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GGD Oakdale, LLC
Commercial • Construction • 5301 Central Ave. NE and 300 San Mateo Boulevard NE, Albuquerque, NM 87108
Loan Number: #L0000018
Available
$27,000
Investor Interest Rate
9%
Maturity Date
9/13/2021
Investment Summary
GGD Oakdale, LLC
Commercial • Construction • 5301 Central Ave. NE and 300 San Mateo Boulevard NE, Albuquerque, NM 87108
Loan Number: #L0000018
Invested
$0
Investor Interest Rate
9%
Maturity Date
9/13/2021
| Full Commitment | $4,800,000 |
| Available | $27,000 |
| Investor Interest Rate | 9% |
| Minimal Investment Amount | $1,000 |
| Maturity Date | 9/13/2021 |
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About
About this property
Property Address
5301 Central Ave. NE and 300 San Mateo Boulevard NE, Albuquerque, NM 87108
Property Details
GGD Oakdale, LLC acquired two office towers near the heart of Albuquerque, NM. Together the towers total approximately 264,000 square feet, over 9.31 acres. The borrower plans to renovate the 17-story building first. Once finished they plan to consolidate all tenants into 17-story tower to have it over 50% leased. At that time, the borrower intends to refinance the loan. Ignite Funding (our partner and loan originator) will release the deed of trust on the vacant 10-story building since they’ll have sufficient collateral. This will allow the borrower to acquire construction financing to convert the 10-story building into apartments with approximately 150 units. The builder previously used this strategy in Albuquerque with a converted hotel, with great success.
How the funds will be used
Construction
Borrower will utilize funds for the acquisition and renovation of the property.
How the funds will be used
Construction
Borrower will utilize funds for the acquisition and renovation of the property.
Financials
Borrower
GGD Oakdale, LLC
Payment
Borrower's interest payments are paid monthly, between the 1st and the 5th of the month.
Investor interest is paid in arrears on the 1st of each month.
-27
Term
9 months with two optional 9 month extensions available to the Borrower for a total of 27 months.
Maturity Date
9/13/2021
Maturity date can fluctuate and is dependent on the date the loan funds.
Borrower
GGD Oakdale, LLC
GGD Oakdale, LLC is a special purpose entity established by Sanjiv Chopra as the real estate arm of the borrower. The borrower has extensive experience in real estate development over the last decade with over $200 million in commercial real estate transactions. Through the acquisition and leasing of properties throughout the west coast the borrower’s expertise has potentially added value to many communities. Our partner Ignite Funding has been a part of funding some of those projects.
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