TITLE:
Senior Housing Development Project-Based Vouchers
CONTROL:
Owner
VALUE:
$2,600,000
LOAN:
$1,700,000
EQUITY:
$900,000
TYPE:
Development
HAVE:
3 buildings of 6 units each for total 18 units dedicated to Veterans (VASH) and Seniors over age 55. Project Based Vouchers provide rental assistance for all units.
ADDRESS:
1715 Tin Cup Road, Mahomet, Illinois
BENEFITS TO NEW OWNER:
A class area in the highest median income city in Champaign County. Project based vouchers to mitigate vacancy lease up risk.
GROSS SCHEDULED INCOME:
$230,000 Projected
VACANCY LOSS:
$11,500
GROSS EFFECTIVE INCOME:
$218,500
EXPENSES:
$80,500
NOI:
$138,000
DEBT SERVICE:
$110,000
CASH FLOW:
$28,000
CAP RATE:
5.31%
ENCUMBRANCE
BALANCE
PAYMENT
RATE
DUE
ASSUMABLE
LOAN 1
$1,700,000
$0
7%
04/15/2028
No
BENEFITS SOUGHT:
Debt or Equity partner to invest on a 24-36 month 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
