Project Highlights
Mounir worked on underwriting and funding various projects throughout his corporate career. Some of the projects focused on cash flow and the long-term hold, illustrating the importance of evaluating periodic cash flow returns over the duration of the investment and its equity requirements, while other projects where more focused on quick turnover and realizing shorter-term profits. If you’d like to know what the financial models look like for any of the projects below, reach out to Mounir for more information.
CUNARD - Southwest Properties
Location: Halifax, Canada
Project Type: Residential Apartments & Retail Space
Project Date: 2022
Units: 235
Construction Cost: $123.9mil
Res sqft: 246,084
Retail sqft: 17,165
Office sqft: 10,322
Amenity sqft: 17,754
Stabilized NOI: $5.41mil
Cap Rate: 4.0%
Stabilized Value: $127.8mil
SOUTH PARK - Southwest Properties
Location: Halifax, Canada
Project Type: Residential Apartments & Retail Space
Project Date: 2021 Residential
Residential Units: 198
Condominium Units: 83
Construction Cost: $145mil
Sales Revenue: $76 mil
Stabilized NOI: $3.45mil
Cap Rate: 4.25%
Res Stabilized Value: 81.2mil
Res sqft: 145,000
Retail sqft: 33,000
Amenity sqft: 6,000
SETON RIDGE - Southwest Properties
Location: Bedford, Canada
Project Type: Land & Multifamily Development
Project Date: 2022
Residential Units: 2,011
Retail Sqft: 100,000
Single-family lots: 167
Infrastructure Cost: $65mil
Multifamily Dev. Cost: $300mil
Lot Sales: $67mil
Residual Dev. Value: $450mil
Queenswood - Kindred Works
Location: Ottawa, Canada
Project Date: 2023
Residential Units: 81
Construction Cost: $43.7mil
Stabilized NOI: $2.32mil
Cap Rate: 4.25%
Stabilized Value: $54.6mil
Res sqft: 68,000
Wilmar Heights - Kindred Works
Location: St. Catharines, Canada
Project Date: 2023
Residential Units: 39
Construction Cost: $14.2mil
Stabilized NOI: $0.58mil
Cap Rate: 3.25 %
Stabilized Value: $17.8mil
Res sqft: 33,793
Regent Park - Kindred Works
Location: Orillia, Canada
Project Date: 2023
Residential Units: 48
Construction Cost: $13.6mil
Stabilized NOI: $0.460mil
Cap Rate: 3.5%
Stabilized Value: $18.9mil
Res sqft: 46,845
Portland - Kindred Works
Location: St. John’s, Canada
Project Date: 2023
Residential Units: 20
Construction Cost: $8.1mil
Stabilized NOI: $0.480mil
Cap Rate: 4.5%
Stabilized Value: $10.6mil
Res sqft: 33,793
Nelson - MB Investment Group
Location: London, Canada
Project Date: 2022
Residential Units: 23
Purchase Price: $3.8mil
Stabilized NOI: $0.3mil
Cap Rate: 4.5%
Stabilized Value: $5.3mil
Res sqft: ~18,000
Renovation Cost: 0.7mil
IRR: 16.2%
Average CoC: 5.84%
Equity Multiplier: 1.76x
Seller: Institutional
Thorndale - MB Investment Group
Location: Waterloo, Canada
Project Date: 2023
Residential Units: 1
Purchase Price: $535,000
Sale Price: $730,000
Project Duration: 3.5 months
Seller: Private Seller, Non-institutional
Springdale - MB Investment Group
Location: Bracebridge, Canada
Project Date: 2023
Residential Units: 1
Purchase Price: $310,000
Sale Price: $600,000
Project Duration: 4.5 months
Seller: Private Seller, Non-institutional