Covington Creek Project
Screen shot of the area, including the massive server farm called Social Circle
1. Project is 100% presold to Progress Residential upon receipt of a Certificate of Occupancy (CO) for that individual home
2. Progress Residential has already put $520,000 of hard Earnest Money in escrow as of 2/10/2022
3. Progress owns over 70,000 homes in 29 MSA’s across the country
4. Progress acquires 15,000 to 20,000 homes per year
5. Moody’s upgraded (1/14/22) Progress Residential’s rating due to their exceeding forecasts in 2021
6. The Coving Creek site is fully entitled.
7. Site Construction began February 1st
8. The contract with Progress allows for price increases based on material cost fluctuations between now and the final bid of each home
9. We are borrowing a total of $10M to build $17M of homes. We are not raising all the money at once, but in 3 separate tranches.
10. We project closing the Tranche 2 loan at the end of March 2022.
11. The anticipated payback is June 2023, as Progress buys the completed homes.