$2.2M Condo Conversion of School in SW Michigan - 90 Min from Chicago

[Marshall Downs]

Hello All,

I'm looking for investment partners for a distressed condo conversion project. Subject property was formerly a public school that was purchased by a developer in 05/06. Construction began but only completed 2 of 22 units. One unit is sold, other completed unit included in purchase. 3 more units framed, rough MEP's. New windows throughout building. Have local bank interest to lend with viable investment partners. Have existing Condo Docs, Expired but renewable PUD, Prints for building and 5 units. My figures are as follows:

Square Footage: 35,000
Units: 20
Acquisition: $350K
Soft Costs: $152K
Hard Costs: $1,546,750 (includes 12.5% contingency)
Holding Costs: $153,250
Project Total: $2,202,000
Unit Sale Price: $152,500 x 20 = $3,050,000 (conservative)

I have this structured to raise acquisition cost ($350K) and bank will invest $750K for rehab. Sales will fund remaining rehab. 2 year project with strong ROI on backside.

I have construction and project management experience and have completed similar projects. Good relationships with local govermental authorities as well.

Thanks for checking out the post and I look forward to hearing from the BP community!