1,000,000 shares of preferred shares – maximum offering
200,000 shares of preferred shares – minimum offering
Minimum Investment: 5,000 shares ($50,000.00)
We are a Florida corporation organized on March ___, 2018. With the proceeds of this offering we intend to acquire a portfolio of both developed and undeveloped residential properties as well as commercial assets that have very unique attributes offering outstanding development possibilities. Residential and commercial properties will be targeted in very specific locations within the Melbourne-Palm Bay Metropolitan Statistical Area. Emphasis will be placed on thriving downtown Melbourne as well as the neighboring barrier island comprising of Melbourne Beach, Indialantic, Indian Harbor Beach and Satellite Beach, while vacant land will also be acquired throughout the City of Palm Bay.
We are offering 1,000,000 shares of our cumulative convertible Class A Preferred Shares on a “best efforts” basis through registered broker-dealers and/or officers & directors of the company. “Best efforts” means that any broker-dealer who sponsors this product is not obligated to purchase any specific number or dollar amount of shares.
1,000,000 shares of our 7.00% cumulative convertible preferred shares will be offered at $10.00 per share. Dividends are paid annually and maybe paid in cash or non-voting class B common stock at the discretion of the Company. Each preferred share is convertible into 10 shares of non-voting class B common stock.
The launching of the fund will occur concurrently with executing letters of intent on properties that have already been identified as acquisition and development targets. Due diligence on such properties will continue until such time our criteria have been satisfied and the assets acquired. The resulting portfolio will be professionally operated, managed and maintained as development plans are completed.
Melbourne Development Opportunity
A beautiful two acre parcel of land nestled in Historic Downtown Melbourne. The land is currently developed with income producing apartments and will remain that way until such time redevelopment plans are finalized. Two similar mixed-use concept plans have been designed comprising of (i) 100 tower residences, a 6000sf restaurant and 16,600 sf of retail and (ii) 95 tower residences, clubhouse, a 5,900 sf restaurant and 5,000 sf of ground level retail. Given that adjacent parcels may be available, development plans will not be finalized for some time however the current C-3 zoning will offer a plethora of opportunities.
It is our intent to work closely with Melbourne Main Street, a non-profit organization who have been instrumental in developing public and private partnerships to enhance Historic Downtown Melbourne and fuel economic growth. We look forward to embracing the direction they have established by focusing on the physical, cultural, and social identity of Downtown Melbourne.
Riverfront Development Opportunity
A stunning 5 acre direct riverfront parcel zoned to accomodate 65 condominium residences. Zoned CR-2 Multifamily this parcel offers an array of development possibilities and boasts almost 1,200 ft on the major north south artery of US Highway 1 and 540ft of direct river frontage in the heart of Melbourne.
Located on a much sought after 0.75 acre lot in the beachside community of Melbourne Beach, the Riverside House has been targeted as a renovation flip. This mid-century home is need of complete restoration however offers unique attributes including a 3,400 square foot main house and 1,700 square foot pool house that has extensive possibilities. The prime location of this home will serve perfectly for a trademark property to be developed and will command a very aggressive resale value once completed.
Homes in this immediate area, locally referred to as SOFA, bring in the highest price per square foot valuations on the barrier island due to the incredibly low crime rate, top school systems, and convenient access to shopping, restaurants and access to the mainland.
Located in one of the most upscale neighborhoods on the Barrier Island, the Sanctuary House has been targeted as a renovation flip. The Sanctuary is a guard gated community situated in the pristine beachside town of Indialantic. It comprises of 250 upscale single family homes built in the 1980’s by prominent custom homebuilders. Homes typically range from 2,400 – 4,000 square feet of living space on beautifully wooded lots. Pricing within the Sanctuary currently range from $400,000 up to $800,000. The community provides residents with a beautiful clubhouse, swimming pool and tennis courts. The Sanctuary has long been recognized as one of area’s most desirable communities to raise a family.
The Sanctuary house is a pending foreclosure that requires significant improvements but offers a floorplan perfectly conducive for a modern open plan renovation. Renovated homes in the Sanctuary are in high demand and are typically under contract with multiple offers within a matter of days.
Parcels of vacant land, scattered lots, will be identified that compliment the floor plans that are currently available through our strategic partner, ELM Development, LLC. ELM Development specializes in contemporary, modern construction of single family homes and have an array of options that perfectly satisfy the demands of our local marketplace. As soon as parcels are acquired, the permitting process will be initiated and construction should begin within 90 days.
For more information on the Royal Northgate Development Fund, please request a copy of our Offering Disclosure Document.
We will have the capability of accepting qualified and non-qualified investments. All potential acquisition targets and development opportunities identified here may or may not be purchased by the Fund. Properties purchased within the Fund are at the sole discretion of Management.
All investors should consider the investment objectives, risks, charges, and expenses of the fund carefully before investing. The Offering Disclosure Document contains this and other information about the fund. All investors are urged to read the Offering Disclosure Document carefully before investing. This page is not an offer to sell or a solicitation of an offer to buy the fund’s securities. An investment in the fund is appropriate only for investors that are “accredited investors” as defined by the Securities Act of 1933 who can tolerate a high degree of risk and who do not require a liquid investment.