Texas Senior Housing Value-Add Opportunity
New Senior Housing Facility
30 existing units.
New one-story, first class construction for independent seniors with 24 hour, on site home health care + medical services.
95% gross income guaranteed for 12 months after closing with cash as the title company.
Features a clubhouse with a general store, complete beauty salon, a massage room, surround sound movie theater, a business office and two leasing offices.
Included in the sale is a value-add opportunity to build another 60 Units in a Four (4) Story Building on piers in with verbal approval being granted by the County.
The only cost would be the actual construction since the land is paid for.
The parking lot is finished and the Club House is finished.
We have received the following loan quote:
Sales Price: $10,300,000.00
Loan: 80% = $8,240,000.00
Non Recourse Bridge
Interest Only= 350 over Libor 6% Interest
Discount: 1 Point
Term: 3 years (No Payoff Penalty with them doing the Freddie Mac Financing)
Annual Interest Cost est. = $494,400.00
This lender can do a bridge loan typically 350 +L, Interest Only. They can also do permanent debt.
A full price offer has been received from a buyer who is also a developer, however, the owner prefers to sell to a buyer who will allow the current owner (and developer) to develop the 60 units.
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.