Pahokee Multifamily Development

  • pahokee-pic1

Project Category: Original Use Property

  • Summary

    New workforce housing complex, comprised of 108 rental units located in the City of Pahokee, FL (Palm Beach County). The development consists of 14 3-story building with a community pool and recreation area.

  • Details
    Project Qualification: Original Use Property
    Real Estate: Residential
    Non-Real Estate: FL
    Total Capital Required: $14,200,000
    Equity Required: $6,000,000
    Debt Required: $8,200,000
    Project Control: We own all the key property
    Timeline: 90-180 days
    File: Pahokee-Multifamily-Project-Presentation-5-30-2019.pdf
    File: Pahokee-Multifamily-Project-Underwrting-6-5-19.pdf
     Address: 1500 N Baines Terrace Pahokee Florida 33476 United States
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  • Project Narrative
    Project Narrative:

    We are planning to build a multifamily workforce housing complex, comprised of 108 rental units. The project currently has entitlement approvals. Our project also complies with local workforce programs and has the full support of the regional authorities given the severe scarcity of the product type within the community.
    We are currently seeking Opportunity Zone Funds to develop the project.
    RECAP:
    Project cost: $14.2M
    • Equity required: $6.1M
    • Developer contribute 10%
    • Investors contribute 90%
    • Financing: $8.2M
    • LTV (loan to value) is 60%

    • Results:
    • going in $132k per unit
    • going out $205k per unit
    • IRR: 15.0%
    • Cash-on-cash 9.5%
    • Cap: 8.0%
    • Equity multiplier: 2.24x
    • Term: 10 years