Offering Memorandum - Synergy Capital Group

Transcription

TERRA at Hallandale by
Offering Memorandum
32 UNIT APARTMENT BUILDING
Hallandale
This information has been secured from sources we believe to be reliable, but we make no
Representations or warranties, expressed or implied, as to the accuracy of the information.
Reference to square footage or age are approximate. 2006 SYNERGY DEVELOPMENTS GROUP,LLC.
1
Confidentiality Agreement
The information contained in this report is a work of SYNERGY DEVELOPMENTS GROUP
LLC., a State of Florida corporation. From this point forward, SYNERGY DEVELOPMENTS
GROUP LLC. will be known as “SYNERGY” This report has been prepared exclusively by
the partners and members of the project and its group of economic affinity.
The information included in this report is private and confidential, it is subject to
changes that can be produced at any moment, at the sole discretion of “SYNERGY,” and
replaces all information previously elaborated. This material contains statements and
estimates valid only at the moment it has been produced, and the members, directors,
officials, executives, managers, employees and people related to “SYNERGY” assume no
responsibility for the information contained within this report, for the veracity and effects
of it, or of notifying any change in it, or for any acts or decisions taken based on this
information.
If you are not one of the members or indirect recipient of this report we ask you to
destroy it and/or notify “SYNERGY” immediately. You should not directly or indirectly
use, reveal, distribute or copy any or all of the parts of this document without having
previous authorization from “SYNERGY” given that the report contains information
legally protected and it has been coded and numbered.
This report contains public information and information of a confidential nature.
Confidential information is destined directly for own usage, limited to the study of the
economic parameters of the project of “HALLANDALE” based in Florida, from now on
“the project.”
This document should not be considered as an offer or any form of contract to
commercialize “the project.”
Even when representatives of “SYNERGY” have revised this confidential document it
does not intend to include all the information any potential investor might wish to have.
Also, “SYNERGY” or any of its managers, directors, agents or employees take
responsibility or guarantee, stated or implicitly, the precision of the information
contained in this document, or any of its content, therefore does not assume any legal
responsibility for the aspects mentioned before and the ones mentioned following.
2
Under no circumstances will this information be interpreted as an invitation to participate
in the activities of “the project,” “SYNERGY,” their sister companies or other companies,
related directly or indirectly. Also there is no invitation to participate in any similar
investment through third parties. The information contained in this report should not be
used to take investment decision about “the project” or in “SYNERGY” or any of its
subsidiaries or related companies.
This confidential report should not be assumed as an indication of the state of the affairs
of “the project,” or in “SYNERGY” or any of their subsidiaries or related companies. It
should also not constitute any indication that any changes may have existed in “the
project” since the date of elaboration of the report.
The information previewed in this report has been collected from credible sources; yet, it
is recommended to its recipients to verify the information on an independent level.
“SYNERGY” reserves the right to make changes in the economic and financial conditions
or of any information included in the report without notification.
The shares in “SYNERGY” have not been registered, or have been planned to be
registered in the future, with the Securities and Exchange Commission of the United
States, according to the law of Securities and Values Act of 1933 or with the State of
Florida, under the law of said state.
Even though this report does not constitute a contractual offer, in the extreme case that
someone by their own initiative solicits the purchase of any of these shares; it is not
“SYNERGY” responsibility. Said person will not under any pretext implicate, accuse, or
make “SYNERGY” liable or any of its official members, employees, or persons related to
“SYNERGY” by this information contained in this document or other information on
which the person based their investment decision recognizing that this has not been the
information used to reach their own conclusion.
The shares in “SYNERGY” are not available for citizens or residents of the United States,
nor will they be bought to benefit any citizen or resident of the United States of America
PLEASE READ
3
Table of Contents
CONFIDENTIALITY AGREEMENT......................................................................2
1. THE OVERVIEW ..............................................................................................5
2. THE CONCEPT ................................................................................................6
3. THE OPPORTUNITY........................................................................................7
4. THE VALUE PROPOSITION............................................................................8
5. LOCATION .......................................................................................................9
6. PROPERTY DESCRIPTION...........................................................................11
6.1 PROPERTY PICTURES ...................................................................................12
7. BUILDING PURCHASE .................................................................................13
8. PROJECT OPERATION.................................................................................14
8.1 OCCUPANCY ................................................................................................14
8.2 UNIT MIX .....................................................................................................15
8.3 INCOME & EXPENSES ...................................................................................16
8.4 SALES CHART ..............................................................................................17
9. FINANCING & EQUITY ..................................................................................18
10. PROJECTIONS ............................................................................................19
11. TIME LINES..................................................................................................20
12. OPERATIONS & OUTSOURCINGS ............................................................21
13. DEVELOPERS .............................................................................................23
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1. The Overview
Nova Apartments is an outstanding condominium conversion
opportunity in the area of HALLANDALE Florida
Investment Highlights
• 32 Units Total
o 26 Units One Bedroom/ One Bathroom
o 6 Units Two Bedrooms/ Two Bathrooms
• Extremely Well Maintained Property
• 100% Occupied
• Excellent Location
• 40 Parking Spaces
• Located 1.5 miles east of Beaches
• Close Proximity to Supermarkets and Retail Chains
5
2. The Concept
The Condominium Conversion operation consists on acquiring Multi-Family
Building also known as Apartment Rentals in the area of South-Florida to convert
into Condominiums through a legal process. After the conversion of the property,
the condos will be offered to the public at an attractive market price. The
following graph explains how the process functions.
