The church is a project that is sitting there. Still excited to make this a reality, the only problem is the current interest rate and lending market is not set up to make this a current or quick reality.
We have worked with a number of different credit unions, and banks and no one enjoyed the project enough. One credit union claimed, oh you used crowd funding, we can not lend on a crowd funded project. How are you going to complete the last two units? All the connections will be plumbed, and set up electrically, and sewer. They could not understand capping all the lines, having everything prepared for final fitting of the last two apartments.
We fully went through the complete financing process with three entities only to be denied construction financing for the project.
We are now adapting as we do and looking for alternatives. We have very favourable zoning and are looking at all available options. The building is fully purchased, with no project interest. The project is just delayed but still incredibly favourable considering the price paid for the building.
The project has zero external debt so no creditors to worry about. The property taxes are limited due to church use on part of the building (exempt from taxes). Most of the utilities are born by the church tenant. Insurance is the other main holding cost. Maintenance is not big thing given planned renos.
Rogers Management Group has the largest share of this deal and we have no reason to do anything other than work to maximize value.