Green Level West II, LLC | North Carolina

Commercial • Acquisition • 3300 Green Level West Road, Cary, North Carolina 27519
Loan Number: #L0000020
Full Commitment $2,810,000
Available
$25,000
Investor Interest Rate
10%
Minimal Investment Amount
$1,000
Maturity Date
6/13/2022
Borrower
Green Level West II, LLC
Loan to Value Ratio
85%
Investment window open for 8 more days
0% Funded

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About this property

Property Address
3300 Green Level West Road, Cary, North Carolina 27519
Property Details
The collateral for this loan is an approximately 10-acre site that will be entitled to allow for the construction of an apartment building with 74 units. The borrower has under contract two separate properties adjacent to the 10-acre site which totals over 40 acres. While the entitlements are completed on the whole 40 acres of land, the borrower plans to use the loan to help finance the acquisition. The two properties are estimated to close in September 2021, once the entitlement process is completed. On the other side of the property construction has begun on over 1 million square feet of medical space owned by Duke Health. The city would like to see this area developed as the new “heart” of the city. This can positively impact long term project viability and short term need to get the property entitled.
How the funds will be used

Acquisition

Borrower will utilize funds for the acquisition of the property.
How the funds will be used

Acquisition

Borrower will utilize funds for the acquisition of the property.

Financials

Borrower
Green Level West II, LLC
Loan Offering
$25,000
Full Commitment
$2,810,000
Yield
10%
Payment
Interest payments are paid monthly, due on the 1st with a 10-day grace period.
* 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
Acquisition
18
Term
9 months with one optional 9 month extensions available to the Borrower for a total of 18 months.
Maturity Date
6/13/2022

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

Valuation Amount
$3,325,000
Loan to Value Ratio
85%
Exit Strategy
Sale or refinance of the property when project is ready for construction financing.

Borrower

Green Level West II, LLC
Green Level West II, LLC is a new borrower to our partner, Ignite Funding. Their credentials, previous projects and financial history have been thoroughly reviewed for quality and reliability. This borrower is in a good financial position to afford the loan given the equity partners they brought in for this project.