4.18.14

RMB Real Estate, LLC | Loan #4076 – FUNDED

Description: First Trust Deed collateralized by a roughly 2.5 acres of land zoned R-E located in the Southwest part of Las Vegas, Nevada. Richmond American Homes purchased the 7.04 acres directly to the north of the site in November of 2013 for $2,775,000. Since that time, Richmond American has obtained a Resolution of Intent (ROI) allowing 3 units per acre (atotal of 22 homes). Other 2.5 acre parcels in the area have received ROI’s allowing between 7 and 18 units. The borrower will try to obtain similar zoning to allow for single family homes to be built on the site. This process is not expected to start for another 12 months and the cost will be fronted by the borrower.

 

 

 

By |April 10th, 2014|Comments Off on 4.18.14
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