Updated about 6 years ago on .
Help me Structure this Deal
I have been looking at this particular development opportunity for a while. The property was previously listed but the listing expired.
Property Specifics:
.56 acres
Currently operating as front street retail.
Located in a great location and the property is in a designated QOZ.
Redevelopment opportunity. Future plans mixed -use. Ground floor retail, apartments up top.
When the property was listed the asking price was $2.8M.
The problem: I don’t have $2.8M in cash to buy the property outright. So, I’m looking for creative ways to get the deal done.
My thoughts, I would like to structure the deal in a JV type situation where the owner retains ownership of the property during development. My firm would development the property and pay for all cost associated with development. Once the property is complete and stabilized, I would look to obtain long term financing and buy the owner out at that point.
All feedback is welcomed.
Thank you?
Canesha