Norfolk Industrial Complex Equity

Annualized return3

Target term3

60 months

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Status

Closed

Recently funded

Accepting $10,000 - $1,000,000 investments

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Accepting $10,000 - $1,000,000 investments

Overview

Q2 2022 Performance Update

Net operating income is in-line with expectations

Complex is 100% leased

Sponsor is focused on maximizing operational efficiency at the properties

View the full update here.

Investment Memorandum

Download here and review for greater detail on this particular investment opportunity and risks thereof

Important Notes

This offering is not available to pension plans, defined benefit plans, defined contribution plans, retirement plans, IRAs, 401(k) and 403(b) funds, and funds comprised of these plans and funds.

Returns & fees

Management fee

2.25%

Target net return

16% - 18%

Share in excess profits

100%

Target equity multiple

1.9x - 2.0x

Target annualized cash yield

~11%

Schedule

Payment schedule

Quarterly + event based

Prefunded

Yes

Target term

5 years

Structure

Tax document

K-1

Offering structure

SPV

Expenses

First year expense

$150

Annual Flat Expense

$70

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Essentials

Please refer the Investment Memorandum in the Resources section for more details about this offering.

Capital structure

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Cash flow

How do I get paid?

Assets

What is the collateral underlying the transaction?

Highlights

Market dynamics

Investment grade tenants

Property projections

Experienced sponsor

Accessibility

The property is located within the Hampton Roads metro area which maintains a thriving economy due to the presence of its military installation, which includes the world’s largest naval base located in Norfolk and the Port of Virginia. The property also benefits from its proximity to Norfolk International Airport, which is only 11 miles away.
An increase in demand for e-commerce and port-related uses has been especially prevalent in recent quarters. With tight industrial vacancy and little quality space available, rents have moved higher with fewer concessions. According to CoStar, a commercial real estate analytics company, the property is located in the Bainbridge Industrial submarket which reported a vacancy rate of 3.4%. Rents grew by 6.6% over the past 12 months, easily exceeding the 2.6% average annual change over the past decade.
83% of the property is occupied by three investment-grade tenants who have been a tenant at the property for an average term of 21 years. The investment-grade tenants include 1) General Dynamics Corporation, a defense contractor with a single-A Moody’s rating and a market cap greater than $50B. This lease equates to 42% of the net rentable area. 2) Fiserv, Inc, a financial services firm with a triple-B Moody’s rating and a market cap greater than $70B. This lease equates to 22% of the net rentable area. 3) Sentara Healthcare, a non-profit healthcare organization with a double-A Moody’s rating. This lease equates to 19% of the net rentable area.
While the leases expire during the expected term of the transaction, based on tenant interviews, all tenants intend to renew upon expiration (except one portion of Sentara’s space leased at $4 PSF which General Dynamics is in discussion for leasing at a significantly higher price). Of particular note, General Dynamics utilizes the facility to service and refurbish marine systems, and so the location near the naval base is critical.
View project cash flow projections here
Heritage Capital Group is the principal sponsor, and is a private, third-generation, family-owned real estate investment, development and management company. Since the 1970s, Heritage has invested in over 10M SF of office, industrial and multi-family properties in more than 20 states in the US. Heritage’s current portfolio includes 4.4 million square feet of industrial, 444 units of multifamily, 1 million SF of office/retail, and other development/land assets.
On the 19 realized investments across industrial, office, and multifamily assets, the firm has generated 28% IRR and 2.4x equity multiple.
This offering is not available to pension plans, defined benefit plans, defined contribution plans, retirement plans, IRAs, 401(k) and 403(b) funds, and funds comprised of these plans and funds.

Resources

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, modeling error, or other reasons.

Investors

Originators

Resources

Company

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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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