Updated over 10 years ago on . Most recent reply
Please help, this is about upscale senior independent living housing....
Hello all, my basic question is whether or not this is something i should pursue. It would require finding the right JV sponsor with a lot of experience as this is not my area of expertise, I can access adequate funding for such a project (between $5MM-???), the product does have a strong market, but this is still a unique placement, plus other issues:
While looking for NPNs in foreclosure, I came across a seaside property with its own private beach that was a former B&B. It has 2 acres and 18 variable sized suites each with its own fireplace and most with jacuzzi and/or sunken tubs. There are 2 kitchens and amenities galore.
The property is available for >$1MM and getting variances for B&B to Independent Senior living would not take very long. Generally, such a project looks like it fits into the County/City General Plan.
Presently I am in the process of changing my business model towards Note Arbitrage and this could be highly lucrative but time consuming. Any ideas from the "been there, done that" crowd?
Thanks in advance for your time and consideration...
Alia