Cohousing-L Mailing List: Outside Financial Investors

[Michael Donovan (editor]

Our cohousing development has property under option, half the prospective
households committed with a significant non-refundable deposit, and no
developer. A bank has indicated willingness to fund 80% of the development
but expect us to provide/finance the other 20%.

With no developer on the horizon, we are giving serious consideration to
developing this on our own. We know we will need consultants to help us
develop an investment package (REIT or something similar). But it would be
helpful to explain to our members if we had an example of how a cohousing
group has involved outside investors.

Has any group got an example of a prospectus that they would share with us?
We know that state laws may vary but even an outline of how you integrated
investment money with down payments and loans would be helpful.

This seems so close we can taste it! Yet, for some reason, developers would
rather build in the suburbs without presales than develop cohousing that is
essentially 50% presold. With time on our option running out (March 1st,
2004) we are feeling an urgency to move quickly.

Michael Donovan
Village in the City Cohousing
St. Louis MO

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