SCM Construction NJ Inc.

05/15/2021

05/15/2021

590 Park Ave, Paterson NJ before/after

42 new photos added to shared album

05/10/2021

09/01/2019

There has never been a better time to join the construction industry! free sessions on July 25 – 9-11 a.m. or 4-6 p.m. – to learn about employment opportunities in the construction trades, including pre-apprenticeship and apprenticeship pathways.

09/27/2018

OFF-MARKET: BRONX DEVELOPMENT PROJECT
LIMITED EQUITY PARTNER OPPORTUNITY
THE PROJECT:

Ground up construction of 31 government guaranteed residential rental units in the Concourse section of Bronx. Arguably one of the best locations in the South Bronx, the property is only two stops from Manhattan on the 4 or D & B trains, and steps from Yankee Stadium and the Bronx Museum of Art. The Seven story residence will consist of 16 one bedroom apartments and 15 two bedroom units. The South Bronx is in desperate need of affordable Section 8 housing. As of right plans for 21,060 buildable SF are in place with 9 parking spaces. FULLY ABATED REAL ESTATE TAXES FOR 35 YEARS!

EQUITY REQUIRED: $2,500,000
PROJECT DURATION: 30 months
PREFERRED RETURN 7%
RETURN ON EQUITY: 75%

The total capitalization cost for the project is estimated to be $6,050,000 or $288 per buildable square foot which includes a below market land acquisition cost of $1.1mm plus $5mm in hard and soft costs. The required equity for this project is anticipated at $2.5 million with an estimated Return Of Equity of 75% to the Investor.

CLICK HERE TO RECEIVE THE CONFIDENTIAL OFFERING MEMORANDUM


PROPERTY HIGHLIGHTS:

Opportunity to acquire vacant land with at a below market rate for development in a prime South Bronx, New York location.
Fully abated Real Estate Taxes for 35 years
Guaranteed Section 8 rental income.
Plan to provide modern living spaces targeting a rapidly growing local community desperately in need of affordable housing in their immediate area.
Total Project Capitalization estimated to be $6mm
Anticipated sellout (within 30 months) $10.4 mm
Investor ROI 75%

Architect's Rendering

Get the details and make this project yours before it’s too late!