Laserfiche WebLink
3105 FINANCIALS / CREATIVE VILLAGE APARTMENTS INVESTMENTS SUMMARY <br />Creative Village ApartmentsOrlando, FloridaArchitect Baker Barrios 14 Floors / 409 Units Residential 305,067 RSF Retail 6,500 RSF Total Cost $107.3 Million <br />PROJECT TYPE <br />Luxury Rentals <br />CONTRACTOR <br />Brasfield & Gorrie <br />(See note below) <br />DEVELOPMENT PARTNERS <br />The Allen Morris Company <br />Ustler Development, Inc. <br />LIMITED PARTNERS <br />TBD <br />EQUITY MULTIPLE* <br />2.17x <br />RETURN ON COST* <br />6.36% <br />EQUITY* <br />$37.6M <br />DEBT* <br />$69.7M <br />CAP RATE* <br />5.25% <br />First Unit DeliveredStart Construction Certificate of <br />Occupancy <br />DEVELOPMENT TIMELINE <br />Estimated Disposition <br />Q3 2018 Q2 2020 Q3 2020 Q3 2022 <br />LENDERS <br />TBD <br />SITE <br />1.60 Acres <br />MANAGEMENT COMPANY <br />TBD <br />PROJECT IRR* <br />23.7% <br />*Investment assumptions: <br /> - 65% Debt; LTC construction loan at 5% interest rate <br /> - 35% Equity <br /> - 4-year investment hold period <br />Note – Pre-construction and cost estimating services provided by Brasfield & Gorrie and included extensive coordination with the developer and architect. <br />The pricing breakdown is included in the Appendix. Brasfield & Gorrie is one of the largest general contractors in the Southeastern United States with an <br />extremely well-respected pre-construction services department. Qualifications and experience for Brasfield & Gorrie will be provided upon request.