LEGAL DOCUMENTS
“CONDO DOCS”
CONDOMINIUM
APARTMENT
RENTAL
BUILDING
(1 Folio Number)
(Several Folio
Numbers)
CONDO CONVERSION
BUILDING
REFURBISHING
SALES OF
CONDO UNITS
6
3. The Opportunity
In the city of HALLANDALE there is a property consisting of 32 units located at
321 NE 1st Ct., HALLANDALE, Fl 33009. The property is on a 32,071 well
maintained sq.ft, just few blocks from major retails, and main highways.
Built in 1966, this 2 story courtyard property is in a good condition in terms of
exterior painting, pool, landscaping areas. Also, units have been kept in a great
condition with, new tiles, and well kept bath and kitchens.
This property offers an excellent opportunity for a Condominium Conversion
operation due to the high demand in the area as well as its location, condition,
size and mix of the units.
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4. The Value Proposition
Summary
Price
Price per Unit
Price per Square Foot
Number of Units
Rentable Square Feet
Number of Buildings
Number of Stories
Year Built
Lot Size
$ 3,770,000
$ 117,812
$ 153.56
32
24,550 Sq. Ft
1
2
1966
32,071 Sq. Ft
8
5. Location
HALLANDALE Florida is located at the center of Dade, Broward, and Palm Beach
counties in South Florida. The region is experiencing continued growth and is
now home to over 5,000,000 permanent residents plus millions of visitors
annually. Downtown HALLANDALE is located between Miami and Fort
Lauderdale, 1 mile from beaches and 1.5 mile radius of Downtown HALLANDALE,
a place where a major transformation is taking place. The new Gulfstreat Park
opened on January 2006 and it has construction planed for 300,000 sq.ft.
offering an array of restaurants, bars, viewing areas and entertainment facilities.
In the first phase of the development, scheduled for completion in 2008, there
will be more than 70 specialty shops, restaurants, outdoor cafes, entertainment
facilities and approximately 400 residences.
9
This property is extremely well located in the area of HALLANDALE, Florida. 321
NE 1st. CT, HALLANDALE, FL .The Apartment Building is located just one block
west of US-1, just 1 Miles west of A1A and the Beaches.
The property is in close proximity to mayor commercial chains, and the Diplomat
Golf Course. It is also a short 10 minute drive to the Ft Lauderdale Airport and
the mayor High-ways like I-595, Turnpike and I-95.
Several recognized companies such as Target, Wallmart, Publix, Wallgreens,
Ross, Office Depot, are a few blocks from the property. And less than 5 minutes
from Aventura mall.
The following chart explains the boom that is happening in the area and shows
all the new construction that is taking place in Hallandale including the incredible
Gulfstream Park.
New Construction
New Townhouses
Subject Property 32
New town Houses
New Construction
New Townhouses
L’Solei Conversion 59 untis
Gulfstream Park
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6. Property Description
Nova Apartments is a Rental Apartment Complex consisting 32 units. The
property is on 32,071, very well maintained sq. ft.
The property has amenities such as open pool, laundry facility and a storage
room. Also the mix and size of the units are 26 units One Bedroom/ One
Bathroom and 6 units Two Bedrooms / Two Bathrooms
Property Amenities
•
•
•
•
•
•
Pool
Laundry Facilities
Storage Rooms
Good Parking Area
CBS Construction
Open Spaces
Unit Features
•
•
•
•
•
•
•
Open Area
Central A/C
Water Heater
Good Layout
Walk-in Closets
Bath-tubs.
Terraces or Patios
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6.1 Property Pictures
12
7. Building Purchase
The Building will be purchased using three sources of funds.
1. Promoters Capital
2. Investors Capital
3. Loan from a Financial Institution.
This capital should equal the total purchase price plus closing cost, refurbishing
expenses and operation expenses.
The initial deposits as well as some of the equity required to purchase will be
invested by the promoters. The outstanding amount to complete the 20%
required for the purchase along with the capital required for the refurbishing and
the operation will be raised from the investors.
Those funds will be disbursed once the operation is complete based on the
following structure:
1.
2.
3.
4.
BANK
A/P CONTRACTORS
INVESTORS
DEVELOPERS
FUNDS DISBURSMENTS
4. DEVELOPETS
3. A/P CONTRACTORS
INVESTORS
BANK
13
8. Project Operation
•
•
•
•
Occupancy
Unit Mix
Income & Expenses
Sales & Closing Chart
8.1 Occupancy
The property consists of a total of 32 units. The apartment building is 100% rented. The
purpose of this project is to convert the current Multi-Family Rental building into
Condominiums.
