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7 Kent, New Milford
Offering short link
Raise Details
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Gross Offering$370,000 USD
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Available Units0.00
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Minimum Investment$10,000 USD
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Maximum Investment$470,000 USD
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Open DateJun 14,2022
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Closing DateJul 31,2022
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Investment TypeFirst Mortgage
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Maturity12 months
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Real Estate UseOffice
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Maturity End DateJul 31,2023
Type
| Type | Number of Units | Available Units | Cost per Unit | Payback Per Unit | Gross Offering | Annual Yield | Effective Yield | Term |
|---|---|---|---|---|---|---|---|---|
| Senior A | 2.00 | 0.00 | $93,000.00 USD | $100,000.00 USD | $200,000.00 USD | 14.00% | 15.05% | 12 months |
| Senior B | 2.00 | 0.00 | $45,638.00 USD | $50,000.00 USD | $100,000.00 USD | 17.45% | 19.12% | 12 months |
| Junior C | 2.00 | 0.00 | $31,063.00 USD | $35,000.00 USD | $70,000.00 USD | 22.50% | 25.35% | 12 months |
| Totals | 6.00 | 0.00 | $370,000.00 USD |
Executive Summary
The Borrower. Thomas Maira has acquired several small office buildings on major highways in Connecticut to lease to small local users seeking non-family home office space near their homes. This strategy has leased up his small office buildings so far.
Loan Term. The gross funded amount of the Loan is $470,000 less closing costs and interest reserve. The Loan term is one (1) year with the right to extend for six (6) months for a fee of $15,000. The is a first mortgage loan so the risk of principal loss is reduced.
Participations. The Loan is divided into three (3) tranches and seven (7) units. The Senior A has three (3) units priced at $100,000 per unit paying 14.0% per annum prepaid for six (6) months with an effective annual yield of 15.5%. The Senior B has two (2) units priced at $50,000 per unit paying 17.45% per annum prepaid for six (6) months with an effective annual yield of 19.125%. The Junior C has two (2) units priced at $35,000 per unit paying 12.5% per annum prepaid for six (6) months with an effective annual yield of 25.35%. The Lender will buy one Junior C unit.
Highlights
- Retail and service-based uses
- 3,134 SF situated on just under an acre of land.
- Recently renovated with all new electrical, plumbing, HVAC, siding
- Positive Sponsor Profile
Comments
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