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Offering Memorandum Offering Memorandum LV Medical, LLC Las Vegas, Nevada 700 W. 47th Street, Suite 200 Kansas City, MO 64112 816.756.1400 | www.BLOCKLLC.com Table of Contents I. Investment Summary ............................................................................................3 For More Information: II. LV Medical Office Building ....................................................................................5 Stephen J. Block III. Financial Projections ...........................................................................................12 816.932.5537 [email protected] IV. Location and Market Overview .........................................................................14 Stephen M. Bessenbacher 816.412.8467 [email protected] Brian R. Beggs, CFA 816.932.5568 [email protected] Block Real Estate Services, LLC 700 W. 47th Street Kansas City, MO 64112 816.756.1400 www.blockllc.com Disclaimer: These property materials are for informational purposes only and do not constitute an offer or solicitation to sell shares or securities in the Company or any related or associated company. Any such offer or solicitation will be made only by means of the Company’s confidential Disclosure Materials and in accordance with the terms of all applicable securities and other laws. None of the information or analyses presented are intended to form the basis for any investment decision, and no specific recommendations are intended. Accordingly, the property materials do not constitute investment advice or counsel or solicitation for investment in any security. The property materials do not constitute or form part of, and should not be construed as, any offer for sale or subscription of, or any invitation to offer to buy or subscribe for, any securities, nor should it or any part of it form the basis of, or be relied on in any connection with, any contract or commitment whatsoever. The Company expressly disclaims any and all responsibility for any direct or consequential loss or damage of any kind whatsoever arising directly or indirectly from: (i) reliance on any information contained in the property materials, (ii) any error, omission or inaccuracy in any such information or (iii) any action resulting therefrom. Table of Contents | 2 I. Investment Summary LV Medical, LLC | 3 Investment Summary INVESTMENT SUMMARY three for a period of 8 years and one physician for a period of 5 years. At the end of the 5th year, the remaining three physicians will maintain the fourth physician’s guarantee Investment Company LV Medical, LLC until the end of the eighth year of the lease. In addition to the personal guarantees, Property Locations 6910 S. Cimarron Road each of the two tenants will cross-guarantee the other tenant’s full 15-year term. Las Vegas, NV 89113 Once completed, the total project cost will be $8,055,000, or $374.55/SF. The project appraised for $8,150,000. The company will be financed with a 7-year loan on a 25-year Investment Price per Share $29,000 amortization at a rate of 4.25% for the term of the loan. The lender is Academy Bank. Average Return on Cash 5 year: 8.79% 10 year: 9.59% ABOUT THE TENANT Gastroenterology Associates (GA) was founded 15 year: 10.56% in 1986 by Dr. Frank Nemec. From day one, Dr. Average Return Including Principal Reduction 5 year: 13.60% Nemec focused on procedural safety. Because 10 year: 15.02% of that steadfast commitment, Gastroenterology 15 year: 16.89% Associates has established a reputation as Southern Nevada’s most reliable, consistent gastroenterology practice. We voluntarily seek and Block Real Estate Services (BRES) is pleased to offer interests in LV Medical, LLC exceed stringent national standards for medical quality and safety to ensure the most (“LV”). LV will purchase a newly constructed, shell medical office building and bring technologically advanced and reliable diagnostics and treatment plans. We are honored the project to completion resulting in a 100% leased medical office to the physicians to be referred to patients by many of Las Vegas’ premier primary care physicians and of Gastroenterology Associates (“GA”). The group will enter in to two, 15-year leases work closely with these doctors to manage effective digestive health treatment. consisting of an ambulatory surgery center and their patient clinic. The leases will be guaranteed by the physicians and their clinics. Each lease will include 2.5% annual rental Today, Gastroenterology Associates is home to four of Southern Nevada’s most respected escalations. The physicians, through their entity, Phase II Properties, will contribute the gastroenterologists. Dr. Gregory Kwok, Dr. Donald Kwok and Dr. Brent Burnette have all current contract for the shell building, the 15-year lease and $500,000 in cash for a joined Dr. Nemec as board certified physicians specializing in digestive health. 