Muncie, Indiana
Crestview Village Mobile Home Park
The area’s first New Mobile Home Community in almost 15 years. Muncie, Indiana is home to Ball State University among many other industries throughout Delaware county. Delaware County is home to 27 mobile home communities. Crestview Village will be the 28th community.
Project Info
Formerly White’s Mobile Home Park, North Peak Development is proud to present Crestview Village. This project is our latest re-development mobile home community and is located in Muncie, Indiana. We will completely re-develop this property from the ground up. Additionally, we are partnering with several manufactured home builders in the area to provide new homes.
| Estimated Project Cost: | $650,000 |
| Estimate Market Value: | $1,299,480 |
| Estimated Profit: | $649,480 |
Managed By: North Peak Development
Project Manager: Jeff Wallenius
Under Contract: TBD
Estimated Stabilization: 24 months
Project Type: Mobile Home Community
Architects: None Needed
Builder: North Peak Development
Zoning/Category: Commercial Property
Invest With Us
Interested in investing? North Peak Development offers a variety investment options at different phases of each project. Click on the button below to be taken to our investment portal, or read below to understand how each phase works.
How The Process Works
Under Contract
North Peak Development has sent the initial Earnest Money to secure the contract during the intial Due Diligence phase. During this phase the Earnest Money is considered "soft", meaning North Peak Development can recover our initial investment if we feel the project does not qualify as a project for us. During this phase, we engage in a "Pre-Application" meeting with the proper city officials to determine what complications, if any, we might encounter with this project.
Early Assist
Once we've determined that this project is valid, the Earnest Money transitions from "soft" to "hard". This means that the Earnest Money we've invested is now locked in the deal and becomes part of the total payment to the seller. During this phase, we complete all remaining due diligence in the project to reach "Entitlement", allowing us to begin construction of the project or simply resell the project with entitlements in place to another builder.
Equity Lender
The Equity Lender is our partner in the project who brings the down payment to secure the construction loan. Typically, Equity Lenders bring 15-25% of the project cost to build, which is determined by the Construction Lender. For example, if the total project cost is $10,000,000, the Equity Lender would bring $2,000,000 to the deal to secure the Construction Loan (if the down payment was 20%). The Equity Lender would enter into an agreement with North Peak Development for an Equity Position and a Preferred Return, agreed upon by both parties. The Equity Lender's money would stay in place until the completion of the project. If North Peak Development is unable to secure a Equity Lender relationship for the project, then the project is sold with Entitlements in place.
Construction Begins
If North Peak Development elects to build the project, construction on the project during this phase. Depending on the type project, the time it takes to complete this stage can range from a matter of months to years. North Peak Development is involved in a variety of projects that can be built as stand-alone projects or larger projects that are built in phases overtime. If the project is determined to be sold on completion, it is not uncommon for a buyer to be in place prior to the completion of the project.
Stabilization
Stabilization occurs at the end of the project. When a project goes through the "Stabilization" phase, it simply means that the project is being marketed to be occupied. To "Stabilize" a project requires the units to be at least 80% occupied, but sometimes it is less. Typically "Stabilization" is required to refinance the project with an Institutional Lender if the project strategy is to hold and cashflow the project into the future. Based on the agreed upon contract with the Equity Lender, this is the stage that the Equity Lender is paid their Principal and Interest to exit the project or to remain in the project as an equity partner.
Invest With Us
Interested in investing? North Peak Development offers a variety investment options at different phases of each project. Click on the button below to be taken to our investment portal, or read below to understand how each phase works.
Let's Build Something
525 3rd Street
Suite #200
Lake Oswego, OR 97034
503-454-6510
© 2021 All Rights Reserved