First Trust Deed collateralized by 5.49 acres of commercially zoned land that will ultimately be home to over 14,000 sf of commercial space constructed across 5 buildings. The borrower acquired the land for this project about a year ago and has since worked with the city to obtain the necessary entitlements and permits allowing the project to break ground. The borrower plans to begin the horizontal development for the 5.49 acres upon the closing of this loan. This work is anticipated to take through the end of 2025. Once the site’s development is substantially complete, the construction work can begin on the 5 retail buildings. Each building is anticipated to have a 9-month construction timeline. It should be noted that all 5 buildings have fully executed triple-net leases in place with their future tenants. All tenants plan to occupy their respective spaces shortly after receipt of their building’s certificate of occupancy. The borrower plans to list the properties for sale as they near the completion of construction and expects for them to be sold within a few months of rent commencement.