Miami Real Estate/Business Financing Request

We have identified a new opportunity that may be of interest to you. This is for a construction update/modernization and business acquisition loan of $6M for a very well placed location inside the ground floor and lobby area of one of the premier hotel properties in Miami, Florida, which is contiguous to a congregation of other hotel and condominium properties totaling 2500 doors. There are an additional 3000 doors of condos, etc. within one black of the location. The sponsors have funded $1.5M to escrow to date and are further prepared to provide an additional $400K to the file. The purchase price for the six businesses in the transaction is for $3.5M. The sponsors are executing a new long term 10 year lease with a 10 year option from the title holder of the land. Also, the cost to modernize the six businesses asset is $4.4M including hard and soft costs. Stabilized value is $15M. The principals are willing to provide a personal guarantee for any debt finance, have a combined net worth of $17M, very high FICO scores and are experienced in this space. The Seller has not kept up the appearance of the six businesses on the property and they are in need of attention to bring them to a point where they will generate additional revenue over their current income of $4.85M annual gross as a six business group. There is a budget of $1M for equipment plus $300K in upgrade materials over and above the balance for labor which takes you to $4.4M. The stores within this six businesses in this location are well branded internationally and will anchor the transaction.

A full due diligence Dropbox is available upon request.