John Texada
Knoxville, TN (USA)
Role(s):
Founder/Owner/Principal
Century Development
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Startup
Location:
Knoxville
Industry:
Real Estate
Year Founded:
2010
Number Employees:
1-10 people
Description:
My name is John Texada. I am a physician in Knoxville, and I am working with the well-known local architect and developer Buzz Goss to rehabilitate one of downtown Knoxville's historic structures, the "Century Building" on South Gay Street--the main thoroughfare of our currently-revitalizing downtown. In doing so we will add to the fabric of downtown: the rehabilitated building will be home to 40 new affordable apartments and a much-anticipated and much-needed bookstore and cafe.
I have three adjacent parcels on South Gay Street under contract, and with Buzz we are identifying lenders to help finance the rehabilitation of this 32,000 sf building.
We seek seed capital for inception of the A/C loan. We anticipate total acquisition and construction costs to range 6.5 to 7 million dollars, with acquisition 2.1 million of that. Contributing to that we anticipate approximately 1.2 to 1.4 million dollars in tax-increment financing before closing; and we are working with a tax-credit syndication company to gain access to an additional 0.8 million dollars in tax-credit equity. We are identifying additional private equity investors as well.
We have informal commitments from a large semi-governmental investor to lease between half and all of the residential units constructed, for use as low-income or affordable housing, and have a retail tenant in-hand, such that we anticipate cash flow to be positive from the outset. I've included a brief informational brochure and some introductory financial documents for your quick review.
I hope this brief introduction proves a helpful start. We look forward to hearing from you.
--John Texada
My phone number is (Phone # removed); you can e-mail me at this address, (URL removed)
Buzz Goss's phone number is (Phone # removed); his e-mail address is (URL removed)