TITLE:
Equity ownership 28 Unit Senior Housing Development High Demand
CONTROL:
Owner
VALUE:
$4,750,000
LOAN:
$2,000,000
EQUITY:
$2,750,000
TYPE:
Development
HAVE:
5 buildings total with one 4 unit and four 6 unit buildings for total 28 units to Veterans and Seniors over age 55. 150k already invested in entitlements & approvals with a feasibility study completed June 23rd, 2026.
ADDRESS:
1715 Tin Cup Road, Mahomet, Illinois
BENEFITS TO NEW OWNER:
Appreciation growth, depreciation, tax benefits. Project based vouchers to mitigate vacancy lease up risk.
GROSS SCHEDULED INCOME:
$462,000 Projected
VACANCY LOSS:
$22,000
GROSS EFFECTIVE INCOME:
$440,000
EXPENSES:
$151,000
NOI:
$289,000
DEBT SERVICE:
$110,000
CASH FLOW:
$179,000
CAP RATE:
6.08%
ENCUMBRANCE
BALANCE
PAYMENT
RATE
DUE
ASSUMABLE
LOAN 1
$300,000
$3,000
0%
12/10/2026
No
LOAN 2
$100,000
$0
10%
12/10/2026
No
BENEFITS SOUGHT:
$500,000 equity partner to invest on a 24-36 covertible note while phasing development, then will refinance into long term debt when stabilized.
CAN ADD:
Land, RVs, SFR collateral, and discount sale buy back opportunities.
REMARKS:
High Opportunity Area Incentive Program
HACC will offer incentives to landlords who lease units in high-opportunity areas. Incentives ranging from $500 to $1,500 are based on the classification of income level in the census tract the landlord's property.
COUNSELOR:
Quentin McNew
Tin Cup RV Park
501 N Neil, Suite 2
Champaign, Illinois, 61820
Phone: 2175524062
Email quentin@mcnewcapital.com
