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Benny Spensieri, Managing Partner
CRES Corp International, LLC
Commercial Real Estate-Development-Financial Services
1228 E 7th Avenue, Tampa, FL 33605
813-391-1545 [email protected]
www.CRESCorpLLC.com
1400 DeSoto Rd , Sarasota, FL 34234
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Statement of Confidentiality and Disclaimer
CRES Corp International, LLC (“CCI”) is assisting the owner of the property located at 1400 Desoto Rd,
Sarasota, FL. with the development or sale of their Property. No contact shall be made directly to the
Owner, or any associates to Owner, by any prospective partner, purchaser or agent of purchaser
regarding said Property.
This brochure is a solicitation of interest only and is not an offer to sell the Property. The Owner
expressly reserves the right, at its sole discretion, to reject any or all expression of interest to purchase
the Property and expressly reserves the right, at its sole discretion, to terminate discussions with any
entity at any time with or without notice. The Owner shall have no legal commitment or obligation to
entity reviewing the brochure or making an offer to purchase the Property unless and until the Owner
executes and delivers a signed purchase agreement on terms acceptable to the Owner, at Owners sole
discretion. By submitting an offer a prospective purchaser will be deemed to have acknowledged the
foregoing and agrees to release the Owner from any liability with respect hereto.
The enclosed materials are being provided solely to facilitate the prospective purchaser’s own due
diligence for which the purchaser shall be fully and solely responsible.
Neither CCI nor the Owner make any representation or warranty, expressed or implied, as to the
accuracy or completeness from the information contained herein, and nothing contained herein shall be
relied upon as a promise or representation as to the future performance of the Property. This brochure
may include certain statements and estimates by CCI Agents/Associates with respect to the projected
future performance of the Property. These assumptions may or may not be proven to be correct and
there can be no assurance that such estimates will be achieved. Further, CCI disclaims any and all
liability for representations or warranties, expressed or implied, contained in or omitted from this
brochure, or any other written or oral communication transmitted or made available to the recipient.
The recipient shall be entitled to rely solely on those representations and warranties that may be made
to it in any final, fully executed and delivered, Purchase Agreement between it and the Owner.
The information contained herein is subject to change without notice and the recipient of these
materials shall not look to the Owner and/or CCI, nor any of their officers, employees, representatives,
independent contractors or affiliates, for the accuracy or completeness thereof. Recipients of this
brochure are advised and encouraged to conduct their own comprehensive review and analysis of the
Property.
Prospective Purchaser understands and agrees that all dealings concerning the above opportunity will
be handled through CCI.
Prospective Purchaser ____________________________________Date____________________
Print Name________________________________
Address__________________________________________________Phone #______________________
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Contents
1. Property Introduction…………………………………………………………………..…….4
2. Introduction – 280-Unit Apartments - Development ….......................…5
3. Demographics……………….…………………………………………………….…………..…6
4. Project Summary and Financial Projections ……..………..…...……...…………8
5. Construction Budget ……….……………………………………………………………..…11
CCI Development Funding Options……………………………….………………….…………………..13
CCI “Preferred Investor Program”…………….………………………………………………………….15
Property Management Services…………………………………………………………..………………17
Development-Construction Services…………………………………………………………………….18
CRES Corp International, LLC…………………………………………………………………………..…..19
Sarasota, FL – 280-Unit Apartment/Condo Development
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1. Property Introduction
Subject property is the last lot available with over 16-acre located within the City limits. Property is
situated to the South from the Sarasota-Bradenton International Airport and 2-miles North from Down
Town Sarasota.
