Rhino Holdings Racine, LLC #5269 | WISCONSIN – FUNDED

The collateral for this loan is part of a Home Depot anchored, 264,000 square foot shopping center that sits on about 30 acres of land. The property is situated on the Southeast Corner of a heavily trafficked intersection in Racine, WI which is about 30 miles south of Milwaukee, WI. This loan will only encumber 150,000 square feet of the shopping center that the borrower purchased for $6,700,000 only a few weeks ago. It is the intent of the borrower to increase the occupancy of the project since most of it is vacant. In this submarket where vacancy is less than 10% for this type of product, there is a lot of room to improve just to get to market average.

Loan Amount: $4,200,000

Yield: 10% interest is paid monthly in arrears with payments due on the 1st of each month with a 10-day grace period. *For investments equal to or greater than $100,000 investors will earn 10.5%.

Term: Nine months with an optional nine-month extension at maturity. Final maturity date is 5/21/23.

By |November 29th, 2021|Funded Investments|0 Comments