Successful MVI Borrowers and Real Estate Developers, https://fairbrook.com/company/, sought a 1st TD to refinance this prime multi-family land in the heart of Moreno Valley, Riverside County, CA with proposed improvements to develop the land into a Multi-Family residential development. The Borrowers acquired this property in 2021 and have since invested a total of $2.8 million into its acquisition, design, and engineering. At the time of acquisition the property was zoned and entitled for 49 units. Significant efforts have led to the successful upzoning of the property, now boasting approvals for a 96-unit apartment complex, greatly enhancing its value.
Currently, the property is fully entitled for 96 apartment-style units, split evenly between 48 one-bedroom units and 48 two-bedroom units. The proposed sizes for these units are 755 square feet for a one-bedroom and 1,050 square feet for a two-bedroom unit.
The property is situated in the new Downtown City Center, along the well-traveled Alessandro Blvd in Moreno Valley, just 3.5 miles from the new World Logistics Center. The World Logistics Center is set to offer 40 million square feet of e-commerce-related retail, office, and industrial space providing up to 80,000 new full-time jobs. Additionally, the property is located less than 1 mile away from the recently expanded UCR Regional Hospital and Kaiser’s Hospital, which together added an additional 2.1 million square feet of hospital and medical office space in 2023, bolstering the area with a substantial number of high-paying medical jobs. The site is close to desirable lifestyle amenities such as Moreno Valley Elementary, Moreno Valley Mall, Lake Perris Recreational Park, and a myriad of schools, shopping plazas, parks, shops, and restaurants, coupled with easy access to the 215 and 60 freeways.
What we like about this Trust Deed opportunity:
- 25.32% LTV on Appraised Value
- Borrowers are experienced Real Estate developers
- Borrowers are successful, current MVI borrowers
- 15.00% Annualized Return
- 6 months Guaranteed Interest
- 6 months Prepaid Interest
$2.000,000 1st TD @ 15.00%, 25.32% LTV, NOO, 18 mo. term, $62,500 Min Inv., Moreno Valley, CA
