Project Category: Original Use Property
We have full control of the project (architect, developer, mgmt., etc.), it’s off market, we do not plan on marketing this due to the interest and rarity of this type of “OZ” deal in Ventura county. Lee and Associates will be handling the lease up (hence the attached BOV).
Permit- 9 months aprox from now. The total development cost is $18m—Risks are buy right – zoned industrial and we are building to that – industrial office condos.
The current equity ask with the debt in place is 3.7-6m, there could also be an option for a full investment that could forgo placing debt upfront.