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Port Huron Conversion

1026 Military St, Port Huron, MI 48060

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offering description

Global Integrity Investments is pleased to offer Evansville Apartments, a senior living conversion to apartments, built in 1919/2020 in the downtown area of Evansville, IN.

Property has 61,115 total rentable square feet that we will be converting to around 60 units of heavily upgraded apartments. Our projected unit mix has an average square footage of 732 sq ft for the apartments at around $1.40/sq ft for rents, which are below the nearby comps.

The property does have a mold issue from a sprinkler leak and a pipe burst back in 2020 so around $500k of our CapEx budget will be going towards mold remediation on day one of the business plan.

Overview

8%
Preferred
Dividend
2.0x
equity
multiple
3-5
hold
period

offering terms

Target Raise:
Minimum Investment:
Total CapEx:
Investment Period:
Average Annual Cash Flow:
LP/GP Split:
Others:
~$1,250,000
$200,000
$3,500,000 (~$45,000/unit)
3-5 year with a refinance event in 8-12 months
8% annual preferred dividend, paid monthly up to 12 months
45%/55%
Target Raise:
~$1,250,000
Minimum Investment:
$100,000
Maximum Investment:
$1,000,000
Investment Period:
3-5 year with a refinance in 18-24 months
Prefered Dividend Return:
6% annual return paid monthly
LP/GP Split:
45%/55%
Others:
Annual Dividend is ONLY for beginning 18 months

business plan

Global Integrity Investments has recently acquired an off-market property, a vacated establishment currently zoned for hotel and retail use, at the opportunistic price of $5,500. Our vision for this unique asset is multi-faceted and aims to maximize its potential. We are allocating an investment of roughly $45k per unit to transform the 2nd to 5th floors into 50-60 modern apartments.

Future tenants and visitors can look forward to a vibrant bar/restaurant, a sophisticated cigar lounge, and a diversified retail space. Enhancing the property’s offerings further, the basement is set to house an array of resident-focused amenities, including a state-of-the-art fitness center, dedicated laundry facilities, an office space, and a comprehensive mail center.

To facilitate this ambitious transformation, our financial strategy pivots to securing a bridge loan to cover the majority of renovation costs. This interim finance solution will be followed by a refinancing into long-term debt within an 8-12 month period, underlining our commitment to efficiency and optimal capital structure.

ADDRESS: 1026 Military St, Port Huron, MI 48060
ASSET TYPE: Multifamily/Retail
PROPERTY CLASS: Class B
YEAR BUILT/RENO: 1896
OTHER:  

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