2013 Financing Pkg Village at Knapps Crossing
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This owner is looking to refinance our Village at Knapp’s Crossing project and do a bridge loan connected to a long term financing package with your company. We are looking to pay off both loans and end up with a permanent financing for the project at competitive rates. By paying off the existing debt and building the spaces for the new Tenants committed to the development, we would achieve $1,037,200.00 in rents NNN first year per the attached 5 year proforma with over 200,000 square feet remaining to build. The site already boasts a brand new D & W Food Store which was sold off. A newly constructed, leased and operational PF Changs is included in the package. As well the owner of the property has solid letters of intent to lease parts of 3 new buildings on the site that will carry the holding cost of the remaining land based upon it's $1 Million Dollar per year positive cash flow position upon completion of these lease spaces for 5 more tenants. These tenants include, Boyne Country Sports, GNC, Design Hair Salon, Rusty Bucket and Bravo! The owner is confident that once able to move forward with a strong loan committment and/or equity partner, there will be many more lifestyle tenants that will follow. All but the very first video were created back in 2006 for marketing purposes. There was another lifestyle center planned on the north side of this project back prior to 2008 but after the Retailers \"RedLined\" Michigan for a year or two and neither of these malls were developed due to the lack of the ability of any lenders to grant financing for several years since then, the land for that project to the north was recently purchased by Spectrum Health for NON-retail development. That being said, there should be plenty of prospective tenants that have already been sold on the area and the project back prior to September of 2008 when all Retail Development in the State of Michigan by in large came to a standstill. All indications are there is some pent up demand for a PERFECT location as this.