Providing Real Estate Development Support and Sell-Side Advisory
The Situation
A 143-acre planned development for 1,164 homesites/units engaged Mackinac Partners (acquired by Accordion in 2021) through its subsidiary, Mackinac Realty Capital Management, to invest in and underwrite the deal for a residential land development and entitlement project in the Orlando, FL area.
Services
Asset Management
Real Estate Development
Sell-Side Advisory
The Execution
- Sourced and negotiated a long-dated contract to purchase and develop the remaining acreage in a 600-acre approved Planned Unit Development in the Orlando MSA entitled for 3,900 units (134 acres planned for 1,164 units).
- Analyzed and underwrote the deal in-house, creating a scenario analysis to strategically determine the most optimum and practical way to maximize cash flow.
- Conducted all pre-closing due diligence and managed all legal documentation.
- Worked with Osceola County and other state agencies to rekindle and perfect the site entitlements, which were in flux at the time of contract execution.
- Utilized our expertise along with our relationships with local real estate attorneys, land planners, civil engineers, environmental consultants, and market study groups to navigate through the entitlement process.
- Conducted a capital raise process sourcing numerous potential investors and end users.
The Results
As General Partner/Developer, our team successfully stabilized operations and worked through complex site entitlements and grants across property holdings. We successfully marketed and sold the contracts to the property to an area homebuilder for a price 50% higher than the contract price – generating a 3.5x project level multiple on invested capital following an extensive process and multiple indications of interest.