Commercial Loans Blog

Pretty Cool Syndicate That I Am Assembling

Posted by George Blackburne on Mon, Feb 11, 2019

Fairfield InnThis month I am syndicating a fantastic deal.  Please do not interpret my enthusiasm as any sort of guaranty of success or safety; however, let's face it.  Some investment deals are better than others.  

I predict that this syndication will be the single best investment offering we have ever made in almost 40 years.  The projected return to our accredited investors, over seven years, is projected to be 25.4% annually.  Here is a link to the offering.

 

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Here is what is happening.  A very experienced hotel builder is building a Marriott Fairfield Inn in Roseburg, Oregon.  The Fairfield Inn is a very popular hotel franchise, with over 900 of these hotels worldwide.  The proposed hotel is adjacent to Interstate 5, which runs from the Canadian border to the Mexican border, through central Washington, central Oregon, and Central California.

The reason this opportunity is so promising is because our builder-developer has built sixty (60!!) hotels over the past 23 years.  Wow.

This is also a low-leverage investment.  The construction and takeout loan will only cover 60% of the total cost of the project.  This helps to assure that there will be plenty of cash flow left over after making the mortgage payment.  Obviously numbers like this assume that the hotel gets built on-time and on-budget, and that the hotel will meet its projections for occupancy and average daily rate.

 

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If this was a newbie builder, the construction cost issue would be a source of serious concern; but after building sixty hotels, most of them flagged hotels, it's reasonable to believe that our builder knows what he is doing.  In addition, Fairfield Inns are proven franchises with large followings.  For example, when I used to travel with Culver Military Academy's fencing team, we always stayed in Fairfield Inn's.  They were everywhere.  

In the old days, banks would provide construction loans of 80% loan-to-cost to finance flagged hotels.  Then the Great Recession hit, and commercial construction lenders got slaughtered.  Nowadays, most banks limit their commercial construction loans on hotels to just 60% of cost.

Since the total cost of the project is around $15 million, this means that the developer has to raise almost $6 million in equity.  Our investors will be contributing about $2 million of this required equity.

 

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The 25.4% deal is about half-subscribed as of today.  If you happen to be an accredited investor, and the idea of earning 25.4% annually sounds interesting, please contact Angela Vannucci at 916-338-3232.  You may be reassured to know that Blackburne & Sons has been in business since 1980.

The above deal will soon be sold out, and we will be looking for our next equity investment deal.  Please be on the look-out for deals.

We are looking for development deals, and our maximum equity investment is $2 million.  We want the developer to have plenty of skin in the game, so we really don't want to contribute more than 40% of the required equity.  We like the four major food groups - multifamily, office, retail, and industrial - plus self storage and hospitality. 

 

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If you have a potential deal, please do NOT call or send me some huge package.  Just please send me three sentences.  "I am building a 46-unit apartment building in Des Moines, with a total cost of $12 million.  The bank will only make an $8 million construction loan.  I am short $1.6 million in equity."

Please make the subject line of this email to be exactly, "Equity Contribution Request".  The reason it has to be exact is that I get 1,200+ emails per day.  Please write to me at george@blackburne.com.

 

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Topics: development equity