First Trust Deed collateralized by a 1.49-acre parcel of commercially zoned land approximately 6 miles east of downtown Las Vegas, Nevada. Since acquiring the site in June of 2018, the borrower has successfully worked with the city to obtain the proper approvals for the development, and ultimate construction of the behavior health facility. The facility will have 24 client units with a total of 44 rentable beds covering just over 16,000 square feet. It is anticipated the facility will be completed and operational by the end of 2020. Once the building is operational, it will be managed by ERS1 Management who is led by Ron Stewart. The management team has a combined experience in the senior healthcare arena of over 150 years
Loan Amount: $6,800,000
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 one optional 9-month extension period at maturity.