Abrams Landing

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  • edited March 2007
    Looks like the he finally got it listed on CBRE:

    124 North Larch Street
  • Just FYI, I am looking at the feasability of taking on this project with a friend (or friends) as financial backing. I met with the listing agent today at the building, but I found out little more than what we already know. I have a meeting on May 7 with Kincaid to further discuss the project. Basically, if the $4-5 million construction cost estimates are right it only becomes a sticking point over $200-300k more down than what I think I can get ahold of (if $5 million.) If $4 million, the project would be on a tight budget, but I could probably pull it off with only my current financial backer. Like I said, just FYI, I'll keep you guys updated if anything happens, I'd say theres around a 50/50 chance of the project happening now.

    If fianancing becomes a big issue I may look at a scaled back project, but I would really, really like to exaust all my options before going that route.
  • Who exactly are you working with. In other words, who is your connection? :)
  • Just a friend who also owns a cigar shop downtown. You need a suprisingly small down payment, in percantage anyway, to get a loan. About 15% is all thats required, or about $660k-850k on the $4.5-5.5 million.
  • What's your role going to be if anything moves forward?
  • Theres two ways it could pan out, I get a personal loan from my investor(s) and do the project myself, or my primary investor would be a "silent partner" in an LLC, we may seek another investor for a loan only, and I would still do the project myself. The other person or people would contribute money, I would act basically as the only developer. I would personally much rather just get personal loans for the down payment and not deal with any partners.
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