Nd $3mil mezz loan for a $175mil city-guaranteed Development
NEED MEZZANINE FINANCING FOR SOFT CONSTRUCTION COSTS
This is a mixed use area contained in the City of Peoria, AZ. It consumes approximately 550 gross acres. The 550 acres include an existing regional shopping mall, restaurants, big box retailers, residential, movie theaters, Broadway Theater, ice rink and more.
This specific project is an infill development. It is located on City owned land contiguous to the City’s existing Sports Complex.
Among other things, the Complex is the spring training home for the MLB teams of Seattle Mariners and the San Diego Padres. The two teams have made Peoria their Spring Training home for a number of years and recently signed a 20 year extension with the City.
Pursuant to those agreements the City will be implementing a $40 million face-lift to the Complex and surrounding area.
This particular project is a Public/Private Partnership designed to replace a 17-acre existing baseball stadium parking lot immediately adjacent to the stadium with a mixed use of retail, entertainment, hotel, fractional residence and parking structures.
The project at hand consists of:
4-star boutique hotel approximately 135-225 Keys, up to 10 stories
160,000 square feet of retail
70,000 square feet of entertainment and restaurants
60,000 square feet of offices
48 luxury apartment/condo/fractional ownership units
On-site 1,500-space parking garage (paid for & owned by the City)
An RFP and ENA was created and processed where my client was awarded the development. Since then, the project has moved forward aggressively and the City is very responsive; meeting with the City weekly.
Market studies, traffic study, land study, on-site parking study and as-built appraisal are all complete. All information supports the financial viability of the project. Currently my client and the City are concluding ownership rights and are in their final stages of negotiation.
The agreement is structured as a 99-year lease with an option-to-purchase contract. Council approval is imminent and expected within 2-3 months. Development Agreement will follow shortly thereafter which will include the build of the parking garage structures and parking agreements.
Zoning is being drafted to conform to Site Plan and scope of site. The City will have a PUD in place by end of fall 2012.
In total, the above items are on track to be completed in order to build and occupy six months prior to 2015 Super Bowl in the State of Arizona.
Contained within the Lease and Development Agreement are many City incentives and concessions which make this a very profitable venture.
My Developer/Client is now in a position to collaborate or assign the entire development and seeking a capable party.
To date, they have been given their blessing by the city with a $175mil guarantee that begins with them securing their own funds for the soft costs of construction=$3mil
Which is where I need a direct commercial lenders help; and FYI, you will be properly vetted, so please have refernces and proof of recent closings.
Thank you in advance.
by CHANGINGLIVES4THEBETTER August 20, 2012 4:40 AM
I have someone that i can put you in contact that would be interested in this. Email me at firstname.lastname@example.org. Good Luck
by FinancialAdvisor August 20, 2012 9:41 AM
Iam a seasoned Commercial Broker and I am interested in helping you get the financing for your project. I am working with a lender right now on a similar project in Memphis TN. Please respond to my e-mail address and we can walk through the process together. No upfront fee. Pleas get hold of me at: email@example.com Looking forward to hearing from you
by chuckokp August 20, 2012 1:02 PM
Hello. Please contact me at firstname.lastname@example.org to begin correspondence. We are direct commercial lenders interested in hearing more about the project when your time allows. Take care. S- Todd W
by twald1 October 18, 2013 8:46 PM