First Trust Deed collateralized by roughly 7.18 acres of residentially zoned land near the corner of Azure and N 5th St in Las Vegas, NV (roughly eight miles north of downtown Las Vegas). The land is currently zoned as a Planned Unit Development since the previous owners have gone through many different iterations with the local municipalities to get zoning approvals. The borrower is currently working with the city to approve a 108-unit community. All 108 units are expected to be in the form of 36 triplex buildings. This tentative map approval for the 108-unit community will happen shortly after the funding of this loan. In about nine months the borrower will begin the development work on the land which is expected to cost nearly $5,000,000. The first home will not be made available for approximately one year. With plans ranging from 1100 -1500 square feet and price points starting in the high $200,000’s, these townhomes will help fill the demand for the entry level buyer.
Master Loan Amount: $3,250,800
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 6/27/23.
