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FIXED LOAN
Retail/Office Building
Pearl Street Mall
| BORROWER | Brynn Grey Partners, Ltd, parent of Brynn Grey single purpose entities |
| PROJECT | Island Farm Building, 1100 Block, Pearl Street Mall, Boulder |
| LOAN | $1,100,000 |
| TERM | 12 months |
| INTEREST RATE | 10% PER ANNUM PAYABLE MONTHLY |
| USE OF PROCEEDS | Refinance existing 1st Bank Line of Credit |
| COLLATERAL | 1st lien on 50% member interest Pearl Street, LLC., owner of the project. |
| ESTIMATED VALUE | $2,141,940 |
| LOAN TO VALUE | 51.36% |
ABOUT THIS LOAN
LOCATION The Island Farm Building is located on the best block of the Pearl Street Mall.
THE BUILDING Late 1800’s building with Victorian flare, fully refurbished – the 1st floor retail space won the prestigious Association of Retail Environments “Store of the Year”.
MARKET DATA Retail space leased to Island Farm. Stabilized rate of $52NNN based upon 3,263sf prime retail space which is in line with market which ranges from $50NNN to $60NNN. The office space is leased to Cloudbreak Energy Partners at $33NNN which is slightly above market.
COLLATERAL Pearl Street LLC owns the building free and clear. Pearl Street LLC is a single purpose entity owned equally by Brynn Grey Partners, Ltd. and Salcombe Ltd. The collateral is a first lien on Brynn Grey’s 50% member interest. Valuation of the property is based upon 2023 projected NOI of $214,253 at a 5% cap rate.
FINANCIAL DATA Attached are: Financials as of December 31, 2021 and August 31, 2022; and Proforma.
By submitting your information, you will be sent, without obligation, a Docusign with a draft Participation Certificate and Agreement for your review.
PRIVACY POLICY: Brynn Grey will not share any information concerning you, your interest and or purchase of a participation with anyone except as may be required for regulatory filings or court order.