Property consists of:
16.57-acres
Zoned Commercial and RMF-4 (permitting 18-units per acre)
Note: Also available is a 26.5-acre site adjacent this site. 5400 Old Bradenton Rd. This property is zone
CI. Both properties provide 42-acres of property within the City limits of Sarasota.
Currently there is an approved plan to construct a 280-unit Apartments or Condo:
• 12-Buildings
• 3-Stories
• 8-Units Per Floor
Zoning
• Density - 18 Units Per Acre (Possible 25-Units/acres)
• Height - 70-ft
• FAR - .5
• Max Building Coverage – 25%
• Setback – F-0-, S-8, R-20
Owner is offering the property for sale or will consider a partnership. For further information on this
opportunity contact Benny Spensieri – 813-391-1545
Sarasota, FL – 280-Unit Apartment/Condo Development
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2. Introduction - 280-Units - 12-Buidings - 3-stories - 335K sf
Property/Project Overview - This proposed project includes 16.57-acres approved for 18-units per
acre. The owner of the property has an approved multifamily project in place that includes:
• 280-units (2/2 and 3/2 Units)
• 12 Buildings
• Average 1000sf/unit
• 3-story structure – 8-units per floor
The location is approximately 2 miles north from down town and directly south from Sarasota-
Bradenton International Airport.
Area Housing Market - According to the Multiple Listing Service (MLS) there were 2563 condo sales
within the last 12 months. Only 221 of these sales were short sales, auctions or foreclosures. 479
sales occurred 2 miles of the subject property.
Average Sale Price - Overall average sale price within a 3 mile radius from the subject property for
newly constructed non-waterfront condominiums is $209/sf for 2-bed/2 bath units averaging 1000
sf. 3-bed/2bath units capture a significantly higher pricing
Average days on market is 70 days.
Average Lease Price - Overall average lease price within a 3 mile radius from the subject property for
newly constructed non-waterfront condominiums is $2/sf for 2-bed/2 bath units averaging 1000 sf,
with rents reaching $3/sf for 3-bed/2-bath units offering 1200 sf.
Sarasota, FL – 280-Unit Apartment/Condo Development
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Sarasota, FL – 280-Unit Apartment/Condo Development
16.75-acres
280-Units
26.5-acres
Zoned CI
Bradenton-Sarasota
Municipal Airport
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3. Demographics
Demographic Overview For A 10 Mile Radius from Subject Property*
Persons 446,244 Families 118,983
Households 196,318 Persons Per Household 2.3
Percent Children 18.93 %
Source: 2010 Census / US Census Bureau
House Median Year Built 1977 Per Capita Income $31,525
Average Home Value $203,143 Average Household Income $50,772
Average Rent $1,064
Sarasota, FL – 280-Unit Apartment/Condo Development
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Source: 2013 American Community Survey, 5 year estimates / US Census Bureau
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4. Project Summary & Financial Projections – Apartment/Student
Housing Rentals
Location: 1400 Desoto Rd , Sarasota, FL 34234
Project: Proposed Development – 280-unit, 3-story, 335,000 sf Apartment for Rent Property Description: 16.57-acres Parcel ID: 0025 03 0031
Zoning: Property zoning is commercial, hotel/motel, North Trail (NT) District
• Density - 18 Units Per Acre
• Height - 70-ft
• FAR - .5
• Max Building Coverage – 25%
• Setback – F-0-, S-8, R-20
Land Price: $5,000,000 (Owner will consider Partnership/Seller Financing) The following is based on 95% Occupancy in Year 5 of Ownership and after four years of business operation, four years after construction completion, when the office would95% occupancy. Projected Gross Income: $6,180,000 Projected Income (95%): $5,871,000 Projected Expenses: $3,090,903 Projected NOI: $2,780,097 Projected Debt Service: $1,824,067* Projected BTCF: $956,030
Projected Cap Rate: 7.31% Cost Basis
Projected Cash Return: 12% (on equity)
Risk Factor: Medium
Sarasota, FL – 280-Unit Apartment/Condo Development
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*Financing
Debt Service based on initial construction loan utilizing VRDB bond structured financing on a loan
amount of $30,000,000 with 2.25% Interest Only Rate.
When Construction loan comes to term it is replaced with a permanent HUD structured loan on the
$30,000,000 loan balance with a 4.5% Interest Rate amortized over 30-yrs, 35-40-yr balloon.
