The borrower purchased the 17 acre site back in August of 2021. Since the acquisition, the borrower worked with the city to get the property properly entitled for the community which now consists of two commercial pads and 220 attached residential units. Located approximately 40 miles north of Salt Lake City, UT in Ogden, the property is near a growing part of the city. Both commercial pads have been sold to developers and 80 of the 220 units, leaving the 140 units as collateral of this loan. All 140 units are in some stage of construction from the planning stage through completion. All of the 140 units are presold (pending any unforeseen cancelations).
Master Loan Amount: $4,400,000
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 9/18/24.