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Finance and Development proposals regarding a Planned Community in the Bahamas.

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Execsumm819 12785665882616-phpapp01

  2. 2. EDEN GROVE RESORT & SPA.. EDEN GROVE RESORT & SPA CAT IISLAND BAHAMAS CAT SLAND BAHAMASCONTENTSExecutive Summary 3Income/Expense Projections & Construction Costs 5Conceptual Site Plans & Themes 8 SUMMARY OF FINANCING PROPOSAL Page 2
  3. 3. EDEN GROVE RESORT & SPA.. EDEN GROVE RESORT & SPA CAT IISLAND BAHAMAS CAT SLAND BAHAMASExecutive Summary. Eden Grove Resort and Spa is a proposed Green community, to be LEED’s certified, for a 217 acressite on Cat Island in the Bahamas. Modeling the success of the Atlantis resort, it’s target market is more aupscale and boutique clientele and as such the Hotel/Spa combination is limited to 250 proposed luxurysuites which would be the central economic engine of phase one. Included in phase one are: • 380,000 SQ FT-250 ROOM HOTEL & 20,000 SQ FT SPA • 25,000 SQ STABLES • 25,000 sq ft conference center &15,000 square ft office and retail. • 5 ACRE WATERPARK • 5,000 square foot Blue hole nature center. Entitlements have been already approved for a number of proposals of similar scale and use for thenorth end of the Island where the site is located and our initial conceptual site plan is ready to be sent forgovernment review (see addendums).PGA Village on Cat Island.NEWTON, Mass., April 30 /PRNewswire/ -- The PGA of America and the partners of Cat Island PartnersLtd. broke ground on Friday, April 24th for the first-ever PGA Village(R) to be developed outside of theUnited States. The official groundbreaking took place on Cat Island in The Bahamas and was attended bya large delegation of Government Officials including the Rt. Hon. Prime Minister Hubert Ingraham, Hon.Vincent Vanderpool-Wallace, Minister of Tourism and Aviation… Staton, Chief Financial Officer for Eden Grove, organized the PGA deal and was personallyresponsible for putting the various parties together that saw the 200 million plus PGA Village come tofruition. SUMMARY OF FINANCING PROPOSAL Page 3
  4. 4. EDEN GROVE RESORT & SPA.. EDEN GROVE RESORT & SPA CAT IISLAND BAHAMAS CAT SLAND BAHAMASSoft cost initial investment & projected Loan & Exit strategies General Property Type: 5 Star Luxury Hotel and Spa with Waterpark and Equine Center Property Name: Eden Grove Resort and Spa City, State: Cat Island Bahamas Total Guest Suites: 250 suite accommodations Estimate Build Time: 18 Months Proposed Loan Terms and Underwriting Summary Number of Guest Suites: 250 Senior Loan Amount: $49,000,000 Waterpark Facilities: 5 acres Senior Loan Term / Interest Rate: TBA SF of Spa/Fitness: 20,000 Equity: $16,761,000 SF of Public Space Facilities: 15,500 Projected Stabilized Value: $226,169,200 Total Project Cost: $64,061,000 Fee or Leasehold: FeeUNDERWRITING GUIDELINES REQUESTED SENIOR LOAN TERMS: Senior Interest Rate: The interest rate on the Senior Loan shall be 350bp over LIBOR, interest only for the first 18 months and then self-liquidating over 25 years for the balance of the Loan term. Senior Loan Term: 25 years. Senior Loan Amortization and Repayment: Interest only for 18 months (construction period), 25-year loan amortization schedule thereafter. During the actual construction period, interest payments are capitalized from the interest reserve established by Lender at Loan closing. Maximum Senior Loan LTV: The maximum initial allowable loan-to-appraised stabilized value will not exceed 65% of the maximum MAI appraised stabilized value. Maximum Senior Loan LTC: The maximum allowable LTC will be 80%. Senior Origination Fees: 1.0%, plus all costs and expenses SUMMARY OF FINANCING PROPOSAL Page 4
  5. 5. EDEN GROVE RESORT & SPA.. EDEN GROVE RESORT & SPA CAT IISLAND BAHAMAS CAT SLAND BAHAMASSOURCES: Senior Loan 79.9% $49,000,000 Investor Equity 10.2% 11,761,000 Landowner Equity 9.3% 5,000,000 Predevelopment Equity 0.6% 300,000 TOTAL SOURCES: 100.0% $64,061,000USES: Phase one Resort and Spa Legal and closing costs $350,000 Land –Free and clear Site Work – Road Construction $4,000,000 Hotel Construction (includes solar power) 51,100,000 Waterpark & Stables 4,200,000 Energy Systems – Wind Turbine 1,000,000 Project Contingency 1,100,000 Pre-Opening & Training 100,000 Working Capital 350,000 Financing 1,034,000 Development Fee $215,000 Construction Period Interest 1,677,000 TOTAL USES: $66,061,000 SUMMARY OF FINANCING PROPOSAL Page 5
