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Carson City, NV, Jan. 10, 2023 (GLOBE NEWSWIRE) — ZICIX Corporation’s (OTC Pink: ZICX) Chairman, Mr. William A. Petty has received a progress report from its ZICIX President, Mr. Fernando M. Sopot that ZICIX+CTIP-FII has signed a contract with the International Federation of Chaplains, Inc. (IFCI) to undertake the development of the $20 million Senior Citizens Residence Project located at the site owned by the City Government of Newark, New Jersey of which the site address is at 861-869 Clinton Avenue, (Block 3016/Lot 25), Newark, New Jersey 07108.
IFCI is a non-profit organization based in Newark, New Jersey and West Orange, New Jersey. It is an international Christian organization with churches in the Dominican Republic and other places in the Latin American Countries.
A letter of Intent (LOI) to buy the said site location by IFCI was sent to the City of Newark’s Department of Economic and Housing Development (DEHD) for its consideration and approval. The offer to buy was approved by DEHD in its letter to IFCI dated December 21, 2021. ZICIX+CTIP-FII assisted IFCI in all these arrangements, including the conditions imposed upon by DEHD to finally transfer the ownership of the property to IFCI. The process of transferring is now on-going.
In the meantime, since IFCI is a non-profit organization, and the operation and business of the Senior Citizens Residence Project is for profit, a special purpose entity (SPE) is organized which is named under Prime Residence for Seniors Corporation (PRSC) which will own the Project. On the other hand, IFCI being the eventual owner of the land, shall become one of the stockholders of PSRC, whereby IFCI’s contribution as investments to PSRC, shall be the land plus cash.
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 Architectural and Engineering Design Group, the Construction Management Group, and the General Contractor, to research, develop project activities, schedules, and regular progress reports, including negotiating with other strategic investors/partners and a lender the right financial structure for the project, making sure that the terms and conditions are reasonable and acceptable to PRSC as the Project Owner.
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?
Senior Housing is housing that is suitable for the needs of an aging population. It ranges from independent living to 24-hour care. In senior housing there is an emphasis on safety, accessibility, adaptability, and longevity that many conventional housing options may lack. (Source: nepahousing.org).
Senior Housing is designed for “Independent Living also called Adult Retirement Communities” as defined by the State of New Jersey’s Division of Aging Services. The usual entrance age for this kind of facilities is 55 years old or older. These facilities are registered with the New Jersey Department of Community Affairs.
Participants in the Project
The other participants in this Project with ZICIX+CTIP-FII as the lead team includes WSM & Partners, providing A & E services, Integra Consultants, a structural engineering consultant, Arco and Jayeff Engineering Co. providing construction management services, and another group that is expected to join as the General Contractor, the China Construction America, Inc., a wholly owned company by China State Construction and Engineering Corporation (CSCEC) rated as top 5 largest international construction company by the Engineering News Record (ENR).
The Senior Citizens Residence Project is a 5-storey building with one underground basement that will be constructed in a lot area of about 12,400 sq. ft. while the footprint of the building is about 6,235.40, thus the total gross floor area of the 5-storey building will be 31,177 sq. ft.
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 $20,000,000,.00. The total number of residential units will be 44 at 11 units per floor starting at the second floor to the fifth floor. There will be a nice well decorated lobby at the ground floor including administration office and commercial spaces.
A company identified as Procida Funding LLC, among others, have submitted their financial terms sheet offering to fund the construction of the Project, on its entirety, until project completion. There are investors expected to join the project, in exchange for some ownership interest into PSRC.
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.
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 $825 million, involving construction of buildings, hospitals, public road projects, renewable energy, and the support to various Ministry of Health (MOH) in several countries for their Disaster Preparedness Plan, by supplying emergency vehicles to the Local Government Units (LGUs) through MOH.
About the Corporations:
ZICIX Corporation (OTC Pink: ZICX) – Originally founded as a service provider to the Healthcare industry, the ZICIX Corporation has recently been restructured with the intention of acquiring and developing technology applications designed for service companies in consumer, retail, and other industries. www.ZicixGroup.com.
CTIP First Investment, Inc. (CTIP-FII), a subsidiary and operating company of ZICIX Corporation. It is a private investment and providing investment banking services focused on Public-Private-Partnership (PPP) mode, and project development services, involved in undertaking development projects for both the Government and the Private Sectors respectively. CTIP-FII designs and brings the right financial engineering to project owners and creditors to fund development undertakings and permanent mortgage. www.ctip-fii.net.
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