Page 3 - OPG Pitch - Leawood 50% - 3.3.16
P. 3
LEAWOOD DEVELOPMENT
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 April, 2016.
OPG Senior Communities - Leawood, LLC, (OPG-SCL), has purchased the land, ($1.4 million) and is contributing it into the deal. OPG-SCL is seeking an investor for the remaining $4.6 million to provide the $6 million needed to secure a loan to cost of $17.8 million, (75%) for a total development budget of $23.8 million. In exchange for their guarantee, the partnership is offering a 9% Preferred Return and a 50% equity stake in the development.