Residential Apartments | Washington State - CPA

USD 14,000,000
Spent so far: USD 500,000
Can spend more: Yes
Washington
Assured repayment by: Independent and credible feasibility study
Shovel Ready Indicators:
LTV Expectation: 90%
Land/Site: Sale/lease agreed
EPC Contracts: Signed
PPA/OMA or other off-take agreements: Signed
Financial Projections: Completed and available
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CPA Apartments is a proposed $14M real estate apartment rental project consisting of 52 one-bedroom plus den units, located in Ellensburg, Washington, a university town with a chronic shortage of non-student apartments.
This project is sponsored by a highly successful team with a solid track record of apartment development and management in the Washington state area, and the general contractor is a very strong major regional construction firm.
The feasibility study, written by a major firm, acknowledges and supports the need for this project with current rental occupancy rates reaching 100%, with an occupancy projection for this project showing 80% by the end of the first year, and 98% thereafter.
The sponsor is looking for a $14M construction loan (85% LTC), with terms appropriate for lease up and stabilization and a long-term ‘build and hold’ end game.
Financial projections show an $856K net operating income after the first year, and a finished valuation of $17M with a 5 cap rate.
All plans have been approved by local authorities and the project can begin immediately after funding is secured.
This is a project for an investor looking for minimal risk and long term growth.
USD | Year 1 | Year 2 | Year 3 | Year 4 | Year 5 |
---|---|---|---|---|---|
Turnover | 854,687 |
909,076 |
966,400 |
1,026,810 |
1,090,466 |
EBITDA | 785,303 |
839,693 |
899,016 |
957,426 |
1,021,082 |
% | 91.8 |
92.3 |
93.0 |
93.2 |
93.6 |
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