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.
For investor relations and media inquiries, please contact:
Barwicki Investor Relations
Andrew@Barwicki.com
516-662-9461
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SOURCE Safe and Green Development Corporation
