Closing announcement
HZG Ventures I LLC, a partnership between H Equities and Z+G Property Group, funded $1.1MM of co-GP capital for the acquisition of an eight-unit vacant limestone building in Park Slope, Brooklyn. The business plan calls for a condominium conversion following the expiration of the existing regulatory agreement.
The regulatory agreement is expected to expire in short order, and the ultimate planned exit is a condominium conversion. HZG Ventures I LLC wishes its operating partner success in executing the business plan and thanks the third parties who helped bring the acquisition to closing. The H Equities and Z+G Property Group platform focuses on $1MM to $5MM of co-GP equity for emerging sponsors with track records, considering opportunities in major markets with a focus on multifamily, mixed-use and retail.
Questions for a similar opportunity
The following are general diligence questions for this structure. They are not a claim about the confidential underwriting, challenges or outcomes of this transaction.
- The regulatory agreement, its expiration and the proposed conversion plan.
- The sponsor’s relevant track record, capital contribution and execution role.
- The acquisition budget, capital requirements and condominium exit assumptions.
Bring us your situation
Send the property, requested capital, existing financing, sponsor experience and timing. A past transaction illustrates a capital structure; current terms and availability depend on a new review.