Updated over 6 years ago on .
Mixed Use Redevelopment Project Underway
Investment Info:
Large multi-family (5+ units) commercial investment investment.
Purchase price: $30,000
Cash invested: $100,000
Renovation of Mixed use property in redevelopment area underway. Plans call for 1900SF of retail space and four apartments of 900SF each, plus an outdoor area and 2 parking spaces.
What made you interested in investing in this type of deal?
I have a background in restaurant management and urban redevelopment and this seemed like a great opportunity to help with the revitalization of downtown Trenton.
How did you find this deal and how did you negotiate it?
Negotiated the purchase with the City of Trenton about 10 years ago and just closed on it because the City completed environmental remediation in the mean time.
How did you finance this deal?
Financed with savings. Plan to take out a construction loan from a conventional bank once I have construction pricing back. Architectural plans were recently completed.
How did you add value to the deal?
Coming up with a vision to save a building in a historic district and helping to fund the studies that showed what remediation was needed.
What was the outcome?
Project in process. Hope to finish construction this year.
Lessons learned? Challenges?
Be patient! I can't believe that it was under contract for 10 years!
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
I am a commercial broker. Szaferman Lakind did a great job with the legal work. Sterling Title Agency took care of title.