Here's the story, and yes God is involved and is our partner...
Our pastor - Pastor Q, received a call from Benny Hinn, one of the top televangelists and pastors in the world who was moving his ministries from Orange County, CA where they've been since 1997 to Orlando, FL. Somehow Pastor Hinn, heard about Pastor Q's work and offered to donate $3m of television gear and equipment to Pastors Q's much smaller and local television productions. Pastor Q said praise the lord, and thank you.
Next, Pastor Q, received a call from a gentleman from Dallas who is the seller of the 30,000 sq ft facility that Benny Hinn Ministries was located at which was listed for sale. He told Pastor Q, that he didn't know why, but the lord told him he had to sell the building to Pastor Q. Pastor Q said praise the lord, and thank you.
Pastor Q is also a doctor. He has secured a contract with multiple states under a federal government approved grant for the creation of an educational online platform for special needs children which was authorized, passed and funded (but not yet awarded) under the Obama administration. The first state that we have the contract with, is Texas which is involved in a class action lawsuit regarding equal opportunity for education by the ESL community. The second pending contract is with the state of Florida, and others will follow suit. This is an approximately $600,000,000 endeavor to create the platform and content to serve the nations special education community in all modalities and all languages. The Texas contract alone is $22,000,000. This contract is expected to go for at least 10 years.
Here are the purchase details:
Property type: Commercial, 30,000 SF tilt up consisting of multiple studios, sound stages, control rooms, offices and support areas.
Title: Fee simple
Value/Appraisal: $8,200,000 via MAI appraisal
Purchase price: $7,750,000 (well below market)
Earnest money: $100,000 (paid)
Seller carry 2nd mortgage approved: $7,000,000 20 year term at 5.25% payments are principal & interest.
Closing Date: No later than June 30, 2020
What do we need?: A lender or investor for a 1st mortgage for $1,250,000 (approximately 16% LTV). This will be a short term loan of 24 months. We intend to pay the 1st off from proceeds of the contract as well as existing cash flow from operations. Terms are negotiable.
2 sound stages including a main stage of 8,800 SF with state of the art soundproofing and grid.
6 fully equipped post-production studios
8 production offices
Hair and Make up
Several star quality green rooms (with private shower/restrooms)
3 loading docks
Massive storage areas
Fully gated with excessive private parking
Over $3,000,000 in lighting, cameras, sound and control rooms and misc gear
50 foot mobile production control unit - fully equipped
CLICK HERE for the PSA
CLICK HERE for the equipment list
CLICK HERE for the appraisal
CLICK HERE for the preliminary title report