LivRed Investor Update | Q4 2020
Michael Sather, CFO – Tailwind Group, Inc.
Executive Summary Tailwind Group and Campion Devco have broken ground on LivRed – a new student housing development located adjacent to the University of Nebraska’s main campus in Lincoln. LivRed is a $50 Million luxury student housing project that will boast 154 Units & 595 Beds. Located near the University of Nebraska-Lincoln and near the historic “Haymarket Square” and West Campus, the location will provide walkability to most major academic and entertainment areas on campus.
Property Summary Address
322 9th Street
City, State
Lincoln, Nebraska
Universiry
University of Nebraska - Lincoln
Delivery Year
2022
Units
154
Beds
575
Unit Mix
1x1, 2x2, 3x3, 4x4
Distance to Central Campus
.7 Miles
Residential Square Feet
257,857
Parking Square Feet
72,544
Average Rent/Bed
$682
Project Summary General Partner
Tailwind Group (Mankato, MN)
General Partner
Campion Devco (New Orleans, LA)
General Contractor
Sampson Construction (Lincoln, NE)
Architect
Grace Herbert Curtis Architects (Baton Rouge, LA)
Structural Engineer
Fox-Nesbit Engineering (Baton Rouge, LA)
Mechanical & Electrical Engineer
Engineering Technologies (Lincoln, NE)
Civil Engineer
Rega Engineering Group (Lincoln, NE)
Project Details •
6-story stick frame over concrete podium • Amenity Package: • Covered Garage Parking (153 Spaces). • 24-hr Fitness Center • Study Area • Spa – Massage, Tan, Sauna • Pool & Hot Tub • Dog Yard • Bike Racks
Construction Summary General Contractor: Sampson Construction
Link to Construction Live Stream
Projected Costs
Expenses to Date
Remaining
Construction Costs
$37,500,000
$1,200,000
$36,300,000
Soft Costs
$8,200,000
$3,300,000
$4,900,000
Total Construction Costs
$45,700,000
$4,500,000
$41,200,000
December 21, 2020
January 21, 2021
March 3, 2021
Project Costs / Funding Sources Project Cost
Amount
Expenses to Date
Remaining
Construction Loan
$30,000,000
$0
$30,000,000
TIF
$5,500,000
$0
$5,500,000
Equity
$15,050,000
$8,870,000
$6,180,000
Total Project Costs
$50,550,000
$8,870,000
$41,680,000
Construction Timeline General Contractor: Sampson Construction
Date
Start Date
Nov-20
Expected Completion Date
Jul-22
Current Status 10 Days Behind Schedule
Bridgewater Bank – Construction Loan Summary
Construction Loan Amount: $30,000,000 Interest Rate: 4.20% Interest Only Period: 36 Months Loan Amortization Date: 12/1/2023 Amount Utilized to Date: $0.00 Remaining Amount: $30,000,000
Enrollment Trend
30,000
Per the University Data Index, a total of 25,560 students were enrolled for the Fall
25,000
Semester, a 1.3% decline YOY, driven largely
20,000
by a decline of 18.4% in international
15,000
students to due the coronavirus pandemic.
10,000 The University saw increases, however, in
5,000
these key areas:
0
•
2017
2018 2019 Total Enrollment
*F is for Forecast *Information from AxioMetrics
2020 2021F 2022F Undergraduate Graduate
2023F
•
Underrepresented Minorities 5.6% Increase First-generation students increase of 3.2%
Market Occupancy and Pre-Lease Summary
*Information from College House as of 02/26/2021
Comparable Property Summary
*Information from College House as of 02/26/2021
Michael Sather, CFO Tailwind Group msather@thetailwindgroup.com investors@thetailwindgroup.com