Project Category: Original Use Property
1000 unit, 83,000 SF self storage development ready to open.
Project Qualification: Original Use PropertyReal Estate:
Total Capital Required: $9,567,950Equity Required: $3,017,950Debt Required: $6,550,000Project Control: We have enforceable contracts to acquire the key propertyTimeline: 30-90 daysAddress: 930 W Holmes Rd Lansing Michigan 48910 United States
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.