MIAMI, Nov. 8, 2024 /PRNewswire/ -- Safe and Green Development Corporation (NASDAQ:SGD) ("SG Devco" or the "Company"), a leading real estate development company, closed its first construction loan in Company history on November 7th, 2024.
The Company's Sugar Phase I project is already underway and is on track to deliver the finished homes early in the first quarter of 2025. The loan will accelerate the construction of the homes by providing access to additional working capital and ensure that the homes are delivered on budget and on time.
The total loan amount is approximately $554,222 which will be funded in draws as the homes reach various levels of completion. The Joint Venture expects to be able to generate revenues of approximately $1,000,000 from the sale of the homes and net profits of approximately $380,000 after considering interest expense and other project related expenses. These project level financials for these five homes are expected to be mirrored through the rest of the 35-unit development.
"This Company milestone is representative of the pace at which we are moving with our projects in South Texas," said David Villarreal, CEO of SG Devco. "We look forward to delivering these homes and continuing to develop the Sugar subdivision throughout 2025"
About Safe and Green Development Corporation (SG Devco)
Safe and Green Development Corporation is a real estate development company. Formed in 2021, it focuses on the development of sites using purpose-built, prefabricated modules built from both wood and steel. The thesis of development is to build strong, innovative and green, single or multifamily projects across all income and asset classes. Additionally, a majority owned subsidiary of SG DevCo, Majestic World Holdings LLC, is a prop-tech company that has created a real estate AI Platform. The Platform aims to decentralize the real estate marketplace, creating an all-in-one solution that brings banks, institutions, home builders, clients, agents, vendors, gig workers, and insurers into a seamlessly integrated and structured AI-driven environment. MyVONIA Innovations LLC, a wholly own subsidiary, is the owner of MyVONIA which is an AI-powered personal assistant designed to help simplify daily tasks and improve productivity for individuals and businesses. MyVONIA aims to assist with managing both personal and professional tasks.
Safe Harbor Statement
This press release may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 as amended and Section 21E of the Securities Exchange Act of 1934 as amended. All statements other than statements of historical fact are or may be deemed to be forward-looking statements. In some cases forward-looking statements can be identified by terminology such as "may," "should," "potential," "continue," "expects," "anticipates," "intends," "plans," "believes," "estimates" and similar expressions and include statements regarding the Sugar Phase I project being on track to deliver the finished homes early in the first quarter of 2025, the loan ensuring that the homes are delivered on budget and on time, the Joint Venture generating revenues of approximately $1,000,000 from the sale of the homes and net profits of approximately $380,000 after considering interest expense and other project related expenses, the project level financials for these five homes being mirrored through the rest of the 35-unit development and continuing to develop the Sugar subdivision throughout 2025 and creating an all-in-one solution that brings banks, institutions, home builders, clients, agents, vendors, gig workers, and insurers into a seamlessly integrated and structured AI-driven environment.
These forward-looking statements are based on certain assumptions and analyses made by us in light of our experience and our perception of historical trends, current conditions, and expected future developments, as well as other factors we believe are appropriate in the circumstances. Important factors that could cause actual results to differ materially from current expectations include, among others, the Company's ability to deliver and sell finished homes for the Sugar Phase I project in South Texas as planned, the Company's ability to generate revenues and net profits from the Joint Venture, the Company's ability to create an all-in-one solution that brings banks, institutions, home builders, clients, agents, vendors, gig workers, and insurers into a seamlessly integrated and structured AI-driven environment, the Company's ability to obtain the capital necessary to fund its activities, the Company's ability to monetize its real estate holdings, and other factors discussed in the Company's Annual Report on Form 10-K for the year ended December 31, 2023, and its subsequent filings with the SEC. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. All forward-looking statements are qualified in their entirety by this cautionary statement, and the Company undertakes no obligation to revise or update this press release to reflect events or circumstances after the date hereof.
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SOURCE Safe and Green Development Corporation