  7. 7. EDEN GROVE RESORT & SPA.. EDEN GROVE RESORT & SPA CAT IISLAND BAHAMAS CAT SLAND BAHAMAS Stabilized Value: Adjusted stabilized 2012 NOI @ 10.75% $226,169,200 cap. Stabilized 2012 NOI - Return on $54M Cost 38% Senior Loan to Cost (LTC) 85% Senior Loan to Value (LTV) 23.87%Development and Management team.Everett Barry Rolle is the current owner of YSHIOMS COMPANY LIMITED, managing member of thedevelopment. Currently he has engaged Steve Staton Commercial finance manager of Harbor Mortgagein Savannah Georgia as CFO, Don D’Anthony of D’Anthony Design in Hollywood Florida for DesignDevelopment, and Anthony Roker of Nassau Bahamas for Site Management as it’s core developmentteam.Steve Staton has worked in Banking and Finance for over 30 years as been involved in a number of largescale developments in the Savannah area. His contacts include a wide array of finance and developmentprofessionals including builders. He has successfully orchestrated the negotiation of large scaledevelopments in the Bahamas before-specifically the PGA Village currently being built on the island..Don D’Anthony has worked in Design Development, Architectural production drawing, Urban Design, andcommercial finance for 20 years. Some of his most recent work includes a year with a developmentcompany in Miami that was building ultra high end luxury homes on the renown Venetian Isles in MiamiBeach-these homes retailed for a range of 5-20 million dollars.Anthony Roker- Operations and Site Manager.Builders: Titan Construction, Savannah. Titan Construction Company is experienced with a full range ofbuilding types and currently employs 19 people construction professionals. They have 30 years ofcommercial construction from schools, hospitals, to residential development.Additional Development Phases. After completion of Phase one an additional 200 townhomes on Glass hill are planned for phase twowith 45 Cabana homes near the Hotel and beach. Simultaneously, the Green elements of solar, windfarms, and recycling and composting will be expanded to meet the additional service demand. A thirdphase of a marina will require the purchase of additional adjacent land.Lot pricing: TBA In keeping with the Planned Unit Development approach lots are kept at a minimum size andincorporated into pods where views and amenities can be carefully planned and organized, with a focuson keeping green space in the form of equestrian paths and groves at a maximum. As such the focus asseen for the development will not be the selling of lots per se but the selling of units within the pods.However, should the sale of lots take place a strong set of design covenants would be included to keepthe scale, style, and unity of the project intact. SUMMARY OF FINANCING PROPOSAL Page 7
  8. 8. EDEN GROVE RESORT & SPA.. EDEN GROVE RESORT & SPA CAT IISLAND BAHAMAS CAT SLAND BAHAMASArchitectural themeing, Design and Urban Planning elements A key focus of the resort would include an appeal toward high culture through a number of businessliaisons with select galleries from New York, Paris, London, and Tokyo. A premier gallery from each citywould be provided space at cost for exhibitions and artists in residence with the understanding that acooperative marketing effort would be engaged in through their exclusive client lists. Additionally, includedin the commercial space would be a recording studio where select Avant-guard Jazz musicians wouldalso be engaged to create music, music workshops, events, and recordings which would fall under thecorporate umbrella. The focus on high Art and Music would wrap into the holistic and therapeutic aspects of the Spa; astay at Eden Grove would be an exploration into a restoration of the soul, and would set the resort apartfrom the mere vacation into the realm of an altogether higher order of experience. The hotel itself isarchitecturally themed with elements of the sublime taken from the mythic and archetypical qualities ofthe palatial. Porches and pavilions modeled after the Royal palace complex at Knossos, domes andmosaics hearkening to Antonio Gaudi’s work in Barcelona Spain, and water gardens and naturalfreshwater springs evoking Frank Lloyd Wrights Imperial Hotel in Tokyo or his “Fallingwater” masterpiecein Bear Run P.A. spreads out from the hotel to the