The JCM Opportunity Fund I, LLC is pleased and excited to announce its most recent investment – a to-be-developed, fifty-six unit condominium development in the rapidly-growing Plymouth, MA market. The Fund is partnering on the project with South Shore-based development and management company Megryco, Inc., led by its Founder and Principal Rick Vayo.
The Fund has placed $3,500,000 of invested equity in the project along with $1,500,000 of equity from Megryco and $14,500,000 of construction financing provided by Woburn, MA-based Northern Bank & Trust Company. At completion, the partnership expects the development to be worth $25,000,000 with a projected AAR of 29.70% over a 22-month holding period.
The JCM Opportunity Fund I, LLC is also pleased to announce the closing of The Edge at Merrimack River in Lowell, MA.
The Edge at Merrimack River is a to-be-developed 147-unit, 414 bed off-campus student housing complex serving the enrollment at the Lowell campus of the University of Massachusetts. This is the Fund's third investment and fifth collaboration with Vision Development, Inc. and its principals Rick and Mary Shaffer.
The Fund has placed $11,500,000 of invested equity in the project along with $33,744,000 of construction financing provided by Northern Bank & Trust. At completion, the Fund/Vision partnership expects the development to be worth $55,000,000 with a projected AAR, net of fees, of 16.61% over a 26-month hold and a projected IRR, net of fees, of 15.20% over a 26-month hold.
"These last two investments underscore the Fund's commitment to strategic real estate development in markets that are poised for growth and where certain demand segments are underserved. We are proud to partner with companies like Vision and Megryco that represent best in class operations with outstanding track records, and proud to continue our long and successful relationship on the debt side with Northern Bank & Trust Company, who is truly much more a partner than a bank."
- Gary F. Joyal
CEO and Managing Partner
About Joyal Capital Management, LLC
Joyal Capital Management, LLC represents more than 800 clients in over 30 states on mergers and acquisitions, financing, private equity and family office services. The JCM Opportunity Fund I, LLC is a private equity vehicle that focuses on franchise and real estate investments. Since its inception, the Fund has made five (5) investments, three (3) of which have been completed and two (2) of which are ongoing.
