Tailored after the popular TV show and following the huge success of Shark Tank at ULI Fall Meetings, ULI Arizona again brought together expert money and real local deals, including a panel of “sharks,” moderated by C. Joseph Blackbourn, president and chief executive officer for Everest Holdings, to evaluate the proposals and offer the audience a look behind the closed doors of an investment committee.
This year’s Fifth Annual ULI Arizona Shark Tank was held on Thursday, November 16 in front of a standing-room only crowd at the Omni Montelucia Resort in Scottsdale.
Like always, those chosen to pitch the sharks were selected based on their actual experience with real estate development, an active and interesting deal to discuss and the ability to make a concise and captivating presentation.
First to present was Massimo “Max” Sommacampagna, founder and owner of CIMA Holdings, along with his partner Blake Sanders.
Combined, they bring nearly 20 years of industry experience to the company, which has successfully executed on four ground-up development projects totaling over $2 million in cost and 10,000 SF in residential for-rent and for-sale projects throughout the entire project cycle, including acquisition, development, construction, lease up, management and sale.
They were seeking $650,000 in development capital for a 12-unit for-sale residential subdivision development at an infill site in Arcadia near 32th Street and Thomas Road. Each unit would total 2,175 SF of livable space, ranging from 3-4 bedrooms with 2.5 bathrooms.
The project’s investment summary consisted of a 67- to 33-percent split between investors and sponsors until the equity investment is returned. Additionally, net project cash flows following the return of the equity investment will be split 50/50.
Sourced | AZ Big Media