Tiderock Companies Enter into Agreement to Co-Develop 277-Bed Student Housing Project Near Rutgers University

Rhea-AI Summary

Tiderock Companies, Inc. (TDRK) has announced a strategic partnership with Courtland Plaza LLC to co-develop a 277-bed student housing facility in New Brunswick, NJ, for Rutgers University. Under a Letter of Intent, Tiderock's subsidiary, Sora Ventures, LLC, will invest multi-million dollars into the fully approved project, which has a development budget exceeding $30 million and is scheduled for occupancy in Summer 2023. The partnership aims to develop 800 units over the next three years.

Positive

• Strategic partnership with Courtland Plaza for a 277-bed project.
• Multi-million dollar equity investment into the project.
• Project is fully approved and under construction with a $30 million budget.
• Plans to develop 800 units at Rutgers over the next three years.

Negative

• None.

BALTIMORE, MD / ACCESSWIRE / December 15, 2021 / Tiderock Companies, Inc. ("we", "our", or the "Company"), (OTC PINK:TDRK) is pleased to announce that its' subsidiary Sora Ventures, LLC has signed a Letter of Intent with Courtland Plaza LLC ("Seller") to become the strategic development partner for their 94 Unit, 277-Bed Student Housing Facility in New Brunswick, New Jersey servicing Rutgers University (the "Project").

As Co-Developer, Tiderock Companies, brings its 12 years of Student Housing and Public Private Partnership expertise to supply development support, project management, construction oversight, marketing, and support. Tiderock Companies and Port One Management, LLC, (collectively "Partnership" and/or "Buyer") have established a partnership to co-develop a slate of projects with the Courtland Plaza team and will demonstrate their commitment starting with making a multi-million-dollar equity investment into the Project. The Project is fully approved and currently under construction and is scheduled for occupancy in the Summer of 2023 with a total development budget exceeding $30 million dollars.

Execution of definitive documents Between the Partnership and Courtland Plaza will be subject to successful completion of traditional project due diligence, it is anticipated the project will close within the next 30 days. Seller shall deliver to Buyer the final project budget, ("Budget"), all signed contracts, the operating agreement, loan documents, market study, environmental report, plans, approvals, title documents, and alike for Buyer's due diligence review. The Buyer shall use commercially reasonable efforts to review all of these collateral materials within Fifteen (15) Days from receipt and shall advise Seller in writing when Buyer is satisfied with its review.

Tiderock CEO, Thomas Fore stated, "The Port One and Tiderock partnership has exceeded my expectations. I could not be happier. I am sincerely honored to be joining our esteemed colleagues leading the Courtland Plaza Development and to be returning to New Jersey to help execute this wonderful student housing project for Rutgers University. Our goal is to develop 800 units at Rutgers over the next 3 years."

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
Email: info@tiderockcompanies.com
Phone: (800) 791-8433

SOURCE: Tiderock Companies, Inc.

View source version on accesswire.com:
https://www.accesswire.com/677772/Tiderock-Companies-Enter-into-Agreement-to-Co-Develop-277-Bed-Student-Housing-Project-Near-Rutgers-University

FAQ

What is Tiderock Companies' new project near Rutgers University?

Tiderock Companies is co-developing a 277-bed student housing facility in New Brunswick, NJ, for Rutgers University.

What is the budget for the Tiderock Companies student housing project?

The total development budget for the project exceeds $30 million.

When is the occupancy date for the new student housing project?

The project is scheduled for occupancy in Summer 2023.

What is the significance of Tiderock's partnership with Courtland Plaza?

The partnership allows Tiderock to leverage its 12 years of expertise in student housing and public-private partnerships.

How many units does Tiderock plan to develop at Rutgers University?

Tiderock aims to develop a total of 800 units at Rutgers University over the next three years.