TremontLANDINGS Historic Tremontdistrict
Thissummarysheetsetsforthanopportunitytolendon6 townhomes,unupwardtrendinghistorictremontincleveland, Ohio CONTENTS TRANSACTION SUMMARY LOAN PURPOSE PROPERTY AREA &NEIGHBORHOOD COLLATERALVALUE EXITSTRATEGY 3 4 4 5 6-7 8
transaction summary LOAN NAME BORROWER xxxxx xxxxx ANTICIPATED FUNDING DATE xxxxx COLLATERAL 6towntomestobeconstructed LOCATION OFCOLLATERAL COLLATERALVALUE LOAN AMOUNT INTERESTRATE ESTIMATED LTV TERM HistoricTremont Cleveland,Ohio $2,725,000.00(A) $1,771,250.00 TBD% 65% (B) 24months(C) 3
loan purpose Theloanwilbeusedtoconstruct6newtownhomesinHistoricTremontDistrictatatotal costof$1,725.00.aportion;$339,000.00wilbeusedfordemolition,cityplanning& reviewwhichtakesapproximately6monthsforapproval.uponcityapproval,the remaining$1,201,500.00wilberequestedonadrawscheduleasconstruction percentagesdeem necessary. property TremontLandingswilbeatownhomedevelopmentlocatedintheHistoricDistrictof TremontinCleveland,Ohio.Thetownhomeswilbewithinwalkingdistancetoover20 finerboutiqueshops,15artgaleriesand38+uniquediningexperiencestotemptyour paletforfoodfrom aroundtheworld.thedevelopmentconsistsof-2/3bedroom town homeswiththeoptionforabonusor Flex room.alhomeswilhavea2carcapacity keepingofstreetparkingtoaminimum.thesquarefootagewilbeapprox2054sqft. Propertytaxesareabatedfor15yearsfrom dateofcompletionaswewilcomplywith greenenergybuildingcode Theprojectwilbecompletedin1phaseof6homes.The4storyhomeswilofer walkoutrooftopverandasthatwilgivethenewhomeownersaviewofdowntown Cleveland.Andlet snotforgettheclevelandindians,wholovetospoilthe winningstreaksoftheirrivalswhentheycomevisitusatprogressivefield.onthe weekendsafire-workshowortwocanbeseenfrom verandasoftremont s Starkweather 4
area &neighborhood HistoricDistrictTremontinCleveland,Ohioisathrowbacktoyesteryearwithaflairfor today'smilennialgeneration.originalysetledbyeasterneuropeans,ap-palachians, Greeks,PolishandAfrican-Americans,TremontisoneofCleveland'sold-est neighborhoodswitharchitecturalgemsevokingitsrichculturalheritage. TremontwasoncenamedUniversityHeightsintributetothehostingofthecity'sfirst institutionofhigherlearning-clevelanduniversity-whichoperatedintheneighborhoodfrom 1851to1853.Thecurentstreetnames"Professor","Colege",University" and"literary"areremnantsofthisperiod. ThenameoftheneighborhoodwaschangedlatertoLincolnHeightstocommemorate thearea'sroleasthesiteoftwounionarmycampsduringthecivilwar. Thesmaltowncharacterfosteredbytheisolationcreatedbythedevelopmentofthe interstatesalongwiththeuniquemixofarchitecturalstylesandproximitytodown-town, hasspuredarenewedinterestinurbanlivingintheneighborhood. Inthe1970sand'80s,artistsbegantosetlein thearea,drawnbythefantastichomesand churches,downtownandriverviews,cheap studiospace-aswelastheunique European feeloftheneighborhood.theirpresencemade thecommunityexcitingagain,andhardworkby neighbors,businessownersandinstitutions resultedinarebirthoftre-mont.today,the neighborhoodishometoartistsandgaleries, award-winningrestaurantsfeaturingfinefood andau-thenticethniccuisine,boutiqueshops, upscalehousingandrehabbedvictorians, churches,institutions,parks,librariesandcofee shops. Tremont smissionis toservetremontby organizinganinclusivecommunity,buildinga unifiedneighborhood,andpromotinganational destination." 5
collateralvalue 5Tow nhomeunitsto beconstructed.2054sqft 9-28-17:BPO forvacantland.wehaveacquired3parcels.additional10feetavailable (30k)forcurbappeal.Upontherazingofthe2existingbuildingsandassemblingthe3 parcels,eachrespectively.06+.06+.07,wewilhaveacombinedrawlandtotalof.19 acrefortheconstructionof5town-homes.curentsalesofvacantlotsintremontare trendingupwardsasnoted.valuesrangefrom $90,000/lotto$100,000/lot.Vacantlandis extremelylimitedintremont.recentlandactivityshowstheaveragepricetobe approaching$1,858,974/acre.tremontlandingswilhaveanimmediatelandvalueof $353,206.00.Seebelow: 6TownhomeUnitstobeconstructed. XXXXXXXwilreleaseaninitialpre-constructionoferingwithsalespricingbeginningin themid$400,000.00'swithanticipatedsalestobeintheupper$400,000.00tolower $500,000. 6
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exitstrategy XXXXXXXXanticipatesatimeframeof18months,tomarket,buildandseltheunits.The finishedtownhomeswilbepre-marketedforsaleandweanticipatepre-salestoaverage 1-2beforeframingbegins. Salesshouldbebriskasthecityofersa15yeartaxabatementfornewlyconstructed homesintremontthatmeetthegreenenergybuildingstandards.proceedsfrom sales wilbepaidproportionatelytoinvestor(s)toreducetheirexposure. 8