Core Insights - Safe and Green Development Corporation (SG Devco) has closed its first construction loan in company history, amounting to approximately $554,222, which will facilitate the construction of homes in the Sugar Phase I project [1][3]. Project Overview - The Sugar Phase I project is currently underway and is expected to deliver finished homes by early Q1 2025. The loan will provide additional working capital to ensure timely and budget-compliant delivery of the homes [2][4]. - The Joint Venture anticipates generating approximately $1,000,000 in revenue from the sale of the homes, with net profits projected at around $380,000 after accounting for interest and other project-related expenses. These financial metrics are expected to be consistent across the entire 35-unit development [3]. Company Background - SG Devco, formed in 2021, focuses on developing real estate using purpose-built, prefabricated modules made from wood and steel. The company aims to create strong, innovative, and environmentally friendly single or multifamily projects across various income and asset classes [4]. - A majority-owned subsidiary, Majestic World Holdings LLC, has developed a real estate AI platform designed to decentralize the marketplace, integrating various stakeholders into a structured AI-driven environment [4]. - MyVONIA Innovations LLC, a wholly owned subsidiary, offers an AI-powered personal assistant aimed at enhancing productivity for individuals and businesses [4].
Safe and Green Development Corporation Closes Sugar Phase 1 Construction Loan