Hard money wanted: 7-unit condo dev in West Hollywood, CA
Hi all,
I'm the owner of a single family bungalow on the east-side of West Hollywood, an area that has recently seen a huge surge in development. Within 3 blocks of my home we're experiencing over $450m of development, including two 150-unit bldgs consisting of high-end ($3k per unit) residential rentals over commercial. 200,000 sf of commercial is being added to the area and in addition, Oprah just moved her OWN Network into the neighborhood. There are also 6 smaller 7-unit condominium developments that are underway within a block or two as well.
A lot is happening!
I am interesting in re-developing my property to build a 7-unit, 4-story condo building with subterranean parking. 1 unit is required by the city to be given to affordable housing (the max density is 5 units, otherwise). Units will be built at an average size of 1,500sf per unit. I spoke with a local realtor yesterday and she says that the market rate for new construction in my area is an avg. of $630.oo per sf.
I currently owe $398,000 on my home and it was just very recently appraised at $1.25m.
I have a very good relationship with the City and it's Planning Department, and also have a great relationship with an architect who just successfully received permits and entitlements for a similar building on my street. However, I do not have any GC experience, or managing experience which is why I would assemble a team with local experience working with similar projects.
Finally, my question is this: To any potential hard money lenders in my area, does this seem like a viable situation and if so, I would welcome a conversation to discuss the opportunity further. As well, to anyone who might give me some advice on how to best proceed acquiring hard money funds, I certainly welcome that, and it is MUCH appreciated.
THANKS everyone.