IFCI is a non-profit organization based in
A letter of Intent (LOI) to buy the said site location by IFCI was sent to the City of Newark’s
In the meantime, since IFCI is a non-profit organization, and the operation and business of the
In the contract between IFCI and ZICIX+CTIP-FII, the latter’s role, obligations and responsibilities are defined in the contract, in its role as the Project Developer. By technical definition, Project Developer is a group of professionals that manages the operation of a project, by being the lead of an oversight team, conducting research and creating plans that best suit the needs of the Project. It’s role begins from assisting IFCI to create a vision for the property by ZICIX+CTIP-FII, until the Project is completed and turned over to IFCI and PRSC for its operation.
In addition, the Project Developer creates and proposes to the Project Owner, the right financial structure for the Project. In its capacity as the Financial Engineer for the Project, CTIP-FII will work alongside the
CTIP-FII will supervise the development team daily to execute assigned tasks within set deadlines and adherence to the budget. CTIP-FII will act as the primary contact for the Project Owner’s queries and concerns. The role and responsibilities are further defined as follows:
What does “Senior Housing” mean?
Participants in the Project
The other participants in this Project with ZICIX+CTIP-FII as the lead team includes
Project Description
The
The basement floor will include utility rooms and commercial kitchen. The first floor will include one outpatient clinic, a cafeteria, and a common area for various activities. All the residential units will be located at the second, third, fourth and fifth floors.
Purpose: This project focuses on serving senior citizens by providing a comfortable lifestyle such as providing various spaces and functions throughout the building for different activities, healthcare, and outdoor areas in a safe and controlled environment. Building Data: Each residential floor is composed of 4-one-bedroom units and 7 studio units. The units vary in size from 400 sq. ft. to 510 sq. ft. Notably, the first floor will host a clinic with a 900 sq. ft. space, a common area and a cafeteria (1,800 sq. ft.) and covered parking. The basement level will also be equipped with a complete commercial kitchen to serve the residence. The exterior architecture of the building complements the nearby buildings having partly brick facades, while keeping a contemporary and balanced form. Construction period: 24 months.
The Budgetary Cost
The total budgetary cost (development cost) estimates (BCE) are expected to be about
Funding Source
A company identified as
At this early there are already mortgage lenders offering long term funding, which is called permanent mortgage, that will be the take-out mechanism to pay off construction loans, if there are any.
ZICIX+CTIP-FII investments
The contract between IFCI and ZICIX+CTIP-FII includes the option of ZICIX+CTIP-FII to invest into Project by acquiring partial ownership interest into PSRC.
ZICIX+CTIP-FII is currently having a portfolio of infrastructure projects under management of more than
About the Corporations:
Safe Harbor Act: This release may contain “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E the Securities and Exchange Act of 1934, as amended, and such forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. “Forward-looking Statements” describe future expectations; plans, results, or strategies and are generally preceded by words such as “may”, “future”, “plan or planned”, “will” or “should”, “expected”, “anticipates”, “draft”, eventually”, or “projected”. You are cautioned that such statements are subject to a multitude of risks and uncertainties that could cause future circumstances, events, or results to differ materially from those projected in the “forward-looking statements” because of various factors, and other risks identified in a company’s annual report.
For additional information: Visit our website at www.Zicixcorp.com or call 830.331.0031. We are also on Twitter @ZICIXCorp.
ZICIX+CTIP-FII SIGNS CONTRACT WITH IFCI TO DEVELOP $20 MILLION SENIOR CITIZENS RESIDENCE PROJECT IN NEWARK, NEW JERSEY
Role and Responsibilities
ZICIX+CTIP-FII SIGNS CONTRACT WITH IFCI TO DEVELOP $20 MILLION SENIOR CITIZENS RESIDENCE PROJECT IN NEWARK, NEW JERSEY
Role and Responsibilities
ZICIX+CTIP-FII SIGNS CONTRACT WITH IFCI TO DEVELOP $20 MILLION SENIOR CITIZENS RESIDENCE PROJECT IN NEWARK, NEW JERSEY
Conceptual design and location plan
ZICIX+CTIP-FII SIGNS CONTRACT WITH IFCI TO DEVELOP $20 MILLION SENIOR CITIZENS RESIDENCE PROJECT IN NEWARK, NEW JERSEY
Conceptual design and location plan
ZICIX+CTIP-FII SIGNS CONTRACT WITH IFCI TO DEVELOP $20 MILLION SENIOR CITIZENS RESIDENCE PROJECT IN NEWARK, NEW JERSEY
Conceptual design and location plan
Source:
2023 GlobeNewswire, Inc., source
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