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|
|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.|
|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.