My consulting firm is direct to a Principal who is seeking joint
venturing on some of the firm's new purchases in Florida and Las
Vegas that they have under contract which have been slated as Condo
conversions but they haven't closed yet.
The Principal is looking for a construction contractor/partner to
join his firm in converting 280 units into condos. The purchase price
for the new company will be 30 million and the partnership will be
split 50/50 from inception to completion. This price represents
107,000 per door and the total sell out price is estimated anywhere
from 47 million on the low side to 55 million on the high side. These
figures are only estimates and don't represent any pro forma's or
promises, just estimates (150 - 175 per square foot).
To sum up the opportunity the new partnership will be a new company
consisting of the investor and the Principal's firm. Both sides will
together apply for financing on the project and put up 50% each of
necessary capital in order to finance the project. The investor
(contractor) will charge 4% overhead to the project.
This is the format the Principal's firm is going forward with, the
following is a synopsis of the numbers of the 3 site (Jacksonville,
Gainesville and Altamonte Springs deal in Florida along with the Las
Vegas numbers. These figures will make it helpful for you to see the
magnitude of the projects.
Condo Conversion Overview
Per Door Per Door
Newco Price Sell Out
The Preserve (Gainesville)
$70,000 125,000
Key Largo (Altamonte Springs)
80,000 131,000
City View (Jacksonville)
90,000 161,000
Orchid (Las Vegas)
107,000 182,000
Executive Summmary available for your review. If you can secure
equity financing for these projects funded, they have lots of
business to send you. I can schedule a conference call with the
Principal to initiate dialogue.
Reply off board to [EMAIL PROTECTED]
Sincerely,
Mr. Jackie L. Tate
President/CEO
First Financial Corporation
205.366.8460
"We Structure Success"
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