First Trust Deed collateralized by a seven-acre parcel of land approximately 18 miles south of downtown Las Vegas, NV. Since going under contract about a year ago, the borrower has successfully worked with city officials to get the property zoned for a regional mixed-use designation. It is the borrower’s intent to complete the final map for a 236-unit multifamily development. This 200,000 square foot property would be the second large multifamily project the borrower is operating with the first being Tuscan Highlands. Tuscan Highlands is currently under contract for what would be the highest price per unit sales ever in Las Vegas. With a total project cost of over 64 million, this project will be of the same quality finishes as can be found in Tuscan Highlands. It is anticipated the final map and construction financing will be complete within the year at which point the loan would be paid off.
Loan Amount: $5,700,000
Yield: 10.5% (Principal Balance ≥ $100,000); 10.0% (Principal Balance < $100,000) Interest is paid monthly in arrears with payments due on the 1st of each month with a 10-day grace period.
Term: 9 months with an optional nine-month extension period at maturity