The collateral for this loan is a 1.12-acre piece of land located near the corner of Centennial Parkway and Durango Drive. Building permits were issued about six months ago and framing is mostly completed on this 8,555 square foot, two tenant retail center. Both suites are preleased with the larger of the two suites leased to Born & Raised “BAR” which is a sports-focus bar catered towards locals. The other suite is preleased to “Firefly Tapas Kitchen & Bar” which has been around since 2003 and has quickly become a locals’ favorite. This is the second building within the center the borrower has constructed and is very similar to multiple other locations they have done over the past few years. Current leases will have the property producing over $380,000 in annual net revenue when completed. Completion is expected in the summer of 2023. Loan Amount: $4,000,000 Yield: 10% interest Schedule: Interest is paid monthly in arrears with payments due on the 1st of each month with a 10-day grace period. *For investments equal to or greater than $100,000 investors will earn 10.5%. Term: Nine months with an optional nine-month extension at maturity. Final maturity date is 8/1/24.
The collateral for this loan is a 121,800 square foot shopping center in Rockford, IL. The ten-acre site is mostly vacant after the anchor grocery store tenant vacated the property in late 2021. The borrower purchased the property at auction in December of 2022 with the property only 11% leased. With a finished replacement cost north of $11,000,000 they knew they were buying a project undervalued with the anticipation of quickly filling the vacant space. Over the past few months since acquiring the site, they have two tenants that will lease 82,000 square feet bringing the vacancy down to 21%. Although no tenants are lined up for the remaining vacant space, a local leasing agent has begun work to find renters. The only national tenant currently occupying the property is Baskin Robbins along with 6 local tenants. Loan Amount: $6,500,000 Yield: 10.5% interest is paid monthly in arrears with payments due on the 1st of each month with a 10- day grace period. *For investments equal to or greater than $100,000 investors will earn 11%. Term: Nine months with an optional nine-month extension at maturity. Final maturity date is 7/23/24.
First Trust Deed collateralized by a 7.5-acre parcel of a residentially zoned property approximately 70 miles south of Denver, CO. Located near the cross streets of Centennial and Fillmore, the property is just nine miles to the south of the Colorado Springs Air Force Academy and under ten minutes from downtown Colorado Springs and Garden of the Gods. The surrounding area is seeing immense residential and commercial growth including national quick service restaurants and over 300 apartment units (being developed by different builders). The entitlement allows for the development and ultimate construction of 105 townhome lots, all of which are under contract to be sold to Lokal Communities. Since July of this year, Lokal has purchased 48 of the units leaving 57 as collateral for this loan. Lokal will continue buying lots every other month until August when the loan should be paid off in full. Master Loan Amount: $5,682,900 Yield: 10% 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 an optional nine-month extension at maturity. Final maturity date is 5/21/24.
Since acquiring a majority of the shopping center for $19,100,000 in the past year, the borrower is looking to refinance the collateral of the remaining 66,000 square foot shopping center. The collateral has existing regional tenants like Dotty’s, Paycheck Advance, Metro PCS, and a T-Mobile cell tower. Other tenants in the center include Tractor Supply Company, Autozone, Harbor Freight Tools, Applebee’s, Jack in the Box, Sizzler, Firehouse Subs, and El Pollo Loco. Since acquiring the property, the borrower worked to get a parcel map recorded to sell individual parcels/buildings to prospective buyers. This was done to take advantage of the arbitrage between bulk sales and triple net sales. Simply put, the parts are worth more than the whole. The borrower will continue to work to increase the current occupancy of 66%. Occupancy would increase to 92% once the four tenants he is currently working with sign a lease. Upon getting the occupancy increased, the borrower will begin to sell individual buildings unlocking the additional value in the property. Master Loan Amount: $14,750,000 Yield: 10% Interest is paid monthly in arrears with payments due on the 1st of each month with a 10- day grace period. *For investments equal to or