Robert Celico

Westerly, RI (USA)
Role(s):
Founder/Owner/Principal

Nema Enterprises,Inc

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Location: Westerly
Industry: Real Estate
Year Founded: 1985
Number Employees: 1-10 people
Description: IROQUOIS HILLS EXECUTIVE SUMMARY FOR A REAL ESTATE INVESTMENT OPPORTUNITY Iroquois Hills LLP., is being formed by the general partner, and accomplished developer, Robert A. Celico for the purpose of completing permitting, and construction of a 124 unit, comprehensive permitted, condominium project. The development will consist of 93 market rate , and 31 affordable ( per the HUD formula), condominium housing units. The project, scheduled to begin between late 2009, and early 2010, will be built on 17+ acres, in The Town of Westerly, R.I., with municipal sewer and water. The site is presently approved for 23 single family homes, or 65 condominium units at master plan level, by the Town of Westerly. The Limited Partnership will consist 2 or 3 Parteners , of which the General partner will hold 51%, and the Limited Partners will hold the remaining 49%. The investment funds saught = $2,450,000.00. Limited Partner[s] return on investment is 12% for a 1 year lock up, and 13% interest, for years two through five, which allows for a maximum return on investment, of a spectacular 64%. Investor collateral equity = 1.88 to 1 and loan to value is 53.1% The collateral for the Limited Partner[s] will consist of the subject property with present approvals, 2 additional pieces of land, and a new, state of the art, 140 unit, self storage facility and business, owned by the General Partner. The decision of the Town of Westerly’s approval, of the 65 condominium units, and the application status of the 124 condominium units, is being appealed by the developer at The State Housing Appeals Board. Jurisdictional motions are pending, and the actual hearing is expected to take place this Sept 22, 23, and or 26, 2008. William R. Landry, Esq. of Blish & Cavanagh, a land use law specialist, who has handled numerous projects before SHAB, statewide, with unprecedented success, will represent the developer before The State Housing Appeals board. We are confident our appeal will prevail, and result in approval of all 124 units applied for. All documentation is included in a full detailed prospectus, available by contacting the General Partner, Bob Celico at [<a href="(URL removed)">send me a message</a>]. Thank you for your interest.