Page 2 - OPG Pitch Deck - Ironhorse - 4.27.16
P. 2
THE FAIRWAYS OF IRONHORSE
The “FOUR SEASONS” of Senior Living
The Fairways of Ironhorse is a proposed 74-unit market rate, age-restricted (62 and older) independent living development located in the southern portion of Leawood, Kansas. The planned development includes the construction of 74 one and two-bedroom apartment units contained in a two, three, and four- story elevator-serviced mid-rise building with an underground garage and storm shelter. The property will be new construction, and the condition, high- quality of finish, enhanced amenities, and unit sizes will be superior to the competition.
The developer, Overland Property Group, LLC, has purchased the land, successfully re-zoned the property and received final plan approval through the City of Leawood. It is anticipated that permits will be ready for groundbreaking in late summer 2016.
OPG has purchased the land, ($1.4 million) and is contributing it into the deal. OPG is seeking an investor for the remaining $4.75 million to provide the $6.5 million needed to secure a loan to cost of $18.5 million, (75%) for a total development budget of $24.6 million. In exchange for their guarantee, the partnership is offering a 9% Preferred Return and a 60% equity stake in the development.
