October 17, 2019
It was a busy quarter at Summerlyn as DiversyFund transitioned in a new property management team, CKR, which has shown increased leasing activity with a high walk-in closing ratio. We are currently finalizing competitive bids for safety items, exterior renovations, landscaping and minor parking lot repair- work will begin in November. Finally, we began reviewing bids for interior renovations which we will finalize and begin by the end of the year.
Project Stage: Pre-Renovation.
We are excited that the Park Blvd deal is fully stamped and ready for permits to be pulled with the City. JLL has been brought on to ensure that we receive the best possible deal with our development and debt partners. We have met with nearly 10 different joint venture equity groups that are considering partnering with us on the construction. Progress on the structure of the capital stack has been positive and we are in talks with potential co-development partners as well that could complement the project and lower the cost of realizing the project. We have also had positive momentum with the construction loan for the property now that we are ready to pull permits. We are close to being at a point to be reaching out to investors for next quarter to determine who will be participating in the Phase II build of Park Blvd.
Project Stage: Pre-Construction. Capital Stack Partners in Negotiation
As the Goshen property continues to cash flow, we have been in conversations with a lender to refinance the property in the low-interest-rate environment as we wait for market appreciation to continue to lift the asset’s value.
Project Stage: Completed and Cash flowing. Refinance in Progress.