I don't know if folks recall and I don't know if I can easily find the original link, but some time ago, I received a note from a developer looking for investors interested in a motel/hotel project in "the Bakken."
I had no previous connection with the developer and have never met him. We have corresponded only a couple times since then, only in regards to the development project.
The whole thing had sort of slipped my mind until someone wrote me today asking me to forward his name/e-mail address to the developer, which I did.
The developer wrote back and said that his group had actually broken ground on the new project -- I believe they actually broke ground today. They hope to have it completed by "late winter."
On his way through Williston, the developer heard that twenty (20) people are moving into Williston daily, and that there is only one house on the market for sale in Williston which he agreed might be hyperbole. (I replied that I am aware of two houses, both on the same street, but it's possible that one sale is in escrow. Smile. )
He said that their investment group still has "room for about $500,000" for their project(s). I can't remember but I believe the group prefers a minimum of about $100,000 per investor. (I'm wrong: looking at the fact sheet, they require $250,000/investor.) The total project is budgeted at $13.4 million and the group is looking for $4 million equity.
If anyone remains interested, let me know, and I will send you a copy of the fact sheet that was sent to me.
If they can achieve 100 percent load, then the property will be paid off in five years or less...
ReplyDeleteThat may be. There are many, many opportunities in the Bakken right now.
ReplyDelete