Brief Overview of loan request: Need bridge loan of $37M to purchase the complete
280 acre mixed use development in Ogden, Kansas
Property Type: 280 acres of residential, commercial, retail & industrial land ready for construction. located in Ogden, Kansas next to Fort Riley
The $37 Million will enable the borrower to purchase a large mixed use parcel with approvals for resale or development and can be a JV or bridge loan.
Property Location: River Trail Additions,Hwy K-18 @ Walnut Street
Ogden, Kansas 66517
As Is Property Value $98,000,000+
Loan Amount $37,000,000
As a bridge loan:
Use of Funds Purchase proceeds to Seller $30,000,000
Interest Reserve (11%, 1 year) $ 4,070,000
Loan fees and closing costs (4%) $ 1,480,000
Working capital for development $ 1,450,000
The other option is a JV interest in the property. The seller is a current partner and owns a percentage of the project now.
Schedule for construction for project:
Extended Stay Hotel (84 rooms) within 90 days
Medical Plaza (40,000SF) " " "
Bowling Center " 120 "
Residential apts (210 units) " 90 "
Townhouse units (164 units) " 90 "
Principals are property rich and cash poor and average to below average credit.
48 years in the real estate Business as a broker
College teacher in state of CA, BS degree from USC.
Managed and built 11,000 Apartments units for Sonnenblick-Goldman
Exit Strategy: Develop and manage property and eventual sale to new buyer.
Additional Information: The market demand for all uses such as residential, commercial,retail and industrial will support the development of the whole project over the next 2-3 years. When the recession hit in 2008, Riley county had the lowest unemployment rate, foreclosure rate and bankruptcy rate of any county over 25,000 population in the country. Also, Homeland Security is
building the most expensive building built In the USA on the grounds of KSU. When
completed it will bring new workers and money to the area for new housing and recreation.
Please contact Dave Burton, consultant, for more information
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This sounds like a loan that fits our groups lending model. Call us directly to discuss your project and needs when you are ready. Your loan inquiry has been registered under your name and/or your company name. With the vast amount of responses for our investment/Lending postings it's best you call us back directly for a faster response. We have a no pressure sales approach so call us when you are ready. Times to call M-F 9am-5pm, Sat 10am-4pm EST. Sundays feel free to call and leave a message for a return call. WPI clients benefit from all our full service brands of providing private money real estate loans, buying and selling real estate and our “Buy/Lease” program for homebuyers with good or bad credit.
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