Cyan Circle Townhomes, LLC #4560 | COLORADO – FUNDED

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Cyan Circle Townhomes, LLC #4560 | COLORADO – FUNDED

The collateral for this loan consists of 29 mostly finished townhome lots located in Castle Rock, CO (approximately 28 miles south of Denver, CO). These 29 lots represent the third and final phase of a Lokal Homes community known as Forty on Meadows. The previous forty townhomes have been built and sold to end users. For this third and final phase, Lokal Homes will be building the six-building community as a for rent apartment community. It is anticipated the borrower will utilize HUD financing for the take-out financing once construction is completed. Rents for each of the 1,400 square foot, two bedrooms, two and a half bathroom units will go for $1,975. Each of the finished units are valued at about $400,000 per unit.

Loan Amount: $1,500,000

Yield: 10.25% (Principal Balance ≥ $100,000); 10.00% (Principal Balance < $100,000) 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.

By |October 9th, 2018|Funded Investments|0 Comments