First Trust Deed collateralized by approximately 3 acres of land which will eventually be constructed into a 63,560 square foot retail complex, part of a larger 122 acre facility dedicated to youth and professional sports. The project is over 60% preleased to strong regional tenants with many smaller local tenants making up the currently preleased space. When construction begins in May, it is expected the buildings will be completed in eight months. The borrower has a current max guaranteed price contract in place with a regionally strong contractor specializing in the construction of mixed-use development surrounding stadiums. The contract has Ignite Funding written in it so we can take over the contract to ensure the completion of the project in the unlikely event the borrower goes into default. Additionally, all future money that is needed to pay the contractor is allocated in the total loan proceeds of this loan. There is anticipated to be over one million visitors to this project by year two, which will bring a tremendous amount of foot traffic to the area.
Master Loan Amount: $18,000,000
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 an optional nine-month extension period. Final maturity date is 10/30/24.