North Florida Pre-Development Refinancing

Annual interest3

Final term

20 months

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Status

Fully repaid

Recently funded

Accepting $5,000 - $250,000 investments

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Accepting $5,000 - $250,000 investments

Overview

Important Notes

This offering represents a refinancing of the previous offering, North Florida Pre-Development Financing. The refinancing occurred in connection with a change in ownership of the underlying collateral.

Affiliated entities of one of the Sponsors are the sponsors on the prior Yieldstreet offerings, Florida Multi-Family Development Preferred Equity and Multi-Family Development Preferred Equity.

Yield

Gross yield

10%

Yieldstreet fee

Target yield

Interest Type

Actual 360

Schedule

Payment schedule

Monthly payments

Prefunded

Yes

Maturity

Date

Initial maturity

2021-08-04

Extended maturity

2022-02-04

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 more details about this offering.

Sources & Uses

What were the Loan proceeds used for?

Capital Structure

Where does the YS entity lie in terms of priority?

Term and Cash Flow

How do I get paid?

Assets

What is the collateral underlying the transaction?

Highlights

Basis

Indicated Interest

Market

Sponsor

Originator

The Loan has an LTV of 55.3% based on the $6.0M appraised “As-Is” valuation (appraisal valuation as of 07/23/120). Yieldstreets’ loan basis is $229k per acre, as compared to the Appraisal’s valuation of $487k per acre. The valuation conclusions of the Appraisal are shown in this table. While the Sponsor is permitted to sell portions of the Property, the Loan may never represent more than 60.0% of the “As-Is” value of the remaining collateral.
The Sponsor’s business plan is to sell subdivisions of the Property to retail developers. The Sponsor is in negotiations with several counterparties who have submitted letters of interest (LOIs) to purchase or lease subdivisions of the Property. As of 07/23/20, four parties have submitted or are preparing LOIs for the purchase of four separate subdivisions (no overlapping interest), with indicative total purchase price of $3.4M). The average price for indicated interest of $865k per acre represents 3.8x the Loan basis of $229k per acre. The Sponsor has further received two LOIs for long-term leases. While the Originator believes the existence of the LOIs are favorable indications of demand, there is no assurance any of the existing LOIs will materialize into sales or leases.
The Property is located approximately 25 miles south of Jacksonville, Florida in Northern St. Johns County. St. Johns County has the highest median income of all metros in Florida (20% above the metro average). According to CoStar, retail construction activity in Jacksonville, and particularly St. Johns County has been elevated, with over 1.4M SF delivered each year in 2017-2019 and 900k SF delivered in 2020. St. Johns County retail vacancy rates have increased from 3% in the beginning of 2019 to 3.9% in 2Q20, and are expected to remain elevated at approximately 4.0% thereafter.

CoStar expects the coronavirus pandemic to cause significant economic disruption in Jacksonville. However, it believes the market may be well poised for recovery as its economy is less exposed to the retail/trade/leisure/hospitality sectors, with jobs in the aforementioned sections representing 22% of Jacksonville’s employment as compared to over 27% in most Florida metros. Due in part to its port, Jacksonville's largest employment sector is trade, transportation, and utilities with 19% of jobs, followed by healthcare and education, which make up 18% of the workforce.
The transaction is co-sponsored by affiliates of two experienced real estate developers (Principal 1 and Principal 2). Principal 1 is an experienced Florida-based developer of large, high profile master-planned, mixed-use residential and resort communities. Entities managed by Principal 1 have developed over 30,000 homes. Principal 2 is the principal of a Florida-based family-owned real estate private equity company which is a leading developer of shopping centers and office buildings. It owns and operates a diversified commercial portfolio throughout the U.S. of approximately 2M SF. The Originator believes the co-sponsors may benefit from their complementary experiences.

As of 12/31/19, Guarantor 1 (an entity affiliated with Principal 1) had reported a total net worth of $25.3M ($35.3M in fair market value), with $2.0M in cash. Guarantor 2 (an entity affiliated with Principal 2) had net worth of $30.2M, with liquidity of $11.1M. The Guarantors have provided an $850k debt service, carry and principal repayment guarantee for the Loan and a bad act carve-out.
Yieldstreet Real Estate is a New York-based real estate lender. The Originator focuses on providing bridge financing secured by a wide variety of real estate, including commercial, industrial, hospitality and residential properties. The Originator is an opportunistic lender that focuses on segments of the real estate market that tend to fall outside the focus of traditional lenders.

Resources

A Look at Real Estate Over the Decade—With Mitch Rosen

The Lifecycle of a Yieldstreet Investment

Sourcing Yieldstreet opportunities and the role of origination partners

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.

This offering page describes only certain aspects of the offering ("Offering") of the securities issued by YS REL VII LLC ("Issuer"). The Offering is made only by means of the Investment Memorandum relating to the Offering (the "Offering Document"). 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 Document, or as incorporated in the Offering Document 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 Document or in any marketing or sales literature issued by the Issuer or YieldStreet Management, LLC, as adviser thereto, and referred to in the Offering Document, and, if given or made, such information or representations must not be relied upon. All investors must read the Offering Document in its 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.

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 average net realized internal rate of return (IRR) with respect to all matured investments in your portfolio, utilizing the effective dates and amounts to and from the investments and net of management fees and all other expenses charged to the investments. Past performance is not a reliable indicator of future results and should not be relied upon as the basis for making an investment decision. All securities involve risk and may result in significant losses, including the loss of principal invested.[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.

⁷ Investors should carefully consider the investment objectives, risks, charges and expenses of the Yieldstreet Prism Fund before investing. The prospectus for the Yieldstreet Prism Fund contains this and other information about the Fund and can be obtained by emailing [email protected] or by referring to www.yieldstreetprismfund.com. The prospectus should be read carefully before investing in the Fund. Investments in the Fund are not bank deposits (and thus not insured by the FDIC or by any other federal governmental agency) and are not guaranteed by Yieldstreet or any other party.

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