The collateral for this loan is a residentially zoned 8.83-acre parcel of land situated near the NW corner of Smoke Ranch Rd and Rancho Dr. The property is directly north of an 11.77-acre site that the borrower is currently building over 300 apartment units on. Our collateral will be the next phase of development and will continue with the multifamily development. Both parcels are just west of the North Las Vegas Airport. At the northernmost cross access easement, which extends west from North Rancho Drive, there is a signaled traffic light which also greatly improves access to the sites. In the surrounding area there are other residential communities and commercial units located on all sides surrounding the lot. Also, all underground utilities, including gas, water, and sewer are completed and extended to the subject site. The lot was purchased about three years ago and since that time the borrower has started construction on the first phase and will begin construction on this phase in about a year
Loan Amount: $7,366,000
Yield: 11% interest is paid monthly in arrears with payments due on the 1st of each month with a 10-day grace period.
Term: Nine months with two additional nine-month extension periods. Final maturity date is 3/17/26.
