securing financing for a resort/mixed use project
I am a developer in the Huntsville Alabama area, the number 1 rated city in the USA for growth and quality of life.
I purchased the most beautiful 3000 acre tract of land with 4.5 miles of water front on the Tennessee River/Wheeler lake.
After having the market and fesability study conducted by a top us firm the highest and best use was a nature orienated resort with marina village, equestrian center, hunting lodge and hotel/conference center with spa.
I then hired a top architect firm to master plan the property. The total land used will be about 400 acres with the balance used for receational use for residents.
I have about 3000000.00 invested today and with the current financial market have not been able to find funding.
I have considered a JV partner but not sure where to turn. What is your thoughts?
The reason funding is not forthcoming to your development is because the world is in Recession and Banks are in Survival Mode.
You will have noticed or read that all the TARP Money for the major Banks was not used, as stated in Congress, to buy Toxic Assets, it was used to allow major Banks to buy up other small banks (increase market share) and pay Bonuses to their Executives.
Development right now is not being accepted by banks, so the best option might be to hold long term or find a cash buyer.
If you can find a JV partner you should go for it as long as his view on development is long term. If it was me I would sell at 'best.'
Hope this helps,