Development
Pryme Development
.jpg)
9246 Cedros Ave Panorama City
Specs:
6 single family homes
4 bedrooms (1 downstairs bedroom)
3 bathrooms
SF Range: 1,700 to 1,950
Purchase Price: $2,700,000.00
Cost to Complete: $700,000.00
ARV: $4,500,000.00
Completions:
Homes: 85% Complete
Onsite: 60% Complete
Offsite: 0% Complete
We anticipate this project will be completed by the middle of summer 2022.
750 Broadway Venice, CA
Highlights:
The property is located within a few blocks from the famous Abbott Kinney Blvd; a mile-long strip of popular shops, restaurants, and galleries, inhabiting eclectic century-old bungalows and modern architectural buildings - in the heart of famed Venice Beach, California.
Projection:
Current Price: $1,450,000
Est. Cost to build: $1,400,000
Future Value: $6,500,000
IRR: 34%
EqX: 3.1
.jpg)
In terms of the financial feasibility, we need to receive at least 93 cents per Federal LIHTC and 80 cents for State LIHTC and put $1,735,000 Deferred Development Fee in the perm source with an assumption that Coastal Meadows assume the River Terrace inclusionary affordable housing obligation in exchange of $300,000. Which means GPD gets paid $465,000 for the developer fee during the development.
• Total Project Cost estimate update: $26,817,578
• Equity from LIHTC: total $16,571,278
◦ FLIHTC equity: $15,878,859
◦ SLIHTC equity: $692,418
• Perm loan (Freddie Mac 40yr Amortization perm): $7,511,000 (resized based on 2022 New Rent and indicative rate (US10yr+225bps = 5.13%)
• Seller Note: $700,000
• River Terrace Inclusionary Affordable Housing in-lieu fee (by assuming its obligation): $300,000
• Deferred Developer Fee: $1,735,000
Tustin St Santa Ana CA