LOAN REQUEST: $2,000,000

Broadway Storage

Vallejo, CA

Executive Summary

Divergent Holdings has been exclusively engaged to source a $2M perm loan for the recapitalization of Broadway Storage. The Sponsor is converting the open Boat & RV storage to 132 closed storage containers which has and will significantly increase the value and NOI of the property.

Sponsors business plan is to convert the open space storage into 132 closed containers storage units which will significantly increase the NOI and value of the property

21,120

Square Feet

1925

Year Built

$90

Loan Per Square Foot

65%

Estimated LTV

10.68%

Stabilized Debt Yield

1.57x

Stabilized DSCR

Credit Highlights

  • Seasoned Sponsorship

  • High Storage Demand Market

  • In-Place Income During Conversion

  • Solid Loan Metrics

  • Proven Concepts

  • Low Stabilized LTV

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1668 Broadway, Vallejo, CA 94590, USA

Market Summary

1668 Broadway Storage is located in Vallejo, California, near one of the Staple cities of California (San Francisco). Being near one of the world's largest and economically big cities, Vallejo has special amenities that are also greatly visited. Vallejo California is home to a world-renowned amusement park called 6 Flags Discovery Kingdom, bringing hundreds of thousands of people to Vallejo every month. Vallejo has continued to have a flourishing economy since its founding in 1851 and has maintained a low poverty rate of under 16%. The city of Vallejo was, in fact, the first permanent home of California's State government because of the city's location and the city's economy and amenities.

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Contact

ken@godivergent.com

(209) 740-7530

This Confidential Financing Memorandum (the “Memorandum”) has been prepared and presented to the recipient (the “Recipient”) by Divergent Holdings (“Divergent”) as part of Divergent’s efforts to source financing for the real Property referenced herein (the “Property”). Divergent is the exclusive agent and broker for the owner(s) or buyer (s) of the Property (the “Borrower”). Divergent is providing this Memorandum and the material in it to the Recipient with the understanding that the Recipient will independently investigate those matters that it deems necessary and appropriate to evaluate the Property and that the Recipient will rely only on its own investigation, and not on Divergent, the Borrower or this Memorandum, in determining whether to finance the Property. The materials contained in this Memorandum and any other materials and/or information provided about the Property and/or Borrower are to be kept strictly confidential and to be used only to evaluate Recipient’s interest in financing the Property. PLEASE NOTE THE FOLLOWING: Divergent, the Borrower and their respective agents, employees, representatives, property managers, officers, directors, shareholders, members, managers, partners, joint venturers, corporate parents or controlling entities, subsidiaries, affiliates, assigns and predecessors and successors-in interest make no representations or warranties about the accuracy, correctness or completeness of the information contained in this Memorandum. The Recipient is urged not to rely on the information contained in this Memorandum and to make an independent investigation of all matters relating to the Property. This Memorandum includes statements and estimates provided by or to Divergent and/or the Borrower regarding the Property. Those statements and estimates may or may not be accurate, correct or complete. Nothing contained in this Memorandum should be construed as a representation or warranty about the accuracy, correctness or completeness of such statements and estimates. Further, nothing contained in this Memorandum should be construed as representation or warranty about any aspect of the Property, including, without limitation, the Property’s (1) past, current or future performance, income, uses or occupancy, (2) past, current or prospective tenants, (3) physical condition, (4) compliance or non-compliance with any permit, license, law, regulation, rule, guideline or ordinance, or (5) appropriateness for any particular purpose, investment, use or occupancy. Again, the Recipient is urged not to rely on this Memorandum and the statements and estimates in it and to make an independent investigation regarding the Property and the statements and estimates contained herein. This Memorandum may include statements regarding, references to, or summaries of, the nature, scope or content of contracts and/or other documents relating to the Property. Those statements, references or summaries may or may not be accurate, correct, or complete. Additionally, Divergent may not have referenced or included summaries of each and every contract and/or other document that the Recipient might determine is relevant to its evaluation of the Property. Nothing contained in this Memorandum should be construed as a representation or warranty about the accuracy, correctness or completeness of such statements, representations or summaries. On request and as available, and subject to the Borrower’s consent, Divergent will provide the Recipient with copies of all referenced contracts and other documents. Divergent assumes no obligation to supplement or modify the information contained in this Memorandum to reflect events or conditions occurring on or after the date of the preparation of this Memorandum. More detailed information regarding the anticipated terms, conditions and timing of any offering by the Borrower relating to the Property will be provided in due course by separate communication. Divergent and/or the Borrower reserve the right to engage at any time in discussions or negotiations with one or more recipients of this Memorandum and/or other prospective financing sources of the Property without notice or other obligation to the Recipient.