All Forum Posts by: William Dorrough

yes

I have a 260 unit complex in Saratoga NY value 120m I'm looking for a vehicle that gets me to a time when I think rates will be more borrower friendly to go agency loan any suggestions 

I currently either purchase and value add large scale multifamily properties or develop, and build ground up my issue with scaling is we have done this without brining in investors i have a great deal flow with a good track record im really looking to do more i have the capacity but have the need for more capital in one way or another  

we are a little over half way leased and we get most traction from apartments .com what are people doing outside of this to attract tenants 

this property is well maintained 50 unit around ten years old preforms well and has assumable low rate freddie debt asking price is 11.7 mil assumable debt is 6.5 mil at less then 3.5 % 

it is a smaller site 5 acre 3-30 unit buildings 

this is not my first deal like this but certainly my most space constraint project  

Investment Info:

Large multi-family (5+ units) buy & hold investment.

Purchase price: $3,000,000
Cash invested: $500,000

this was a value add deal

What made you interested in investing in this type of deal?

this type of property at the time with rates as low as they were aloud alot of upside with refi

How did you find this deal and how did you negotiate it?

off market

How did you finance this deal?

local bank

How did you add value to the deal?

this project was complete rebrand re market with a 300k capital investment into common areas

What was the outcome?

we after 1 year refied with a very above average increase in value becoming cash on cash with a sizeable upside and a low rate allowing great cash flow

Investment Info:

Large multi-family (5+ units) buy & hold investment.

Purchase price: $1,500,000
Cash invested: $13,000,000

this project is currently under construction it is a 90 unit ground up build of market rate apartments with a student housing element

What made you interested in investing in this type of deal?

we are a fully integrated developer builder and property manager

How did you find this deal and how did you negotiate it?

friend of a friend

How did you finance this deal?

we paid cash for the land and borrowed 13 mil for construction

What was the outcome?

we are currently building with a mid summer completion date

Investment Info:

Large multi-family (5+ units) buy & hold investment.

Purchase price: $6,700,000
Cash invested: $1,500,000

this was a value-add deal of a 50-unit multifamily complex.

What made you interested in investing in this type of deal?

it was under managed. and had a good opportunity to add value and refi with the lending market as it was in 2020

How did you find this deal and how did you negotiate it?

this deal was an on market deal

How did you finance this deal?

we originally borrowed 75% ltc from a local bank

How did you add value to the deal?

we rebranded re marketed with minor cosmetic upgrades and we supplied in house new management

What was the outcome?

we eventually refied after only 9 months with a significant noi increase through fannie becoming cash on cash plus a sizeable non taxable event along with 5 years i/o at a very low rate which allows for a healthy cash flow

Investment Info:

Large multi-family (5+ units) buy & hold investment.

Purchase price: $5,000,000
Cash invested: $65,000,000

this was a new construction build that we bought approved than redesigned and built

What made you interested in investing in this type of deal?

we are a fully intergrated real estate developer builder and manager

How did you find this deal and how did you negotiate it?

off market

How did you finance this deal?

not the aquistion but the construction

How did you add value to the deal?

full build out

What was the outcome?

40% roi year 3