Development Project | Montreal , Canada
Offering size: $25,000,000
Cash flowing from day 1
Equity term for 5 years or more
Minimum ticket: $5,000,000
Potential to build 1800 new residential units on 17 acres of mixed-use land in Montreal, Canada.
The project included as part of city re-development masterplan initiative.
Urban incentives and Tax abatements in place to attract developers to area where there is a need for multifamily housing.
75% land is vacant and ready for first-phase development with existing infrastructure in place
100% leased, cash flowing commercial buildings in place. These will remain through first phase.
Current Annual NOI from leased space up to $1,130,000 USD from existing commercial buildings tenants. Will realize this throughout first
Senior financing already in place for construction of phase 1
Purchase price, $22M USD, purchase price below development value
Expect to close the purchase in may-June 2023
Asset future value after entitlement (12 to 18 months): $45M USD
Estimated sources and uses (USD)
LP/ Pref Equity Interest– Collateralized by land.
Bridge Loan (first phase)
Cost of land