Updated 2 months ago on .
472 Potters Avenue, Providence, RI 02907
Investment Info:
Large multi-family (5+ units) hard money loan investment in Johnstown.
Purchase price: $255,000
Cash invested: $633,000
I am seeking a limited partner to renovate 472 Potters Avenue, Providence, RI 02907. The financial institutions will not move forward unless I bring a limited partner into the project. I am willing to offer between 10 and 15% after the renovation of the building is completed. The William J. Braitsch Industrial Mill building is ready to be restored to the Elmwood historical District community. All contract drawings are permit approved.
What made you interested in investing in this type of deal?
I am strongly interested in helping my neighborhood restore housing stock to the community. In addition, there is a waiting list for healthy apartments in my community. The historical building is an eye sore in the community and the stakeholders support the renovation of the building.
How did you find this deal and how did you negotiate it?
A mortgage broker suggested to contact you about finding a limited partner and construction loan.
How did you finance this deal?
The building is free and clear of mortgage and any liens. I am looking to finance a construction loan to move forward with the construction of providing 30 apartment units in my community with a limited partner.
How did you add value to the deal?
I hired a mason to complete brick work and paid for the removal and demolition of each floor, hard cost.
What was the outcome?
All the floors are emptied.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
No. Presently, I worked for Suffolk Construction, Corjen Construction, Turner Construction and the Central Artery Project in Boston, Massachusetts in the past. Now, I am an environmental health and safety consultant on construction projects.
