BALTIMORE, MD / ACCESSWIRE / November 23, 2021 / Tiderock Companies, Inc. ('we', 'our', or the 'Company'), (OTC PINK:TDRK) is pleased to announce that is has signed a Letter of Intent with 5 Bridges Management LLC ('5 Bridges') to become Developer for their 12-unit townhouse project located at 12 Pembroke Avenue, Hampton, Virginia.
As Developer, Tiderock Companies, will provide operational support and oversight including but not limited to project management, managing the builder proposal process, marketing, budgeting, product mix, review of and negotiations for limited partner equity and debt. The estimated budget for this initial project is $3 million, as Developer, Tiderock will receive fees of 5% of the gross project costs. In addition, Tiderock shall be entitled to 10% of the net profits from the entire project. The Pembroke project is anticipated to commence within the next 60 days.
5 Bridges Management CEO, Steven Charles commented, 'I expect to grow our portfolio in the Tidewater Virginia market by 100% in 2022 and expect that Tiderock will be an important part of our development strategy.' Mr. Charles is also CEO of Prima Group, Inc. a Capital Investment firm that operates both a Private Mortgage lending company and a Private Money Servicing company,
Execution of definitive documents Between the Company and 5 Bridges is subject to successful completion of traditional project due diligence, in which the 5 Bridges is required to provide the following items to the Company within 10 days of execution of this agreement:
(a) copies of all work product and information in 5 Bridge's possession addressing design, survey, soil, geological or the environmental condition of the Property;
(b) copies of all contracts, permits, pleadings related to litigation or other agreements in Seller's possession affecting or otherwise encumbering the Property, including any and all permits and bids for the demolition of the buildings on the site;
(c) copies of all the real estate tax bills for the real property which comprise the Property for 2019, 2020 and 2021 (if received by Seller);
(d) evidence of development entitlements and approvals applicable to the Property from the appropriate governmental authorities.
Tiderock CEO, Thomas Fore stated, 'This 12-unit project with 5 Bridges Management, is just the beginning of our relationship. We are looking forward to build a long-term relationship with 5 Bridges, as they have multiple projects in Virginia that will require Tiderock's expertise and management.'
About 5 Bridges Management, LLC.: 5 Bridges Management is a growing Real Estate Investment Firm based in Virginia Beach with $5.5 million in assets under management and $14 million in development, which include single family homes, multi-family homes and commercial buildings.
About Tiderock Companies, Inc.: Tiderock Companies is a real estate investment, advisory services, and development company with over 20 years of experience. We specialize in deal structure and planning, entitlements, budgeting and project management with over $200 million in current projects. Tiderock Companies, Inc. (OTC PINK:TDRK) is headquartered in Baltimore, MD., and can be contacted at www.tiderockcompanies.com or by phone at (800) 791-8433.
Notice Regarding Forward-Looking Statements in this press release which are not purely historical are forward-looking statements and include any statements regarding beliefs, plans, expectations or intentions regarding the future. Actual results could differ from those projected in any forward-looking statements due to numerous factors. These forward-looking statements are made as of the date of this news release, and we assume no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements. Although we believe that any beliefs, plans, expectations and intentions contained in this press release are reasonable, there can be no assurance that any such beliefs, plans, expectations or intentions will prove to be accurate.
For more information:
Tiderock Companies, Inc.
Thomas B. Fore, CEO
Phone: (800) 791-8433
SOURCE: Tiderock Companies Inc.
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