[Fredslist] construction financing needed

[Maddi Sussman]

Please contact my colleague Jacqui Atcheson at  917 353 1655 if you know of anyone that can provide financing for the following or if you have any questions regarding this project.

Thank you
Maddi
Madelyn Sussman
Senior Loan Officer
845 634 4460 Direct
8453047012 Cell
877 730 2960 Fax
maddi.sussman at prospectmtg.com<mailto:maddi.sussman at prospectmtg.com>
www.myprospectmtg.com/msussman

We will be looking for financing in the next few weeks so if your investment group has interest we will be happy to speak with them.

We own the project ,with the land, free and clear of any debt.
We are looking for Approx, 1.35 Million to complete the project as you will see in the construction cost breakdown in the marketing file.
The sheriff's sale offered almost $ 3MM so I know the Value is there.

We also have been working with a realty company in Harlem that assured us that buyers are willing to invest in our property for purchase because our price would be the best in Harlem For a new product.
The Breakdown is as follows:

1st floor  - 1 Bed Studio (apt in the front near entry) - 435 sf                         =             $   299,000
1st floor - 1Bed w/ ground floor Rec room and yard access -  985 sf           =            $   349,000

2nd & 3rd floor - 1 Bed Apt - 670 sf (4 units total) - $ 329,000 x 4                  =            $1,316,000

4th & 5th Floor - 1 Bed Apt - 670 sf (4 units total) - $ 339,000                          =             $1,356,000

6th & 7th Floor - 1 Bed apt - 670 sf (4 units total) - $ 349,000                            =             $1,396,000

                                                                        14 Units Total Sell out                             =             $4,716,000

These Sale numbers are on the conservative side based on similar sold units & availability within the last 6 months.






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