Chicago River North Condominium Property

Annual interest3

Final term3

17 months

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Status

Fully repaid

Recently funded

Accepting $10,000 - $200,000 investments

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Accepting $10,000 - $200,000 investments

Overview

Yield

Gross yield

10.5%

Yieldstreet fee

1%

Target yield

9.5%

Interest Type

Actual 360

Schedule

Payment schedule

Monthly Interest

Prefunded

Maturity

Date

Initial Maturity

May 1, 2022

Extended Maturity

Nov 1, 2022

Structure

Tax document

1099-INT

Offering structure

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.

Capital Structure

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Term and Cash Flow

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Assets

What is the collateral underlying the transaction?

Highlights

Collateral Coverage
Trending Neighborhood
Guarantees
Aligned Interests
Expense Reserves
Experienced Originator
Experienced Sponsor
  • The loan’s exposure equates to $1.2M per unit or $502 per SF. Integra Realty Resources appraised the units as of October 5, 2020 at $26.3M, or on average $2.0M per unit and $823 per SF. It valued the parking spaces at $1.0M, assuming 15 of the 31 spaces to be concessions. The appraisal arrived at a gross sale value of $27.3M for the collateral, or $2.1M per unit and $857 per SF. After taking into account selling expenses of 8%, the net sale value is $25.2M, or $1.9M per unit and $789 per SF. Based on the appraisal’s implied net sale value, the loan has a loan-to-value ratio (LTV) of 63.6% and, absent any other factors, the loan would be fully repaid after the sale of 9 of the 13 units. \ \ The units already sold and closed transacted at an average sales price of $1.8M per unit or $788 per SF. While the 21 units entered into contract pre Covid-19, all units closed post the onset of Covid-19 without any decrease in sales price, which is viewed favorably.

  • The western part of River North, where the property is located, has good access to employment areas within Downtown Chicago and has become increasingly residential over recent years due to the new development of luxury residential projects. The condominium building has frontage on a street connecting it to arterial roadways, and is in close proximity to a CTA subway stop.

  • The borrower’s principals have provided an unconditional interest, carry and bad-actor carve-out guaranty to Avant Capital. As of 2020, the principals reported a combined liquidity of $809k and net worth of $6.1M.

  • Avant Capital has invested in this loan alongside Yieldstreet, contributing $2.5M of capital from itself and its investor syndicate to the subordinated position of the loan.

  • The borrower is obligated to maintain an interest, tax and HOA reserve with a 3-month minimum balance. In the event that Avant reasonably determines that the existing reserve is insufficient, the borrower is required to replenish the reserve with the amount of the deficit.

  • Avant Capital Partners is a New York-based real estate bridge lender with a focus on $2 to $20M loans. Avant lends to middle-market borrowers seeking capital for properties that may not qualify for traditional bank debt, financing under-performing and/or transitional properties, borrowers with imperfect credit histories or transactions with time constraints. Avant Capital is comprised of senior investment professionals with experience in real estate, loan origination, loan servicing, restructuring, and asset management. Since inception in 2007, the Originator has originated 85 loans, of which 69 were in the New York Metropolitan area and 9 were development/redevelopment.

  • The sponsor is a Chicago-based real estate investment, development and management firm founded in 2009. The company has been the court-appointed receiver, asset manager, and broker for over 70 properties in the Chicago area, including luxury multifamily towers, condominiums, townhomes, as well as single family residences. \ \ The sponsor’s principals have been focused on real estate in the Chicago metro area for the past 26 years. They have more than 135 years of combined experience and have developed/led more than $1.5B worth of real estate transactions throughout their careers.

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.

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9 Statistics as of the most recent month end.

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