FW: 2 projects
HI Leslie: The last time we talked was 9 years ago. Glad to hear you are there. I thought I'd reach out to Jeffrey on 2 projects which I am developing.
I am purchasing a large hotel in Kansas City, Mo. The Executive Summary and Market Plan are attached. The project requires a final $1.8 million, than we settle.
I have been talking with the city fathers of Garden City, NY to restore the historic St. Paul's school. This is a landmark whose space would be adapted into: a historic inn with ballrooms for weddings, a few restaurants, a spa, a bookstore and coffee shop and a dedicated community space; all within its 180,000 sq. ft. Please Google: St Paul's school in Garden City, NY.
The building looks like a smaller version of the Plaza Hotel or an oceanfront mansion in Rhode Island. Restored, it will be a major draw as an interesting upscale, destination. I am talking with B of A, Wachovia and iStar Financial on the construction loan of up to $40 million. The historic tax credits are approx $7 million. I estimate I have to assemble from $8 to $10 million, defined as equity to proceed. The income from the tax credits helps to repay the equity quickly, therefore the risk is substantially reduced.
Jeffrey; in this economy, I feel a project like this works. The agreement would be a 99 year long-term lease which means, the land and site does not have to be financed.
If you would like to discuss both projects, feel free to call me at: . My resume is also attached.
Sincerely,
Phil Crifasi, Jr.
Managing Member
Lakeside KC LLC
10 Birchwood Court
Tinton Falls, New Jersey 07724
KC Guesthouse February 2010 Executive Summary Equity or Debt.doc KC Marketing Hotel Plan 2010.doc resume 2010.doc