Vacant Units:
0
Rented Units:
32
Total Units:
32
Rented & Vacant Units
Vacant
1
2
Rented
14
8.2 Unit Mix
No. of
Units
Unit
Type
Approx.
Sq. Ft.
Current
Rents
26
6
1/1
2 /2
725
950
$775.00
$850
32
32
TOTAL
EGI*
24,550
Approx.
Monthly
Income
$20,150
$ 5,100.
$ 25,250
$323,400
* Effective Gross Income
Mix of Units
1B/1B
2B/2B
15
8.3 Income & Expenses
Total Number of Units:
Total Rentable Area:
32 Units
24,550 Sq. Ft.
16
8.4 Sales Chart
SALES CHART
10
9
8
7
6
Series1
5
4
3
2
1
0
Oct
Nov
Dec
Jan
CLOSING CHART
10
9
8
7
6
5
4
3
2
1
0
Feb
Mar
Apr
May
17
9. Financing & Equity
Investors’ capital equals 20% of the total value of the property. The other 80% is
financed by a financial institution. Investor’s receive an 18% annualized return, of which
is guaranteed by a promissory note on the property. In addition, investors participate
with a percentage (%) of the net profits. Based on current projections the overall return
for investors will be approximately 25% over the life of the project. The approximate life
of the project is about one year from the date that the funds are deposited. The
minimum investment is set at $50,000.
The investment is being secured by an Operating Agreement with the Corporation that
will own the property, which is a legal document that confirms the participation of the
investor in the transaction and the way the funds will be disbursed when the project has
reached the final stage.
The funding structure, as mentioned above, has 3 different variables that have to be
considered in this transaction, those are: 1 Promoters Capital, 2 Investors, 3 Bank.
FUNDING STRUCTURE
4%
16%
Bank Loan
Invest. Capital
Promoters Capital
80%
18
10. Projections
19
11. Time lines
20
12. Operations & Outsourcings
The following information reveals the type of operation that our company manages. Our
Group works with a list of very well recognized groups of specialists to develop the
Condominium Conversion.
These companies have worked with us in the past performing a great and successful
operation in the area of Condo-Conversions.
The team is as follows:
SYNERGY
Developments Group
LLC.
CONDO ATTORNEY
Freeman, Haber, Rojas &
Stanham, LLP
ENGINEERS
Atkins Engineers
SURVEYORS
Nova Surveyors
MANAGMENT
COMPANY
Trust Group Managment
LEGAL ADVICE
Robert Haber
ACCOUNTANTS
Vanesa Cisneros, CPA
21
√
FREEMAN, BUTTERMAN, HABER, ROJAS & STANHAM, LLP.
Mr. Robert Haber, a very well recognized Real Estate Development Attorney with
more than 40 years of experience, is in charge of all details and legal conversion
process. He is our right hand man in the complete conversion process.
√
ATKINS ENGINEERS
Mr. Miroslav “Misha” Mladenovic, is the principal and our reliable engineer.
Atkins Engineers provides the best inspection services and reports to Real Estate
Investors, Developers and Management Companies. A review of the structure
including roofing, windows, walls, and waterproofing; and an overview of the
mechanical and electrical system are their expertise.
√
VANESSA CISNEROS, CPA
Mrs. Cisneros, is a very knowledgeable Real Estate Accountant, who advices and
manages us in all aspects related to accounting matters. Based on her 15 years
of experience as a CPA, our company relies on her for all our accounting needs.
√
TRUST GROUP MANAGEMENT, INC.
Mr. Enrique de la Pena, president of the management company, is in charge of
managing the properties during and after the conversion. With more than 15
years of experience and 20 properties in his portfolio, he has the experience and
knowledge needed to manage such an operation.
√
NOVA SURVEYORS
Nova Surveyors is one of the most recognized firms in the area of Surveys and
Drawings. Mr. Felix Suarez, one of the principals of the company, is always
dedicated in performing the best operation and generating the required
documents.
22
13. Developers
SYNERGY INVESTMENTS GROUP LLC. “SYNERGY” is a U.S. Company established
in the State of Florida. “SYNERGY” operates in Miami, Florida and Bogotá Colombia.
The Company is formed by a group of well recognized business achievers in the industry
of Real Estate in South Florida, principally, in Miami-Dade and Broward County.
Also, the company members have extensive successful experience and knowledge in the
Real Estate industry, allowing the company to have a very solid and focused operation.
The main operation is the acquisition of Real Estate properties in the area of South
Florida. The principal sector in which the company develops its operation is known as
Condominium Conversion.
The members of SYNERGY are honest, responsible, professional and committed.
The following are the Industries in which the Group operates.
CONFECTIONS
S
HEALTH
AGRO INDUSTRY
REAL ESTATE
23

Offering Memorandum - Synergy Capital Group

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