55+ Community Development in Florida

55+ COMMUNITY DEVELOPMENT IN FLORIDA - INVESTMENT OPPORTUNITY

This investment opportunity is for a new 121 unit 55+ housing community in Florida.

The Location is Key:
• Serene atmosphere and strong community bonds, making it desirable.
• Upscale neighborhood with beautiful million dollar plus homes.
• Situated in a beautiful oak forest with views of a beautiful lake.
• In one of the most sought after 55+ communities in Florida.
• National parkland of various landscapes, including highlands, coastal lowlands, swamps, springs, lakes and ponds.
• Boating, fishing, camping, and hiking areas abound.
• Peaceful, family-friendly, and rural environment.
• It's known for its strong sense of community, clean environment, and outdoor recreational opportunities.
• This small town offers a variety of family-friendly activities: parks, preserves, waterways, U-pick farms, local eateries and public art.
• A popular area farm, features frozen treats, fresh orange juice, and produce.
• Antique lovers can explore unique finds at a local antique mall.

Project Details:
• Total project budget is $44.25m ($365K per unit)
• Project is expected to generate $3.6MM of NOI by year 3 of operations, which would represent an ~8% yield on cost
• Site plans have been approved by the city and the developers are preparing to begin vertical construction
• These seasoned developers have received an attractive LOI for 65% LTC senior construction loan and are now seeking a final $10.5MM equity investment in exchange for a 37.5% stake in the project. Alternatively, the equity investment can be structured as a preferred or mezzanine position in the capital stack.

Property Overview:
• Building area: 116,553 gross sf.
• Living area: 95,153 rentable sf.
• Land area: 9.93 acres
• Total units: 121
• Parking spots: 95