|
|
|
|
|
|
|
|
|
In October 2003, Santa Rosa Trails, LLC acquired 10 acres with an approved final subdivision map for a gated-community of 33 single-family homes. The project is located in La Quinta, California (Palm Springs area) on Avenue 58. The homes were built in two phases of 16 and 17 homes. The homes were priced from the low $600,000's to the high $800,000's. At this writing, all of the homes are completed and all but one have closed escrow. The Phase 1 loan has been repaid in full. On August 31, 2005, the cash investors in SRT were paid in full, receiving100% of their capital and their 18% per annum earnings. Principals of Manager invested 18% of the capital. Southwest Community Bank is the lender for $15,265,000 (total both Phases) in construction financing. Sales are in excess of $23,000,000.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
