Deal: Seeking Bridge Loan for a US project
DescriptionWe have acquired a commitment for the $400M loan which will take about 100 days due to banking protocols. We have these buildings â€˜under contractâ€™ [withâ€˜paidâ€™ earnest money deposits] and we can now engage with a bridge lender for $50M with a guaranteed exit strategy. With this $50M loan we would â€˜buy the buildingsâ€™; hence lender collateral will the â€˜6 buildingsâ€™ and all rent rolls. We will exitthis lender in 180 days (or less). The CPPT Project is a 100 story mixed-use residential high-rise and indoor shopping mall in downtown Chicago. This downtown block â€˜nowâ€™ has â€˜5â€™ residential building and a parking structure; which will be removed. All studies have been completed within city regulations, etal. Job Benefits â€¢ This project will create over 3,000 construction related jobs during 3 year build out and over 350 permanent jobs. Cost â€¢ The total project cost is $400,000,000.00. We have a committed construction loan from a qualified company. New Solar & Off-Grid Technology â€¢ CPPT will have 1.14 million sq. ft. of solar panels along with solar heating tubes within the parking structure. With these and the latest BLOOM ENERGY ES-5000â€™s the CPPT can deliver clean power in parallel with the utility grid and the CPPT will produce 95% of the energy it consumes. We have voluminous data, city support, a superb team and have acquired construction financing.