ocean. This blends in with a 5 acre waterpark wherethe simple joys of frolicking in slides, rides, fountains, help the clientele ease into physically healthyexercise with their families in stress relieving fun. From the Hotel along the North Shore one would follow the main road toward the commercial center.Along each side of the road a winding series of streets with intimate porches and Cabanas flank thehillside. They form the basis for an exclusive yet special community of patrons who desire the bestamenities of modern life with the feel of a return to Eden. Small shops for local merchants provide an authentic island ambiance, and then one reaches themain commercial center. The initial 15,000 square feet contains a larger circular pattern for expansion.This in phase two would be completed with townhouses creating a true live/work/shop scenario. Downfrom the commercial center along the southward side of the site wind farms fringe a riding academy,stables, and private country club with pastures, paddocks, and training arenas. Winding out from theequestrian center and back through the Cabana community, around the commercial center, the hotel andthe Spa riding and hiking trails expound upon the of the freshwater blue hole lake to the south and theocean to the north. These trails are not conceived as a mere afterthought to the site however; integralwith them is a stacked poly-agricultural model of fruit groves-mangoes, papaya, coconuts, avocado,grapefruit and more planted in a fashion to mirror wild groves-primordial and pristine-yet functioning to asan economically viable, harvested and maintained aspect of the business of the site. Stacked Poly-culture: International Char-Soil Initiative: Phase two is intended to include a maximum of an additional 45 Cabanas and 200 townhomesdesigned with nature and intertwined in small private groups along glass hill and the orchards trails. Theywould form planned unit developments in a pod fashion to maximize the available land between for thehorse trails and stacked poly-cultural groves.Don D’Anthony-Design Development SUMMARY OF FINANCING PROPOSAL Page 8
  10. 10. EDEN GROVE RESORT & SPA..EDEN GROVE RESORT & SPA CAT IISLAND BAHAMAS CAT SLAND BAHAMAS Resort Hotel & Spa. 1.) Grand Entrance. 2.) Lobby and registration. 3.) Conference & Penthouses at the upper floor with signature domes. 4.) Watergardens & Restaurant. 5.) Beginning of waterpark (specialty design to be indicated in subsequent addendum with park winding between freshwater springs and Spa, cascading to oceanfront.) 6.) Main Spa Building. 7.) Additional Spa area. 8.) Spa Luxury Suites 9.) Oceanfront Dining. 10.) Luxury Suites. 11.) Pool Bar. 12.) Adjacent Cabana Homes 13.) Oceanfront Service/Retail/Dining. 14.) Boat Dock. 15.) Beach. 16.) Freshwater Springs. 17.) Horticultural Hothouses. 18.) Stacked Poly-culture Agricultural orchards plantings and groves. 19.) Horse trails & Groves. SUMMARY OF FINANCING PROPOSAL Page 10
  11. 11. EDEN GROVE RESORT & SPA.. EDEN GROVE RESORT & SPA CAT IISLAND BAHAMAS CAT SLAND BAHAMAS A s a island resort community the Eden Grove project seeks an architectural typology that is bothpractical for the environment and inspiring to the imagination. Atlantis has been a recent theme in theBahamian lore since Edward Cayce claimed that Atlantis in fact had been among the Caribbean.Historically then we look to the palaces of the Mediterranean from Knossos on Crete (Minoan cultureconsidered by many now the real inspiration for Atlantis) to Grenada Spain, where a confluence ofcultures diverse and exotic traversed the building forms for millennia producing an eclectic visual delightthat as a tourist draw is second to none.Architectural Themeing and Motifs:Granada Spain SUMMARY OF FINANCING PROPOSAL Page 11
  12. 12. EDEN GROVE RESORT & SPA.. EDEN GROVE RESORT & SPA CAT IISLAND BAHAMAS CAT SLAND BAHAMASThe Minoan Palace of KnossosReconstruction of palace interiorWhere the Minoans the real Atlanteans? various places in the interiors of the public spaces of the hotel murals reminiscent of Minoan art willgrace the public spaces, establishing the mythic and archetypical, tying into the Age of Bronze’swondrous sense of adventure that has populated our minds with heroes, from David to Hercules. SUMMARY OF FINANCING PROPOSAL Page 12
