Greenbriar Announces US$40 Million Senior Construction Finance Mandate with Voya Investment Management, LLC for Sage Ranch | Taiwan News
Coquitlam, British Columbia – Newsfile Corp. – March 30, 2022 – Greenbriar Capital Corp. (TSXV: GRB) (OTC Pink: GEBRF) (“Greenbriar“) announced today that it has performed a 40 million US dollars Mandate agreement with Voya Investment Management (Voya IM), LLC, the asset management business of Voya Financial, Inc., for a senior secured construction loan for the construction of the planned 995-home sustainable community project Sage Ranch in Tehachapi in Southern California. Voya will receive a premium of 2 million (3) warrants of common stock of Greenbriar at C$1.25 per share at closing, or the same amount plus a cash break fee of US$1 million if the company choose another lender.
Sage Ranch was planned by JZMK Partners Architects and Planners, based on New Urbanism principles, which are promoted through the development of traditional neighborhoods with pedestrianized and connected streets, strong streetscapes with street-facing housing, discrete off-street parking, the absence of walled communities, orientation to parks close to all dwellings, and architecture consistent with regional and local character.
Sage Ranch is a fully-fledged, 995-home sustainable subdivision that is both state-of-the-art with the highest quality environmental amenities and a prime location that offers an exceptionally low carbon footprint. Sage Ranch also plays an important role in meeting the needs of the California real estate market, which is sorely short of 3.5 million new homes. The following technologies and attributes make Sage Ranch an ethically responsible, near-zero carbon footprint living community:
- Solar panels on the roof for the production of electricity on individual houses.
- Tesla power wall (or equivalent) for electric car charging and energy storage (optional).
- Capture and reuse of gray stormwater for outdoor irrigation and other non-potable uses.
- Use of smart meters and smart devices.
- Energy-efficient building materials.
- Pedestrian lifestyle minimizing daily driving: located in close proximity to local schools and within walking distance of downtown shopping areas.
- Many public parks and open areas with sports facilities
Altus Group Limited, the real estate industry’s benchmark for financial feasibility analysis for banks and lenders, released its final Sage Ranch Financial Feasibility Report on 25 January 2022. The full 116-page report highlights the following summary financial findings:
To be built in 6 phases over about 6 years at a rate of about 165 units per year.
A total of 995 units, comprising 1.6 million salable square feet
Target average selling rate of US$272 per salable square foot. US$409 million projected net residential income after 6% sales agent fees.
$174 million projected net profit and 67% profit on costs. Annual project IRR of 62%.
$124 million Net present value based on a discount rate of 6% per year
ON BEHALF OF THE BOARD OF DIRECTORS
Jeffrey J. Ciachurski
Chairman and Chief Executive Officer and Director
632 Foster Avenue, Coquitlam, British Columbia, Canada V3J 2L7
The TSX Venture Exchange has not reviewed and accepts no responsibility for the accuracy or adequacy of this release. Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. This press release may contain forward-looking statements. All statements, other than statements of historical fact, are “forward-looking statements” and include any information that addresses activities, events or developments that the Company believes, expects or anticipates will or may occur in the future, including strategy, plans or future financial or operating performance and other statements that express management’s expectations or estimates regarding future performance.
About Greenbriar Capital Corp:
Greenbriar is a leading developer of renewable energy and sustainable real estate. With long-term, high-impact contractual sales agreements at key project sites and led by a successful, industry-recognized operations and development team, Greenbriar targets high-value assets destined for accretive value. for shareholders.
About Voya Investment Management, LLC:
An active and leading asset management company, Voya IM manages, as of December 31, 2021, more than 264 billion US dollars for affiliated and external institutions as well as individual investors. With over 40 years of asset management experience, the firm has the experience and resources to provide its clients with investment solutions focused on equities, fixed income, strategies and solutions. alternatives and multi-assets.
The issuer is solely responsible for the content of this announcement.