Park Slope Multi-Family Property

Annual interest3

Final term3

11 months

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Status

Fully repaid

Recently funded

Accepting $10,000 - $250,000 investments

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Accepting $10,000 - $250,000 investments

Overview

Important Notes

The Underlying Borrower is an affiliate of the underlying borrowers in the previous Yieldstreet offering: Brooklyn Multi-Family Portfolio.

Upon exercise of the extension option, the gross target rate is scheduled to increase to 8.25%, and the target yield to investors to increase to 7.25%.

Offering update: Park Slope Multi-Family Property

Yield

Gross yield

8%/8.25%

Yieldstreet fee

Target yield

7%/7.25%

Interest Type

Actual 360

Schedule

Payment schedule

Monthly Payments

Prefunded

Yes

Maturity

Date

Initial Maturity

Aug 5, 2021

Extended Maturity

Aug 5, 2022

Structure

Tax document

1099-INT

Offering structure

BPDN

Expenses

First year expense

$100

Annual flat expense

$30

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Essentials

Please refer to the Series Note Supplement for any additional details.

Sources & Uses

What were the Loan proceeds used for?

Slide 1 of 2

Capital structure

Where does the YS entity lie in terms of priority?

Assets

What is the collateral underlying the transaction?

Term and Cash Flow

How do I get paid?

Highlights

Basis

Market

Underlying Borrower

Originator

The Originator engaged BBG Inc., a property valuation company, to conduct a third-party appraisal of the Property as of July 16, 2020. The appraiser valued the Property on an “As-Is” basis at $2.6M ($851k per unit) and on an “As-Stabilized” basis at $3.1M ($775k per unit). Based on the appraiser’s conclusions, the Yieldstreet Loan has an “As-Is” loan-to-value ratio (LTV) of 65.2% and an “As-Stabilized” LTV of 53.7%. The Property’s purchase price was $2.35M ($588k per unit), equating to a Yieldstreet loan-to-purchase price of 70.9%. The Yieldstreet Loan’s exposure equates to $416k per unit. \ \ This chart breaks down the third party appraiser’s report.
According to the appraiser, Park Slope is part of the Prospect Park submarket, which has become a popular residential area among families and young professionals in part due to accessibility to Manhattan and a lively offering of restaurants, entertainment, and green space. Submarket multifamily vacancies neared a record low of 1.86% in 2Q20, and 2019 rent growth topped 2% for the second consecutive year. Developer interest in the area has been strong, with units under construction representing 5% of existing inventory. BBG notes that the live/work/play dynamic of the submarket may be affected by COVID-19, and that key market indicators may deteriorate in the short term given the uncertainty surrounding the pandemic.
The Underlying Borrower is an entity affiliated with a vertically-integrated fund which owns and operates residential and commercial real estate in the New York area. The fund focuses on the repositioning of multi-family and mixed-use assets. The fund’s principal has invested in and realized six transactions in NYC. Of the six realized investments, two involved mixed-use buildings and four involved retail properties. The mixed-use and retail investments realized IRR of 24.2% and 48.3%, and MOIC of 2.8x and 8.2x respectively. The principal (through the fund) is currently invested in 14 mixed-use and five multifamily transactions in the New York area.
The principal of the fund has provided a $200k personal guarantee for obligations under the Underlying Loan and a bad actor carve-out guarantee. As of July 31, 2020, the principal had an estimated net worth of $5.4M, with cash of $850k.
Urban Standard Capital is a NYC-based real estate investment company with three lines of business: ground-up development, renovations and short-term financing. It leverages its knowledge across its three verticals to make informed lending decisions. It also has a captive property manager, which provides real-time market intelligence to facilitate due diligence and underwriting. Since 2016, it has originated 47 loans, totaling over $176M, all secured by properties in the Greater NYC area.

Resources

This offering page describes only certain aspects of the offering ("Offering") of the securities issued by YS AltNotes I LLC ("Issuer"). The Offering is made only by means of the Private Placement Memorandum dated January 14, 2022 and the Series Note Supplement relating to the Offering (collectively, the "Offering Documents"). The information on this offering page is a summary of the Offering, does not purport to be complete and should not be considered a part of the Offering Documents, or as incorporated in the Offering Documents by reference or as forming the basis of the Offering. No person has been authorized to give any information or to make any representations other than those contained in the Offering Documents or in any marketing or sales literature issued by the Issuer or Yieldstreet Management, LLC, as adviser thereto, and referred to in the Offering Documents, and, if given or made, such information or representations must not be relied upon. All investors must read the Offering Documents in their entirety prior to investing in the securities.

Investing in private markets and alternatives, such as this offering, is speculative and involves a risk of loss, and those investors who cannot afford to lose their entire investment should not invest. Returns are not guaranteed.

"Annual interest," "Annualized Return" or "Target Returns" represents a projected annual target rate of interest or annualized target return, and not returns or interest actually obtained by fund investors. Unless otherwise specified on the fund's offering page, target interest or returns are based on an analysis performed by Yieldstreet of the potential inflows and outflows related to the transactions in which the strategy or fund has engaged and/or is anticipated to engage in over the estimated term of the fund. There is no guarantee that targeted interest or returns will be realized or achieved or that an investment will be successful. Actual performance may deviate from these expectations materially, including due to market or economic factors, portfolio management decisions, modelling error, or other reasons.

Investors

Originators

Resources

Company

We believe our 10 alternative asset classes, track record across 470+ investments, third party reviews, and history of innovation makes Yieldstreet “The leading platform for private market investing,” as compared to other private market investment platforms.

¹ Past performance is no guarantee of future results. Any historical returns, expected returns, or probability projections may not reflect actual future performance. All securities involve risk and may result in significant losses.

² Represents an net annualized return, using an internal rate of return (IRR) methodology, with respect to the matured investments shown in your Portfolio experience, utilizing the effective dates and amounts of subscriptions and distributions to and from the investments, net of management fees and all other expenses charged to the investments.[read more]

³ "Annual interest," "Annualized Return" or "Target Returns" represents a projected annual target rate of interest or annualized target return, and not returns or interest actually obtained by fund investors. “Term" represents the estimated term of the investment; the term of the fund is generally at the discretion of the fund’s manager, and may exceed the estimated term by a significant amount of time. Unless otherwise specified on the fund's offering page, target interest or returns are based on an analysis performed by Yieldstreet of the potential inflows and outflows related to the transactions in which the strategy or fund has engaged and/or is anticipated to engage in over the estimated term of the fund. There is no guarantee that targeted interest or returns will be realized or achieved or that an investment will be successful. Actual performance may deviate from these expectations materially, including due to market or economic factors, portfolio management decisions, modelling error, or other reasons.

⁴ Reflects the annualized distribution rate that is calculated by taking the most recent quarterly distribution approved by the Fund's Board of Directors and dividing it by prior quarter-end NAV and annualizing it. The Fund’s distribution may exceed its earnings. Therefore, a portion of the Fund’s distribution may be a return of the money you originally invested and represent a return of capital to you for tax purposes.

⁵ Represents the sum of the interest accrued in the statement period plus the interest paid in the statement period.

⁶ The internal rate of return ("IRR") represents an average net realized IRR with respect to all matured investments, excluding our Short Term Notes program, weighted by the investment size of each individual investment, made by private investment vehicles managed by YieldStreet Management, LLC from July 1, 2015 through and including July 18th, 2022, after deduction of management fees and all other expenses charged to investments.

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⁹ Statistics as of the most recent month end.

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