Project Costs
$5,000,000 Land Cost
$35,000,000 Construction Costs (Hard/Soft/Holding, Property Prep/Infrastructure/Site Work/Paving)
$600,000 - Closing Costs/Finance Points
Total Costs: $40,600,000
Initial Investment = $10,000,000
Sarasota, FL – 280-Unit Apartment/Condo Development
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5. Project Summary & Financial Projections - Condo Sales
Location: 1400 Desoto Rd , Sarasota, FL 34234
Project: Proposed Development – 280-unit, 3-story, 335,000 sf Apartment for Rent Property Description: 16.57-acres Parcel ID: 0025 03 0031
Zoning: Property zoning is commercial, hotel/motel, North Trail (NT) District
• Density - 18 Units Per Acre
• Height - 70-ft
• FAR - .5
• Max Building Coverage – 25%
• Setback – F-0-, S-8, R-20
Land Price: $5,000,000 (Owner will consider Partnership/Seller Financing) Area Condo Sales:
Overall and just considering what was presented on the MLS, Sarasota County sold 2488 condo units
within the past 365 days. 253 1/1’s, 79 2/1’s, 1576 2/2’s, 363 3/2’s, 27 4+ Bedroom units.
116 of these sales were new construction
Max Values: $1,268/sf (4/4 4,660/sf Luxury Units)
Min Values: $99/sf (1/1 428/sf units)
Average Values: $334/sf (2/2 1,934/sf Units)
Med Values: $171/sf (2/2, 1,574/sf Units)
The majority of the sold units are 2/2 1600 sf units followed by 3/2 units. So according to this
information I think the best route for condo sales would be 2/2 and 3/2 units with a 75/25 ratio and
1200-1400 sf units, with an expected sale price of $171/sf/unit (average $220K/unit) to begin.
The active days on market averaged 90-days with the sale price not being too far off from the list price.
This is good news.
Keep in mind, you will have to consider accommodations for cars, as a good portion of these sales
included garages/carports.
Of course there were many sales that occurred that are not indicated on the MLS. The tax records
indicate 5000+ condo sales in Sarasota County within the last 365 days.
Sarasota, FL – 280-Unit Apartment/Condo Development
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28-Apr-16
PHASE I
335,000sq/ft 280 Rooms - $65/sf base 22,000,000$ 0%
_____ sq/ft Lobby-Office-Rental Space -$ 0%
_____ sq/ft Other -$ 0%
Waterfront - Docks-Slips Boardwalk -$ 0%
Site Work 1,000,000$ 0%
Parking (Surface) 350,000$ 0%
Parking (Stuctures) -$ 0%
Elevator -$ 0%
TOTAL 23,350,000$ 0%
ESCALATION CONTINGENCY 467,000$ 2%
HARD COST CONTINGENCY 1,167,500$ 5%
TOTAL HARD - PHASE ONE 24,984,500$ 0%
Real Estate Taxes -$ 0%
Bonds 233,500$ 1%
Permits & Licenses & Fees 233,500$ 1%
Arch, MESP, Struct, other consult 1,868,000$ 8%
Development Costs @ 8% 1,868,000$ 8%
Construction Mgmt. Fee@8% 1,868,000$ 8%
Accounting/Legal 233,500$ 1%
Zoning & Condo Docs 233,500$ 1%
Finance & Closing Costs 350,250$ 2%
Pre-opening Expense -$ 0%
Insurance 233,500$ 1%
FFE/OSE 1,167,500$ 5%
Lease Commissions -$ 0%
TOTAL SOFT - PHASE ONE 8,289,250$ 0%
33,273,750$ 0%
Soft Cost Contingency 1,663,688$ 5%
TOTAL HARD & SOFT - PHASE ONE
Sarasota 280-Unit Apartment
%
PHASE ONE HARD COSTS
PHASE ONE SOFT COSTS
6. Development – Construction Cost Budget
The Proposed Office Development factors an overall hard cost of $65/sf for the vertical structure
utilizing our cost saving Fully Integrated Structural Building System (FISBS). Our Development Team
offers the utilization of Steel Frame-Aerated board structures and/or Precast Concrete structures that
are cost effective and time efficient and add an overall reduced cost of from 10% on up, depending on
the project size. Financial Projections for the ALF are included in the CCI Financial Projection Report.
