Jan 5, 2019 — Seeking: JV Cap Partner @ $5.6MM (conjunction with - Revolving Construction Loans, 1st Phase $18.5MM)
Principals bought the land approx. 14+ years ago - 26 "Ultra-Prime" acres....
This project will be:
105 SF Detached homes, CapEx $61.5MM
Current architectural designs are 2-story and utilize the following sizes (1,550, 1,650 and
1, 820 square feet). Each home site will include a fully completed and landscaped backyard with a pool and spa. Buyers will have the opportunity to purchase optional Pool Cabana. Community will also include a common area amenities including a lap pool, a clubhouse and fitness area, and dog park.
3,546 Square Feet (Average)
2,629 Square Feet (Smallest)
9,250 Square Feet (Largest)
The project is located south of Highway 111/Palm Canyon, near the city limits of Palm Springs California.
Total Development land size Approximately 15.39 gross acres. Density is approximately 7DU/gross acre.
Lot Count 105 Single Family Detached Home Sites.
The current Bridge Lender is Paid current and their Bridge Loan has matured. Currently the principals have over 9.8M into the project.
The land value "as is", is approx $8MM and once the Site plan and Flood Control are complete it will be valued at $10MM.
Palm Springs Area: next to Rancho Mirage....
JV Debt/Equity Partner - $5.6M - to Finalize the approvals on the new Tract map. The Medium Density Residential Zoning is already approved (Apartments, Condos, Single Family Homes, Townhomes, Assisted Living, Mobile Home Park).
ROI - 5% Preferred Equity position & 50% of Net Profits
6 months out on Buildout of project, need to get the Flood Control CLOMR approved and the new Site Plan because GC updated the Homes to fit the needs of the current 2019 market conditions.
* 5 phases with the initial revolving construction loan of approx 18.5M
1st Phase : off-site/ on-site costs, 3 models and 18 production homes, and the common recreational area including the lap pool, clubhouse, restrooms and fitness area.
POFs ONLY - Contact HERE with FULL INFO. Disclosure will be MUTUAL.
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