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.