Carriage Hall

An assemblage of new and historic buildings around a new courtyard will become a new mixed-use precinct to the northwest of the Covent Garden piazza. This new destination immersed within the existing urban fabric will be something of a quiet refuge in a busy and colorful part of London.

The public realm was the starting point of the design and is intended to be the unifying element that knits together the different buildings and uses. The new passages connect the formerly inaccessible interior of the block to surrounding routes and venues. Upon emerging from a passage through a nineteenth century terrace in King Street into the treed courtyard visitors will discover an entirely new lifestyle retail and dining concept unique to London. The ground floor is a continuous network of indoor and outdoor spaces including refurbished period shop fronts and interiors.

Contemporary architecture is interwoven with historic buildings of varied styles and materials, creating an environment that is feels both new and completely integrated with the surroundings. In Floral Street, a vertical folly inspired by the stacked crates of the working warehouses of the former market will be its most prominent architectural feature. Facades of handmade brick and steel framed windows were inspired by the surrounding warehouses but are distinctly modern in scale and proportion.

55 apartments occupy 6 different buildings, three of which are listed. The scope includes the design of residential interiors: contemporary in Floral Street to complement the new architecture and period restorations in the King Street terraces. A unified basement houses a central plant, distributes utilities and provides below grade servicing links to the six buildings. This fully integrated model of development makes Kings Court a new model for sustainable high density living in a conservation area.

Issuer:

Formosa Investment

Token Symbol:

FOMI

Funding Type:

Preferred Equity

Property Type:

Mixed-Use

Location:

London, UK

Project Type:

Ground Up

IRR Objective:

16%

Estimate Hold:

2-3 Years

$18,750,000 65% Funded
Invest
Sample Investor Return Objectives
Sample Investment Amount $50,000
Average Current (Monthly) Payments Objective $371
Total Current (Monthly) Payments to Investor Objective $13,343
Accrued Payment Objective $10,378
Additional Distributions Objective During Investment Period
$3,489
Distribution at Sale Objective $46,511
Total Net Earnings to Investor Objective  $23,721
Sponsor Fees
Developer Fee
$7,500,000 (paid over the first 24 months)

Exit Objective Assumptions

Investment Hold Period Objective  2-3 years
Forward 12-Month Net Operating Income Objective at Exit $27,944,750
Exit Cap Rate Objective 5.75%
Sale Price Objective $485,995,720
Return of Deposits Objective $18,073,970
Transaction Costs Objective ($12,149,890)
Principal Balance Upon Sale Objective ($350,165,420)
Net Proceeds from Sale Objective $141,754,370
Payment of Accrued Preferred Return Objective ($813,940)
Return of Capital Objective ($23,255,440)
Common Equity at Exit Objective $117,684,990

Sources

Debt (78.2% loan-to-cost (LTC))  $368,478,000
Equit Invest Preferred Equity (83.5% LTC)  $25,000,000
Third Party Equity (83.9% of Non-Preferred Equity)  $65,213,300
Sponsor Equity (16.1% of Non-Preferred Equity)  $12,500,000
Total Sources $471,191,300

 

Uses

Land Acquisition $53,375,000
Hard Costs $278,396,350
Soft Costs $47,906,780
Required Deposits $28,778,990
Financing Costs and Interest Reserve $26,120,940
Developer Fee, Contractor Fee, and Other Costs $29,388,240
Equity Invest Current Payment Reserve $6,250,000
Equity Placement Fees $975,000
Total Uses $471,191,300
Sponsor Experience
Year Established 2012
Number of Principals 3
Total Deals Acquired 25
Total Deals Exited 24
Total Assets Under Management ($) $90,363,364

PPM
Investor Package
Issuer Overview
Issuer Track Record