41.55% ownership stake in LV. The acquisition and development project represents an In 2004, Gastroenterology Associates expanded its services by establishing an on-site outstanding investment for those seeking a combination of 100% occupancy, long-term surgery center. At the Ambulatory Surgical Center of Southern Nevada, our physicians leases with personal/group guarantees, and annual rental escalations. have performed over 20,000 endoscopy procedures to assist with the diagnosis and treatment of a vast array of digestive disorders. This facility is Southern Nevada’s oldest INVESTMENT CONSIDERATIONS continuously running surgical center and is licensed by the state of Nevada, is Medicare LV will purchase a newly constructed, shell medical office building in Las Vegas, NV. approved and is accredited by the Accreditation Association for Ambulatory Healthcare. Concurrent with the closing of the shell building, LV and the physicians of GA will enter The Gastroenterology Associates’ Ambulatory Surgical Center of Southern Nevada is in to two leases, one for an ambulatory surgery center and another for their clinic, that where our physicians perform flexible sigmoidoscopy, esophagogastroduedenoscopy, have a 15-year term. The annual rental escalations are 2.5%. colonoscopy, polypectomy, bicap, sclerotherapy, endoscopic variceal ligation, Each lease will be guaranteed by the physicians and the group practices. In regards to esophageal dilation and percutaneous endoscopic gastrostomy. the physician guarantees, each of the 4 physicians will be a 25% guarantor of the lease, For more information on GA, please visit www.lasvegasgastro.com. LV Medical, LLC | 4 II. LV Medical Office Building LV Medical, LLC | 5 LV Medical Office Building BUILDING DESCRIPTION Zoning General Commercial (C-2) Land Area 1.15 acres Building Area 21,506 SF Year Constructed 2017 Foundation Concrete slab on compacted fill Floors Mix of vinyl tile, carpet, ceramic tile, marble Roof Flat composition roof with 2” fiberglass insulation HVAC 4 RTUs, with roof-mounted condensers and electric handlers Exterior Finish Wood framed with stucco and glazing finish Interior Finish Extremely high grade consistent with Class A Medical Office Parking Stalls 92 dedicated spaces RENT ROLL PROPERTY TENANT RENTABLE SF CURRENT RATE ANNUAL INCREASE EXPIRATION OPTIONS 6950 S. Cimarron Frank J. Nemec, LTD 10,740 $19.80/SF 2.5% July 2033 3, 5-year options 6950 S. Cimarron ASC of Southern Nevada 10,766 $34.50/SF 2.5% July 2033 3, 5-year options LV Medical, LLC | 6 LV Medical Office Building REGIONAL MAP LV Medical, LLC | 7 LV Medical Office Building AERIAL LV Medical, LLC | 8 LV Medical Office Building PROPERTY PHOTOS LV Medical, LLC | 9 LV Medical Office Building PROPERTY PHOTOS LV Medical, LLC | 10 LV Medical Office Building PROPERTY PHOTOS LV Medical, LLC | 11 III. Financial Projections LV Medical, LLC | 12 Full Las Vegas Gastroenterology Project Financial Projections Ownership Soft Costs Summary Interest Cost Organizational Expenses 4,000.00 Hard Costs 7,225,967 Young Fee 2.0% 143,019.00 Soft Costs 829,033 Glo-Rae - SKMA - Panda 27.50% 797,500.00 Appraisal 500.00 Total Project 8,055,000 Black Diamond LVGI 8.00% 232,000.00 Title, Closing, Recording 4,000.00 From Tenants for TI Overages - Block 5.00% - Environmental 3,500.00 Loan 65.80% 5,300,000 LV Gastro Investors 59.50% 1,725,500.00 Buyer Legal 65,000.00 Equity 34.20% 2,755,000 Total Investment 100.00% 2,755,000.00 Lender Legal 15,000.00 Investor Price per 1% unit 29,000.00 Permits 4,000.00 Raw Cap Rate: 7.25% Hard Costs Architectural Fees 100,000.00 All-in Cost/SF: $ 374.55 Purchase Land & Buildings 193.95 4,171,000.00 Loan Fee - Interim 0.35% 18,550.00 TI Allowance - Gastro Associates TI Allowance 72.68 780,625.00 Construction Inspections 4,000.00 TI Allowance - ASC of S. Nevada TI Allowance 204.29 2,199,342.00 Development Fee 4.00% 289,039.00 Landscaping - Travel 0.00% 15,000.00 Survey - Construction Period Interest 4.25% 98,547.00 Agreed Initial Working Capital and Reserve 40,000.00 Construction Contingency 2.5% 75,000.00 Soft Cost Contingency 24,878.00 SF PSF Total Soft Costs 829,033.00 Total Hard Costs 21,506 336.00 7,225,967.00 1031 Costs Reserves Total Cash Loan Ttl Trade 0 0 0 0 0 0 Glo-Rae - SKMA - Panda 779,659 17,841 797,500 1,457,500 2,237,159 Black Diamond LVGI 226,810 5,190 232,000 424,000 650,810 LV Gastro Investors 1,683,654 41,846 1,725,500 3,842,500 5,526,154 2,695,312 59,688 2,755,000 5,300,000 7,995,312 INCOME ANALYSIS Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 Debt Year Starting 3/1/2018 3/1/2019 3/1/2020 3/1/2021 3/1/2022 3/1/2023 3/1/2024 3/1/2025 3/1/2026 3/1/2027 48,639 Year Ending 2/28/2019 2/29/2020
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