within a block of our county courthouse. I plan to demolish them and build a three story multi use project- retail on the bottom, offices on the second floor, and residential units on the top. The second and third floor will have river views.
Question: Though I have not done a development project, I have renovated an office building and taken the rent from $800 to $3400 per month. Would this have any weight in the “experience” factor?
Question: If I solicit experienced architects and contractors will that make a difference to the lender?
Question: Can pre-construction sales make a difference? If so, how many units would need to be sold? 25% - 50%
Re: Financing a commercial project - Posted by Trish Swift
Posted by Trish Swift on November 22, 2004 at 05:47:50:
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Here are my notes based on experience in development, re-development and change of use projects.
Every lender will have different criteria. That being said, the most sympathetic to the non-financial and community aspects of your projects will probably be a small lender nearby (local or regional bank).
On several occasions, I have found that the money people will come into the deal as LP’s in a LP. If you are willing to take on GP responsibilities, I would negotiate in a “reversion bonus” so that if your project hits a certain yield, you make equity or cash, however you choose to do it. They will probably look for you to have some skin in the game as well, but this is not an unusual setup.
You may find that the lender wants to have certain contractors on your bid list–rarely will they mandate that a contractor be used if they cannot earn the work. A qualified architect with experience in these projects will not only help steer YOU clear of the minefields, but will also help present to the best lender and get you a quality partner in this process.
One thing to keep in mind with multi-use projects with office and residential is to make certain you have a good noise barrier between the residential units and the office. While the fact that people can work and live in the same building is a plus, the charm wears off really quickly when the office tenants decide to walk away from their lease due to the noise above. Stack them carefully and design dead-space and white noise into your design. Your architect will be the perfect advisor for you in that context.
Commercial projects “R” us, so feel free to shout if I can help.
I know by the way you posted your deal that your thinking of this as a build an sell for the units. This is going to sound strange from a commercial mortgage broker but the potential for this as a insurance company, pention fund or reit buy and hold as a crown jewel of the community is just screaming at me. You might be able to build the building of your dreams if you can get one of them to sign on and have no risk, no marketing and no financing needed. Once you complete this one you can write your own ticket on future projects with the exposure you would get from this one.
REVA-
I 'd be glad to discuss the build out on your project. I am in Orlando and deal with projects of that nature on many occaisions.
Feel free to contact me.
Best regards,
Matt G
Re: Financing a commercial project - Posted by Ryan Steele
Posted by Ryan Steele on May 24, 2004 at 10:48:42:
Having experience or partnering with experienced individuals really does help get financing. The lender(s) have to know that you will be able to get a return on their money so you can pay them back.
Pre-construction sales make a difference the same way rented apartments and signed leases do. There is proof you will have income to help pay off the loan.
If you need more help on this, feel free to contact me I might be able to point you in the right direction.
Re: Financing a commercial project - Posted by Maisie Howey
Posted by Maisie Howey on November 16, 2004 at 03:55:20:
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Thanks for the alternative suggestion. I am looking into all possibilities before spending any money on the project. My window for development does open for at least one year. I am waiting on condos to finish in the immediate area.
Re: Financing a commercial project - Posted by Leslie Hyatt
Posted by Leslie Hyatt on November 16, 2004 at 01:11:32:
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