Page 2 - OPG Three Page Pitch - Leawood 60% 11.20.15
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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 January, 2016.
OPG Senior Communities - Leawood, LLC is seeking an equity investor to complete the remaining $5.2 million of the original $5.8 million needed to secure a loan to cost of $17.3 million, (75%) for a total development budget of $23 million. The partnership is offering a 9% Preferred Return and a 60% equity stake in the development.
