real estate Archives - Page 10 of 17

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Rhino Holdings Village, LLC #5221 | WASHINGTON – FUNDED

Rhino Holdings Village, LLC #5221 | WASHINGTON – FUNDED

The collateral for this loan is an approximately 5.78-acre site that is currently divided into five separate parcels with nearly 80,000 square feet of rentable space. These five separate parcels were built in 1963-1965 and consists of one large inline retail shopping center, three retail pads, and two apartment buildings. Although the project is nearly 80% leased, the lack of capital improvements to the site in many years has made it very hard to rent much of the remaining space. Our borrower plans to demolish the two apartment buildings and two retail pads to make way for two new drive through retail pads. With the two new drive throughs and the deferred maintenance resolved, the unleased space should quickly be absorbed with national tenants. Current tenants include Grocery Outlet, Kitsap Credit Union, New American Funding along with many local tenants. Loan Amount: $14,000,000 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 3/28/23.

By Izzy|September 9th, 2021|Funded Investments|0 Comments

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Green Level West II, LLC #5220 | NORTH CAROLINA – FUNDED

Green Level West II, LLC #5220 | NORTH CAROLINA – FUNDED

The collateral for this loan is an approximately 10-acre site that will be entitled to allow for the construction of a 74-unit apartment building. This acquisition sits contiguous to two separate properties the borrower has under contract which will total over 40 acres. Since the purchase of this land happened before it was fully entitled, the borrower used Ignite to acquire the property while continuing the entitlements on the whole 40 acres of land. The other two properties the borrower has under contract will not close until the entitlement process is completed which is currently estimated to be in June of 2022. On the other side of the property construction has begun on over 1 million square feet of medical space that is owned by Duke Health. The city has already expressed a desire on their master plan to make this corridor the new “heart” of the city which bodes well for the long-term viability of the project and the short term needs to get the property entitled. The borrower for this loan is working alongside Duke Health to get the two projects combined into one master plan which will increase the property’s value given the economies of scale. Loan

By Izzy|August 30th, 2021|Funded Investments|0 Comments

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Gold Rock, LLC #5219 | ARIZONA – FUNDED

Gold Rock, LLC #5219 | ARIZONA – FUNDED

The collateral for this loan consists of 24 acres of land in Cave Creek, AZ (approximately 40 miles north of Phoenix, AZ). These 24 acres are planned to be part of a larger 800+ acres on the side of “Gold Mountain”. With amazing views of Phoenix to the south and mountains to the north and east, the project is what the Phoenix, Scottsdale market has been missing. In the Northern Scottsdale area near the location of this property, estate sized lots with multi-million-dollar homes are very common. The difference between what will be developed on this site compared to what already exists in the area is “hillside living”. The borrower, Shaded Horizons, is an expert in the field and it is something that is not prevalent in the area. Over the next six months, the borrower intends to work with the city to get four lots approved on the acreage. It is also the borrower’s intent to acquire the surrounding 800+ acres to ultimately develop a whole master planned community. Right now, there is a partially paved road going through the property that will cost approximately $500,000 more to improve. With entitlement costs and other development costs, the borrower could

By Izzy|August 30th, 2021|Funded Investments|0 Comments

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Grays Development Company, Inc #5192 | COLORADO – FUNDED

Grays Development Company, Inc #5192 | COLORADO – FUNDED

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 will allow for the development and ultimate construction of 105 townhome lots, all of which are under contract to be sold to Lokal Communities. The sale is structured where the buyer must acquire a minimum of two units per month starting in June of 2022 Master Loan Amount: $7,612,500 Yield: 10.00% 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 2/9/23.

By Izzy|August 30th, 2021|Funded Investments|0 Comments

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Grays Development Company, Inc #5203-5215 | COLORADO – FUNDED

Grays Development Company, Inc #5203-5215 | COLORADO – FUNDED

The collateral for this loan consists of 204 partially developed townhome lots located in Colorado Springs, CO (approximately 61 miles south of Denver, CO). These 204 lots are part of a larger 725 lot community know as Victory Ridge which the borrower originally acquired about three years ago. The townhomes will average 1,500 square feet in size with an anticipated sales price averaging over $430,000. This is the third and final takedown the borrower has elected to take from the seller. Lokal Homes has the option to purchase the remaining lots within Victory Ridge and are slated to do so next year. Lokal Homes, the home builder of this project, is averaging six sales per month since sales began. Directly to the north of the property is a newly opened Icon Cinema in a growing “Interquest Corridor”. The entitlement will allow for the development and ultimate construction of 204 townhome lots, all of which are under contract to be sold to Lokal Communities. The sale is structured where the buyer must acquire a minimum of two units per month starting in July of 2022. Master Loan Amount: $11,832,000 This loan is an acquisition and development tranche loan and therefore the

By Izzy|August 13th, 2021|Funded Investments|0 Comments

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FIG Jackson Crossing, LLC #5179 – 5191 | UTAH – FUNDED

