Yieldstreet Real Estate closed and funded a $7.1M preferred equity investment for the development of a 368-unit garden-style multi-family complex and five retail pads in Riverview, Florida in August 2020. Riverview is approximately 15 miles southeast of Downtown Tampa and is part of a recent wave of development surrounding the city. Below are additional details:
Recently, the developer successfully repaid a similar Yieldstreet preferred equity investment, Florida Multi-Family Preferred Equity Investment, in full at the targeted return. The property was located in the Orlando, FL area and the developer was able to complete ground-up construction and sell the property prior to stabilization for a price exceeding the underwritten projection.
The subject investment continues to progress on plan and vertical construction is ongoing as the framing of walls and floors on all nine buildings are substantially completed.The project is on track to be completed by July 2022, which leaves ample runway for lease-up and a sale or refinancing ahead of the Investment’s maturity.
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