GGD Oakdale, LLC

Commercial • Construction • 5301 Central Ave. NE and 300 San Mateo Boulevard NE, Albuquerque, NM 87108
Loan Number: #L0000018
Full Commitment $4,800,000
Available
$28,000
Investor Interest Rate
12%
Minimal Investment Amount
$1,000
Maturity Date
3/8/2023
Borrower
GGD Oakdale, LLC
Loan to Value Ratio
--

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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
Loan Offering
$30,000
Full Commitment
$4,800,000
Yield
12%
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.
* Notes are structured as borrower payment dependent notes, not secured by any Connect Invest assets. Please review our Privacy Placement Memorandum for additional information.
Type of Project
Commercial
Phase of Project
Construction
22
Term
9 months with two optional 9 month extensions available to the Borrower for a total of 27 months.
Maturity Date
3/8/2023

Maturity date can fluctuate and is dependent on the date the loan funds.

Valuation Amount
--
Loan to Value Ratio
--
Exit Strategy
Sale or refinance of the property upon completion.

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.