Lansing Michigan Self Storage

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Project Category: Original Use Property

  • Summary

    1000 unit, 83,000 SF self storage development ready to open.

  • Details
    Project Qualification: Original Use Property
    Real Estate:
    • Industrial
    • Retail
    Total Capital Required: $9,567,950
    Equity Required: $3,017,950
    Debt Required: $6,550,000
    Project Control: We have enforceable contracts to acquire the key property
    Timeline: 30-90 days
     Address: 930 W Holmes Rd Lansing Michigan 48910 United States
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  • Project Narrative
    Project Narrative:

    We are acquiring the facility from the developer who has the project ready for temporary certificate of occupancy. Site work will be complete in October and will be ready for CoO. The seller will not apply for TCO or CoO. In order to qualify the asset, we must first allocate the capital to the QOZB we have created and then close on the property. This project qualifies under the original use provision rather than the substantial improvement provision, which allows us to acquire a property with development level returns and yet have no entitlement, development, or construction risk. We are raising $3,000,000 with a $100,000 minimum investment. Project is set to close on December 31st, 2019 in order to allow investors with 2019 real estate capital gains to invest in this asset and receive the maximum QOZ benefits.