148 Units in Midland, Texas

6.75 acres for 148 apartment homes. $39 million in direct investment in Midland, which will be financed by a permanent first mortgage and a Multifamily Direct Loan from the Texas Department of Housing and Community Affairs. Site design capitalizes on proximity to several retail and eateries located within walking distance by providing a pedestrian-friendly environment, encouraging multi-modal transportation by providing bicycle racks throughout the site. It will be the first LEED Certified Apartment Project in Midland that could set the standards for future developments. The development will involve a large number of commercial general contractors who will sign a GC completion letter. We are working with the government for various tax incentives. Involves the local Chamber of Commerce for construction bidding with local vendors. High-quality housing is affordable for employees of local businesses and major employers. High-quality, affordable housing will attract future employees and their employers. New rooftops will spark commercial demand. 

Garden Style product:

• Pedestrian-friendly environment with walking distance to retail amenities.

• Exterior finishes will have a combination of stone/brick/stucco.

• LEED Certified – Energy / Environmentally conscious.

• Sparkling Swimming Pool.

• BBQ and Picnic seating areas, along with extensive landscaping.

• Bicycle Racks.

• Spacious designer Clubhouse that accommodates an abundance of amenities such as a fitness 
  center, computer center, etc., along with an oversized swimming pool to allow for group activities 
  and community enrichment

Amenities:

• Designer Clubhouse with a combination of amenities:

• Granite countertops in all public areas.

• Leasing Center.

• Coffee Bar.

• 24-hour fitness center.

   

Financial Breakdown: 

The property’s total equity is $5M, including the land value of $1.32M. The total construction cost is projected to be $39.96M, and a total of $36.28M of loan will be taken at 6.00%, which will be converted to a 30-year mortgage. The payments will follow a capital repayment structure. Of the equity, regardless of the financial contribution between the general and limited partners, there will be a 20-80 ratio for distributing any excess cash flows. The 7 th year is expected to be the exit year for any of our endeared short or medium-term individual and commercial clients. Based on the projected numbers, on the liquidation of the asset, the LP investors will receive a one-time $21.74M, thus making their investment 5.50X, to $27.51M. In these 7 years, the GP will make a total of $5.63M and the LP will make $22.50M.