Ilot Pasold Residential Project | Montreal, Canada - AZT232

•The sponsor is looking for an investment of $25,000,000 USD in equity to purchase a 17 acres land with 2 commercial building on it, then $62,000,000 USD in debt for the construction of the first phase of the project. 75% of the land is vacant and the city targeted this area to be re-qualified to have high density mid-range buildings (4 to 8 floors). •Once the purchase is made, the sponsor will entitle the land to have an approved project on it. •The zoning is already in place. The sponsor has calculated 12 months maximum to get the permit and proceed. •According to the zoning in place and other projects realized on the area, the sponsor plans to build 1780 residential units on the proposed site. •Market research and an appraisal showing the value of an entitled land of 35,000$ USD per unit, for a land ready to build which will bring the land to a potential value of $62,500,000 USD. The sponsor conservatively expects to reach a land value between $40,500,000 and $50,000,000 USD once the land is entitled and permit approved. •The 2 existing commercial buildings are currently fully rented and generating a revenue of $1.1M USD net per year. The sponsor does not have plans to touch these 2 buildings for the 5 first years of the project. The first 4 new buildings will be built on the rear vacant part of the land. The sponsor plans to build 1780 residential units over a period of 7 to 10 years, plus commercial and retail space. •The demand for rental housing here is strong, the city and the state are facing a lack of housing. Many big infrastructure’s projects are under construction in the area, which create a good timing to provide housing to the population.
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