This company is a for-profit operating entity established as a partially-owned subsidiary. The entity was established in Q1 2019 for the purposes of holding the project, operating the project, and obtaining equity through private investors for establishing and operating the project.
The company was established to hold assets and oversee operations of an urban farm to be located in Michigan. The farm provides fresh, local, specialty produce to restaurants using state of the art technology to support sustainable year-round growing. They grow specialty produce that is not commercially available from local vendors, oftentimes selling at premium rates. The farm has been able to begin operations to a small extent and is now seeking financing to establish the greenhouses needed to realize its full vision.
This company is a for-profit entity established as a wholly owned subsidiary of a 501 (c) (3) nonprofit entity. The current landholder of some of the project land will be transferring land to the partially-owned subsidiary as part of our transaction.
The parent company was established as a non-profit 501(c)(3). Its mission is to create jobs for people with barriers to employment. This is accomplished by incubating for-profit business models, specifically in the food sector. This company has a unique social mission which affects the economy in several ways: They provide restaurants with healthy, fresh, top-quality vegetables, create jobs for local residents who have experienced previous barriers to viable employment, and repurpose vacant land in the city in an effort to restore vibrant neighborhoods to their former status.
| Loan ID | 0109 |
| DSCR | 2.27 |
| LTV | 69.8 |
| Note Rate | 7.25 |
| Property Location | MI |
| NAICS | 111998 |
| Guaranty Type | USDA |
| Loan Term | 29 yrs |
| Rate type | Var |
| Note date | N/A |
| Maturity date | N/A |
| Participation Availability Amount | $0 |
| Minimum Participation Amount | $250,000 |
| Original Loan Amount | $6,275,000 |
| Full Loan Documentation | Link |
| Inquire | Inquire |