Mar182024

Successful Mortgage Vintage Borrower, business owner, and real estate investor (Fairbrook Communities, LLC) sought a Blanket 1st Trust Deed loan to pay off an existing 1st Trust Deed and provide capital to finish entitlements for two well-located sites of undeveloped land in Perris in Riverside County. The multi-family development entitlements for both properties should be coming within the next 90 days. The borrower is working with the City to advance the Entitlement and Development process. Both properties are in prime locations within the Inland Empire (one of the nation’s fastest-growing regions).

Crescent Cove (APN: 310-270-006) is a to-be-built 108 Unit Apartment Complex located in Perris, Riverside County.  Zoned MU-Multiple Use, the Subject Property lot size is 209,523 sf (or 4.81 acres). The improved multi­family square footage will be 107,220 and will be improved into a Class A/B 108-unit multifamily development. The property will have a total of 5 buildings offering 2 bd/2ba units – approximately 1,020 sf with rents at $2,492/mo. and 1bd/1ba units – approximately 755 sf in size with rents at $2,136/mo. Parking will consist of 136 open spaces and 110 carports. The property is two miles from the 1-215 fwy and near shopping and medical facilities.  The Appraised Value of Crescent Cove is $3.14 Mil.

Emerald Bay includes 6 parcels (APN: 310-270-012, 025, 026, 027, 028 & 029) and is a to-be-built 144 Unit Apartment Complex located in Perris, Riverside County.  The Subject Property lot size is 277,042 sf (or 6.36 acres). The improved multi­family square footage will be improved into a Class A/B 144-unit multifamily development. The property is one mile from the 1-215 fwy and near shopping and medical facilities. Amenities for both properties will include a community pool and clubhouse.  The Appraised Value of Emerald Bay is $5.2 Mil.

What we like about this Blanket 1st Trust Deed opportunity: 

  • Riverside County location
  • 16.00% Annualized Fixed Return on the 1st Trust Deed
  • 6 months Guaranteed Interest and 9 mos. prepaid int.
  • 25.00% LTV on $8.34M As-ls Value and 21.72% Net LTV
  • Borrower and  their Equity Partner are bringing in $3.95 Mil. of Equity at this loan Closing to pay off a majority of the existing loan where Crescent Cove is collateralized

$2,084,800 1st TD @ 16.00%, 25.00% LTV, Land, Refi, 18 mo. term, $65,150 Min Inv., Perris, CA