Sarasota, FL – 280-Unit Apartment/Condo Development
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Proposed Development Project Costs
Total Construction Costs = $35,000,000 Rounded Up (Hard/Soft, Holding, Escalations, Contingencies,
FFE, etc.)
Land Cost = $5,000,000
Total Project Costs = $40,000,000 Rounded Up
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Commercial Financing Arrangement
CRES Corp International assists our Clients with the provision of project funding:
• Acquisition Funding
• Multi-Family
• Hotels
• Retail
• Healthcare
• Medical
• Development Funding
Our Company strives to beat the current loan products offered by financial institutions, private capital and
other lending resources. We bring the best loan scenarios to our Clients:
• Lower Interest Rates
• Higher Leverage
• Longer Terms
• Non-Recourse
• No Prepayment
Financing is supplied through various sources to include:
• Bond Structured Financing
• Insurance Companies
• Private Capital
• Partnership Structuring
• Senior Life Settlement Policies
For further information on financing contact
Brian Hartman, Director, Financing Division - 561-633-8971 or [email protected]
Benny Spensieri, CCI Managing Partner - 813-391-1545 or [email protected]
CRES Corp International - Financing Options
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A. Variable Rate Demand Bond Funding
CRES Corp International offers our Clients the opportunity to receive low rates and low down payment loan
structures for their development and acquisition through our Variable Rate Demand Bond (“VRDB”) funding
program:
• 95%-75% LTV/LTC
• 2.25%-3.5% Interest Rate
• 25-30 Year Amortization
• Recourse/Non-Recourse
• No Prepayment Penalty
The following is the criteria for this program:
• Acquisition/Construction/Refinance
• Health Care/Medical Related Projects
• Property/Project Value: Minimum $5 million with no maximum value
• Must Submit Underwriting Documents for Approval
Our VRDB are AAA rated bonds secured by a Direct Pay Letter of Credit provided by our National Banks. The
underwriting process is almost identical to the typical process a borrower goes through when obtaining a
conventional construction and/or permanent loan however, rather than using the bank’s funds to fund the
loan, the loan is funded via the issuance of the VRDBs in the capital markets. This allows the project to be
funded at much lower rates based on the current 30-day LIBOR rate.
In example, in today’s interest rate environment, taxable VRDBs are trading at approximately 18 basis points
(0.18%). In addition, the borrower is obligated to pay the annual bank letter of credit fee estimated at 1.75%
to 2.25% for an all-in rate of 1.93% to 2.43%.
The rates and terms are negotiated with our Banks but the outcome is always much better than what the
bank would offer through conventional lending.
Our VRDB program also offers no pre-payment penalty. The VRDBs can be pre-paid at par with 30 days
notice. Non-Recourse loan structures are usually accepted.
For further information please contact Benny Spensieri – 813-391-1545 or [email protected] .
CRES Corp International - Funding Options
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CRES Corp International
For those who are interested in “Off-Market” property, we offer our ”Preferred Investor Program” (PIP)!
CRES Corp International is one of the few commercial companies specializing in “Off-Market” properties;
properties available for sale but not offered to the public. Owners of these properties choose to keep the
sale discreet and, therefore, they do no list their property with any real estate company.
The problem most sellers have trying to sell their property “Off-Market” is locating legitimate Investors, who
are financially capable and who will make reasonable offers. Our Company has had tremendous success
assisting our sellers by introducing them to our Investors, who are Members of our “Preferred Investor
Program”.
