Brand New Senior Housing With Huge Upside
Golden opportunity to pick up a broken senior housing project with huge upside
This project was 85% leased up then hit a brick wall when the bonds were discovered to be misquoted.
Pick this up today and enjoy the increase in value as this property hits stabilization.
Due to the court-required closing date of early February, 2019, this is an ideal asset for an all-cash buyer who can begin the lending process now, then successfully complete the refinancing in early 2019.
This is a prime location, 50+ acre site.
Over 300,000 square feet of senior living community located on a golf course.
Design schemes include a fitness center, walking trails, an arts and crafts studio, coffee shop, bistro, dining venues and a library.
This project has been designed to include over 100 independent living apartments, over 20 cottages, approx. 40 assisted living apartments, and approx. 20 memory care apartments for residents with Alzheimer’s or dementia and approx. 20 skilled nursing beds for long-term care. Total of approx. 220 units.
This was a $119,000,000 project prior to the operator defaulting. There was $76,000,000 in completed construction and infrastructure cost prior to the operator defaulting. Work was nearly 90% complete when this took place. Multiple units already have appliances and window blinds installed. The bulk of the remaining work is finishing - paint, flooring, fixtures, and punch list items.
The current owner (and the general contractor) is willing to sell “AS IS”, or, they are willing to complete construction as part of the sale price.
We anticipate that this project can be picked up today at or near $40 million to a buyer who does not have to rely on financing and can close on or before the first week of February, 2019.
Interest so far has been very high from over 15 buyers, however, an accepted contract has not yet taken place.
We have on standby a draft Letter of Intent that will grant a buyer the the exclusive right to purchase this property. Let us know if you would like for us to prepare and send to you this draft Letter of Intent.
The information contained herein contains confidential and/or privileged material. Any review, retransmission, dissemination or other use of, or taking of any action in reliance upon, this information by persons or entities other than the intended recipient will be prohibited. The information contained herein has been obtained from sources believed to be reliable. While we do not doubt its accuracy, we have not verified it and make no guarantee, warranty or representation about the accuracy or completeness of the information. As a buyer, it is your responsibility to independently confirm its accuracy and completeness. Any projections, opinions, assumptions or estimates used are for example only and do not represent the current or future performance of the property. The value of this property to you depends on factors which should be evaluated by your tax, financial and legal advisors. You and your advisors should conduct a careful, independent investigation of the property to determine to your satisfaction the suitability of the property for your needs. We have no knowledge of this offering other than the information received from Seller or their representatives. We are neither your agent or an agent for the seller. We will not participate in the negotiation of the purchase price or attend the showing of this property. As a buyer, you will be required to indemnify us and hold us harmless from any kind of claim, cost, expense, or liability arising out of your investigation and/or purchase of this property.