Yieldstreet Real Estate closed and funded a $5.6M preferred equity investment in a special purpose vehicle controlled by an experienced Florida-based developer (Sponsor). The Sponsor is developing a 288-unit garden-style multifamily complex on a 16.27 acre parcel of land (Property) in the city of Kissimmee, Florida. Below are additional details:
As of September 2020, the clubhouse has received its certificate of occupancy and leasing has commenced. Buildings four and five are scheduled to receive their occupancy certificates by the end of October 2020. The first tenants have taken occupancy, signifying a major milestone in the life of this investment. Despite COVID-19, work has continued and progress continues to be made. At this time, the Sponsor anticipates construction completion to occur ahead of the initial January 2021 projection.
The Sponsor is an investment entity controlled by a Florida based developer (Principal) who has overseen billions in real estate investments, including the development and acquisition of over 30,000 residential units. The Principal manages the Sponsor and affiliated entities, which are actively developing in and around the subject location. Such projects include the development and sale of over 600 residential units and a hospital facility in the Orlando Regional Healthcare System that is currently in progress. The experience of the Sponsor was a key factor driving Yieldstreet’s investment decision.
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