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Exit update: Greenville, SC bridge loan pays back successfully

The project generated a roughly 13% annualized return, supporting consistent dividend payments for Income eREIT III investors.

Oct 1, 2019

In March 2019, we invested roughly $2.75 million in the acquisition of a 15-acre property in Greenville, South Carolina, as the future site of a new apartment community. The borrower is progressing through design and permitting on the property.

We’re pleased to announce that our investment earned an annualized return of roughly 13%¹ over the approximate five-month term. Now that they have made substantial progress, they’ve paid back the bridge loan, and we’ve invested equity in a partnership with them, provided by the East Coast eREIT.

Investor FAQ: How did this project impact your portfolio?

This investment was structured as debt, where the project’s sponsor must pay us a fixed rate of return before they can earn a return for themselves, and their equity provides us with a cushion against losses. Throughout the term of this investment, the regular income it generated supported quarterly dividends for the Income eREIT III.

All updates on this asset

New acquisition: Apartment pre-development in Greenville, SC

Mar 20, 2019

Exit update: Greenville, SC bridge loan pays back successfully

Oct 1, 2019

More about this asset

1. Annualized return calculated using the internal rate of return (IRR) method.

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