Update on 316 N Ocean, 322 N Ocean & 1238 Lainge

December 11, 2018


On 316 Ocean, 322 Ocean & 1238 Lainge- 316 & 322 Ocean have two interested parties returning to review an offer to possibly buy the first 2 of 3 lots in this PPM property group. 

If we sell those in the $7.5 M range likely  by year end time  - that will pay off the Senior Lender and leave us with the last lot -1239 Lainge St - Free & Clear for the LLC Partners. These lots are getting a lot of attention now because they are fully entitled with  approved zoning  and building site plans approved and the key 6 month busy season  about to start!

YOUR minimum return pay out here is 12% Guaranteed annualized return as protection here.  Also, we haven’t sold these lots as is  yet but could do so at a lower  price  and pay everyone off at just the minimum return. However, it is better for all to receive their maximum 14% to 16% returns by us building them if they don’t sell soon.  If they don’t sell by year end we will build all 3 . On this block built homes sell at much higher multiples and faster. Profits for you will be much  higher - and we will be able to pay investors a full 14-16%  rate of return - which is accruing now.

Since this is near the last close ocean lot in Delray it will be an extremely desirable group of spec homes and a buyer will be eager to be able to move right in  without the hassle of building it themselves from scratch.

Private Single Family near Ocean Town Homes like Lainge, 316 & 322 N Ocean Blvd go for over $900 +   per “under AC square foot” in Delray Beach proper. 

Cost to build each here is only  $312 a foot  vs $ 900 a foot to sell. Thus, the spreads are very strong so that investors are currently very secure and will get paid  full 14% TO 16%  accrued ROI.

We have arranged for construction budgets, financing and permits on all 3 and are ready to build all starting November.

FloridaMatthew Callahan