Loan amount
$109,677,000
Loan type
Purchase
{Construction}
After Repair Value
$390,427,220
{PP:$15,395,000}
ARV
28%
{ARV}
Property type
Sports Facility
Borrower Details
Credit score
750
Deal experience
2 deals
This loan scenario was submitted by a Broker
Yes
Property Details
City
Windsor Locks
State
Connecticut
Loan Details
Purchase price
$15,395,000
Down payment
$3,000,000
Cost of improvements
$97,281,823
Estimated property value after repairs
$390,427,220
Additional Loan Information
This is a $116MM (construction cost) state-of-the-art sports complex situated on 75+ acres of land that will be established in Northern Connecticut, It will have twenty individually enclosed basketball courts (which can be converted to forty-volleyball courts), ten state-of-the-art synthetic turf FIFA certified fields, outdoor certified FIFA championship fields, and a FIFA certified indoor field. The amenities, the two hotels, sports theme restaurants, movie theatre, fitness center, pro shop, medical, and retail shops will be leased to qualified professionals with proven records in the management and operation of such venues. We need to secure funding for the purchase of the land. The Borrower has secured a CEA with the city for the rebate of 90% of annual RE taxes for a period of 30 years which is valued at more than $200MM. I have an executive summary of the project to provide.
Status
Open
Created
January 13, 2021 - 11:54am
Hard Money Lenders Now Offering Real Estate Investor Loans in Connecticut Bridgeport | New Haven | Stamford | Hartford | Waterbury | Norwalk Hard Money Loans | Refinance Cash-Out | Purchase | Fix-N-Flip | Commercial | Construction | SBA Business Loans