  13. 13. EDEN GROVE RESORT & SPA.. EDEN GROVE RESORT & SPA CAT IISLAND BAHAMAS CAT SLAND BAHAMASGaudi’s Mosaics. Antonio Gaudi’s architectural Art Nouveau masterpieces in Barcelona remain one of Spain’s consistently strong tourist draws for their strange originality and fantastic beauty. A deeply religious man, Gaudi’s works transcend the definition of “Architecture” and move directly into the realm of sculpture-an abstract and religious sculpture at that. Incorporated throughout the project, such a sculptural transition from the architecture to the landscape via retaining walls etc can provide not merely an R-value and phenomenal moisture barrier, the establishment of the mosaic theme in the project can provide color therapy (fitting in with the holistic health-spa) and an ongoing “Art-park” atmosphere as the mosaics are being installed in various stages. Their construction and creation can become events in themselves as new elements of the larger project are installed. SUMMARY OF FINANCING PROPOSAL Page 13
  14. 14. EDEN GROVE RESORT & SPA.. EDEN GROVE RESORT & SPA CAT IISLAND BAHAMAS CAT SLAND BAHAMASThe Watergardens and Waterpark. Frank Lloyd Wright’s masterpiece “Fallingwater”, voted the houseof the Millennium, took the notion of placing a building off from an attraction for a view toactually immersing itself in the attraction-thus becoming a participant in life rather than aspectator. At Eden Grove’s site there are several blue holes and freshwater springs.The hotel’s site is located immediately between one of the springs and the sea. Thisalone would be enough to make Eden Grove spectacular-but our recommendation is totake the water themes one step further, incorporating the standard elements ofwaterparks, pools, and aquariums at various places in the interior, spilling out into thegardens, and pool, and then having the waterpark wind it’s way around the hotel andspa, passing the spring and cascading down to the beach-all the while aquariums andtropical fish ponds being integrated into the experience-from the lobby to the ocean. On a larger scale, a similar integration of sea life and human recreation have beenproven successful in the Rainforest Café’s aquariums, Aquatica at Sea World, The Reefat Typhoon Lagoon, and the Atlantis Resort. Rainforest Cafe: Aquatica: SUMMARY OF FINANCING PROPOSAL Page 14
  16. 16. EDEN GROVE RESORT & SPA.. EDEN GROVE RESORT & SPA CAT IISLAND BAHAMAS CAT SLAND BAHAMAS Center. Few things in life are more magnificent than a beautiful horse or a tropical beach. Eden Grove willhave both. These will function in a therapeutic fashion (again, in keeping with the Spa Health theme ) or simply for the sheer enjoymentof such a wonderful combination. The Equestrian Center’s architectural theme will be modeled after inspiration from the renownedMexican architect Luis Barragan’s Fuente de los Amantes horse ranch. SUMMARY OF FINANCING PROPOSAL Page 16
  17. 17. EDEN GROVE RESORT & SPA.. EDEN GROVE RESORT & SPA CAT IISLAND BAHAMAS CAT SLAND BAHAMASEquestrian Center, Riding Academy & Wind-farms. Wind- 1.) Stables and Clubhouse. 2.) Pastures. 3.) Windmills. 4.) Paddocks and training areas. SUMMARY OF FINANCING PROPOSAL Page 17
  18. 18. EDEN GROVE RESORT & SPA.. EDEN GROVE RESORT & SPA CAT IISLAND BAHAMAS CAT SLAND BAHAMASWind Power. The recent addition of an 80 KW windmill to the Paradise Bay Villa Resort in Grenada has placedwind power as a an established reality in the Caribbean. The Developer, James Post, says “In smallermarkets -such as the Caribbean- big is not as beautiful as in the West as the nets are relatively small andthe infrastructure to install and maintain the big systems is limited. A company from the Netherlands:( recognized this gap and delivers solutions in the form of mid-rangewindmills (80-250 kW) and developed intelligent control systems that dynamically balance energy outputand requirement. This can significantly increase the wind penetration to 60% or more. While the pure costper kWh of the wind energy is lower than the big systems, the average cost of wind and diesel is better.The smaller systems are easy to install and maintain. For the Caribbean -and similar markets- this isclearly the way to go.” This solution would work for the establishment of the first of the windmills on glasshill. Additional units could be added independently of Phase one. rooftop units are available for placement throughout the project, the “Supa-flow 500”. SUMMARY OF FINANCING PROPOSAL Page 18