March 2022

March 2022 is pleased to announce the closing of an Acquisition & Development Loan (A&D) for $35,160,000 in Rowlett, Texas for the acquisition of 110 acres and the final planning of a mixed-use development on Lake Hubbard. The entitled uses include multi-family, mixed-use, retail, townhomes, condo, marina restaurant, and resort. There are approximately $22.65M of PID bonds in escrow immediately available for the horizontal improvements of the property. The Loan to Cost came in at approximately 82%.

February 2022

February 2022 is pleased to announce the closing of a 99 Year Ground Lease (GL) in Spring Branch Texas for a Hospitality and Event Center providing the developer approximately $4,642,500 in funds based on the future expanded stabilized value

The GL offers property owners and developers an opportunity to add leverage and increase returns in their investments. When developers and owners elect to enter into a GL, they are able to access more efficient construction or permanent capital while reducing the equity needed.

With a ground lease, the property owner retains ownership and operational rights to their current or future improvements while making ground lease payments to the GL. This allows the property owner to receive a lump sum payment for an estimated 35% of the value of the future stabilized improvements. Plus, the developer always has the right to buyout the GL anytime during the GL term.

January 2022

January 2022 is pleased to announce the closing of an $11,800,000 construction loan for a 39-apartment unit project in Oakland, California. The site was a former Chevron Service Station that had contaminated the subject site and surrounding area. However, we were able to mitigate the environmental issues with a long-term Indemnity Agreement. The Loan to Cost came in at 75% plus an Interest Reserve based on simple interest plus all financing costs included in the loan.