Yieldstreet closed a $7M preferred equity investment in a special purpose vehicle that is controlled by an experienced Florida based developer. The Sponsor is developing a 368-unit garden-style, multi-family complex and five retail pads on a 33.6-acre parcel of land in Riverview, FL.
Although the project experienced initial delays as a result of COVID-19 holding up the permitting process, the project is now progressing as expected. Barring any major setbacks, the construction completion date is anticipated to be July 2022.
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 properties 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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