FIG Jackson Crossing, LLC #5179 – 5191 | UTAH – FUNDED

First Trust Deed collateralized by a 17-acre parcel of a residentially zoned property approximately 40 miles north of Salt Lake City, UT. Since going under contract to purchase the property in August of 2020, the borrower has worked with the city to get approval to build townhomes on the site. Since getting the city approval to build 221 townhome units the borrower will close on the purchase of the property and continue working with the city to get a final map approved for the development. Tranche Loans: Estimated Date - Estimated Amount - Loan # 8/11/2021 - $420,000 - #5179 8/11/2021 - $420,000 - #5180 8/11/2021 - $420,000 - #5181 8/11/2021 - $420,000 - #5182 8/11/2021 - $420,000 - #5183 8/11/2021 - $420,000 - #5184 8/11/2021 - $420,000 - #5185 8/11/2021 - $420,000 - #5186 8/11/2021 - $420,000 - #5187 8/11/2021 - $420,000 - #5188 8/11/2021 - $420,000 - #5189 8/11/2021 - $420,000 - #5190 8/11/2021 - $420,000 - #5191 11/26/2021 - $420,000 - TBD - Not open for investment at this time 12/31/2021 - $420,000 - TBD - Not open for investment at this time 1/28/2022 - $420,000 - TBD - Not open for investment at this time 2/25/2022

By Izzy|July 27th, 2021|Funded Investments|0 Comments

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Blue Heron Oasi, LLC #5153 – 5177 | NEVADA – FUNDED

Blue Heron Oasi, LLC #5153 – 5177 | NEVADA – FUNDED

First Trust Deed collateralized by nearly 13 acres of residential land near the corner of Warm Springs and Pecos in Las Vegas, NV (approximately 11 miles south of downtown Las Vegas). Since going under contract on the land, the borrower has received approval to build four extra homes than the previous zoning allowed and to build two story homes instead of the one story that was previously permitted. The additional four homes have created an additional 20% of value that the previous owner was unable to “unlock”. Maybe more importantly, the homes will now be two story homes which will give them enough height to overlook the surrounding homes and have views of the Las Vegas Strip. “Strip” views, no matter the location within Las Vegas command a premium over surrounding properties. Once the property is purchased, the borrower will begin development on the site. Ignite Funding intends to be the development lender as well. Master Loan Amount: $6,960,000 Tranche Loan Amount: $290,000 Loan Type: This Master Loan will be sold in tranches, giving investors the opportunity to invest in one or more lots in the community. A breakdown of the lots is shown on the next page. Yield: 10.00%

By Izzy|July 26th, 2021|Funded Investments|0 Comments

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GGD Oakdale, LLC #5152 | MICHIGAN – FUNDED

GGD Oakdale, LLC #5152 | MICHIGAN – FUNDED

First Trust Deed collateralized by an approximately 136,000 square foot former Sears building which is part of the larger Jackson Crossing Shopping Mall in Jackson, MI (about 78 miles east of Detroit, MI). Current tenants in this mall include national brands such as Kohl’s, T.J. Maxx, Bed Bath & Beyond, Best Buy, and Target (these tenants occupy property inside the mall but not the collateral of this loan). Since acquiring the site in December of 2019, the borrower has demised the interior of the Sears building and updated the property to new building codes. Going forward, the borrower needs additional capital for the specific tenant improvements to the six new suites (the floor plan is on the next page). Tenants such as Hobby Lobby, Burlington, and Planet Fitness have all signed leases or letters of intent. These three tenants would occupy over 80% of the space and the remaining three smaller suites would be rented to local tenants once they are procured. With average lease rates of $7.00 per square foot, the property will generate enough cash flow to cover interest payments with just the three tenants already identified. Loan Amount: $10,000,000 Yield: 10.5% (Principal Balance ≥ $100,000); 10.0% (Principal

By Izzy|July 26th, 2021|Funded Investments|0 Comments

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Dixie Highway Storage, LLC #5151 | FLORIDA – FUNDED

Dixie Highway Storage, LLC #5151 | FLORIDA – FUNDED

First Trust Deed collateralized by a 1.37-acre parcel of land in North Miami Beach Florida which is a suburb of Miami and approximately 17 miles north of downtown Miami, FL. The property is fully entitled with zoning and site plans in place for a 7- story, 163,660 SF Self-Storage Facility with 1,081 climate-controlled storage units. The site is in an Opportunity Zone in a densely populated area surrounded by several major new developments (see page two for a proximity map). Due to the fact the property is located within an opportunity zone, there are some tremendous tax advantages available to the borrower if they hold the property for at least 10 years which they plan to do. This is one of four properties the borrower is currently in escrow to purchase in Florida. Given the influx of residence and the state’s pro-business mindset, the borrower believes it is an area primed for long term growth. Loan Amount: $4,500,000 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.

By Izzy|July 22nd, 2021|Funded Investments|0 Comments

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Rhino Holdings Manitowoc, LLC #5148 | WISCONSIN – FUNDED

Rhino Holdings Manitowoc, LLC #5148 | WISCONSIN – FUNDED

First Trust Deed collateralized by an approximately 87,000 square foot former Shopko store in Manitowoc, WI (about 80 miles north of Milwaukee, WI). Although the property is currently vacant, the borrower has a lease ready to be signed with a national retailer to occupy about 20% of the property. Once the new tenant is signed up (shortly after acquiring the property), the borrower will begin the renovation work on the property the tenant has requested. With the remaining unoccupied space, the borrower will hire a local leasing agent to get the space filled. Additionally, the borrower will get the remaining space into a position where only minimal tenant improvements will need to be completed prior to occupancy. Loan Amount: $3,200,000 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: Nine months with two optional nine-month extension periods at maturity

By Izzy|July 14th, 2021|Funded Investments|0 Comments