Our Preferred Investor Program Members are Investor and Investment organizations, prequalified through
CRES Corp International, so the seller is confident the Investor we introduce not only has the financial ability
to purchase their property but also has a successful investment history and will make a serious offer.
A property not disclosed to the public provides our PIP Members the luxury of limited competition, a
comfortable examination of the property, and ample time to work with the seller structuring a deal. Our
Investors usually end up with a very good to great deal.
Investor? For further information on our Preferred Investor Program and our available “Off-Market”
properties, feel free to call or send an email.
Selling a Commercial Property? Don’t want to list? Send an email or call. Our Investors are ready to make an
offer on your property.
Benny Spensieri – 813-391-1545 or [email protected].
CRES Corp International “Preferred Investor Program” (PIP)
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Property Management/Leasing - Business Management/Exit Strategy Consulting
For our Clients seeking professional management and consulting for their businesses, CRES Corp
International has teamed with the Pharus Group (www.pharusgroup.com) to provide the following:
• Leasing & Management
• Billing, Collections
• Record Keeping/Budgeting, Cash Management
• Account Report Preparation – Monthly-Quarterly-Annual
• Human Resource/Employee Hiring
• Business Enhancement & Branding
• Exit Strategy Consulting
• Web Design/Social Media Management
For the following types of business:
• Retail/Office
• Medical/Health Care (www.pharuspractice.com)
• Apartments
• Hotels
• MHP/RV
Christopher Morhardt, Pharus Group, President - 772-223-3344 or [email protected]
Benny Spensieri, CCI Managing Partner - 813-391-1545 or [email protected]
CRES Corp International, LLC/Absolute Commercial Property Management
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Fully Integrated Structural Building System (FISBS) Commercial/Residential Construction - Modular/Micro-Communities Development
In order to meet the increasing need for affordable, energy-efficient, stronger and safer construction, CRES Corp International is working with Mod-Build, Inc, introducing a superior method of construction:
• Affordable Construction Method - up to 20% reduced costs
• Structural Strength - in excess of 175 mph wind loads
• Energy Efficiency – R 28 walls / R- 32 roof
• Non-Combustible – Construction Type IIb (FBC / IBC / NFPA)
• Rot, Insect and Mold Resistant
• Qualifies for Energy Star, LEED and Green Building Certification
• Incorporates a high percentage of recyclable materials – primary materials are steel, aluminum, concrete and rigid foam insulation
• Exceeds the current and future energy efficiency requirements mandated under section 553.9061, Florida Statutes
• Speed of Erection – Faster than CMU / Wood Frame
• Lower Initial Cost / Less Maintenance / Lower Operational Cost
• Seismic Strength – will not fall down during an earthquake event
For further information contact Michael Wolfe, Mod-Build, Inc, 727-271-9206/[email protected].
*Some of the above photos include Micro-Homes constructed with FISBS technology.
CRES Corp International - Constuction & Development
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CRES Corp International, LLC
CRES Corp International, LLC (CCI) is a Commercial Real Estate company offering development, finance
and brokerage services:
• Construction & Development Project Planning
• Property Acquisitions
• Investment Structuring
• Property Conversion and Repositioning
• Joint Venture Structuring
• Medical/Health Care Property Management
• Financial Arrangement & Consulting
To assist our Clients with their development projects and acquisitions we offer affordable financing
alternatives to conventional financing methods:
• Variable Rate Demand Bonds
• Industrial Revenue & Municipal Bonds
• Build-to Lease Program
• Foreign Investment Funds
• Joint Venture/Equity Partnership Arrangements
Our goal is to bring our Clients the lowest interest rates and best leverage on their purchases and
projects.
Our Development Team consists of licensed and bonded professionals that utilize the most recent
sustainable technology in their construction, offering considerable savings in construction costs and
costs over time.
We will consider the following properties and projects:
• Health Care/Medical
• Offices
• Retail
• Schools/Universities
• Hospitality
For further information contact Benny Spensieri – 813-391-1545 or [email protected]
