Shri Navagraha Devasthanam of North America, Inc
EIN # 46-2101564 1616 Hillside Avenue, Temple Suite New Hyde Park NY 11040 Ph: 718 740 9400 / Temple.Navagraha@gmail.com www.NavagrahaUSA.comShri Saneeswara Temple of New York is The FIRST temple dedicated to Shri Saneeswara Bhagavan in the world outside India.Greetings,
Thank you for your ongoing support of The Temple Complex project, which will bring 7 projects, headlined by the Temple, under one roof in the heart of Long Island at 1140 Willis Avenue Albertson NY.
The 14,769 SF building, which at one time was a home to a Rite Aid pharmacy and a grocery store, requires renovation and costs $5 million. We have lined up an SBA loan, convertible into a mortgage, and have secured six Agencies – fellow businesses ready to move in with us. The details of the transaction are as follows: The title for the building would be held by a non-profit, Under Shri Navagraha Devasthanam of NA, Inc.
The Temple complex will make money on its own. Here is our Space allotment:
1140 Willis Ave Sq Feet
1140 Willis Ave LLC 14,769
Restaurant 2,954
Adult Day Care 3,692
Banquet Hall 3,692
Health Food Store 2,954
Yoga Studio 1,641
The Temple 3,692
Children's School 1,641
Please note that the BV School and Yoga studio share the same space, as Children’s School is a part time Weekend business that is active in the morning, and Yoga studio is around the week activity that mainly conducts classes in the evening. Also, please note that the Banquet Hall and Adult Day Care also share the same space, where Adult Day Care is a morning and daytime activity, and Banquet Hall is a special event, evening activity.
We have been pre-approved for an SBA 504 loan with the following summary:
Loan Amount: $5,125,000 Loan Type: Bridge - Purchase with Rehab Loan Term: 18 months Property Type: Commercial / Retail Purchase Price: $4,625,000 Rehab Cost: $500,000 Estimated Value after Completion: $7,500,000
FICO: 850
Story: Borrowing group are leading members of a Hindu congregation with approximately 15,000 members, they are looking to acquire 1140 Willis with the goal of converting a part of the property into a temple and filling the other space with renters. Majority of customers and businesses will be members of the temple.
What we need ASAP:
1) We need $15,000 immediately to start the loan process (ALREADY PAID)
2) We need $15,000 at term sheet before loan processes.( IN PROCESS)
3) We need $297,500 to secure the building (ASAP)
Due diligence period is 90 days and closing date is 30 days from close of due diligence which would be 90 days from date of executed contract.
We thank you for your ongoing support and pray you will be part of our journey,
Sincerely,
Temple Management.
Shri Navagraha Devasthanam of NA, Inc