ENTERPRISE BANK, PELHAM, NH
VMD acquired an undeveloped tract of land in the town of Pelham, NH and served as the developer for the publicly traded Enterprise Bank to develop their 19th branch location.
The development was saddled with multiple obstacles. The project required 4 variances, 11 waivers and multiple state approvals. VMD secured all variances and waivers within 60 days of submission from the town of Pelham and all state approvals shortly thereafter.
Most notably, VMD was awarded development of the year in 2012 by the state of NH for this development due to the floodplain and design complexities this project overcame. The project was featured on the front page of the Eagle Tribune.
VMD acquired the land at a very attractive basis and developed the project to a 13% Return on Cost and exited the deal at a 6% Cap Rate, yielding over 700 basis points in upside.