UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 1-U
CURRENT REPORT PURSUANT TO REGULATION A OF THE SECURITIES ACT OF 1933
May 19, 2023
(Date of Report)
NV REIT LLC
(Exact name of registrant as specified in its charter)
| Delaware | 88-4084839 | |
| (State or other jurisdiction of incorporation or organization) | (IRS Employer Identification Number) |
| 5227 N. 7th Street Phoenix, AZ | 85104 | |
| (Address of principal executive offices) | (Zip Code) |
602-714-1555
Registrant’s telephone number, including area code
Common Stock
(Title of each class of securities issued pursuant to Regulation A)
Item 9. Other Events
Purchase of Real Estate
The Company has purchased the real estate described below.
| Address | 407 N Williams St. Mesa, AZ 85203 |
| Description | ● | Multifamily property |
| ● | 20 units | |
| ● | Currently 95% occupied. | |
| ● | Rental range: $1,550 to $1,700 |
| Form of Ownership | Fee simple |
| Purchase Price | $5,000,000 |
| Appraised Value | $5,000,000 |
| Total Project Cost | No expected costs for renovation. Property is stabilized and cash flowing |
| Seller | Neighborhood Ventures LLC |
| Proposed Financing | ● | $2,807,334.61 first mortgage loan |
| (Subject to Change and Satisfaction of | ● | 10 year term |
| Contingencies) | ● | Monthly principal and interest payments are based on an amortization subject to the economic remaining life of the property as determined by the appraisal, minus 5 years and not to exceed a 30 year amortization. |
| ● | 3.81% interest rate | |
| ● | Guarantors: Jamison Manwaring and John Kobierowski | |
| ● | If prepayment is made withing the first five years of the loan term, Borrower shall pay a 1% fee of the outstanding principal balance. |
| Projected First Year Net Operating Income (Before debt service, fees to sponsor, depreciation, and administrative expenses) | $260,000 |
| Fees to Sponsor from Acquisition | Acquisition Fee $100,000 |
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Changes to Significant Employees
The Company had the following updates to its significant employees:
| Name | Position | Age | Term of Office | Approximate Hours Per Week If Not Full Time | ||||
| Heidi Butler | Operations Associate and Controller | 26 | At Will | Full Time* | ||||
| Bart Diehl | Marketing Director | 27 | At Will | Full Time* |
| * | Employees are employed by Neighborhood Ventures, Inc., the Manager, rather than by the Company directly. |
Dimitry Beaubrun, formally the Controller of the Company, departed the Company on March 31, 2023. Heidi Butler has taken over all the responsibilities of the Controller.
Bart Diehl started with the Company in February of 2023 as the Company’s new Marketing Director.
Business Experience
Prior to joining the Neighborhood Ventures team, Bart used his legal and business expertise, as a business consultant, providing guidance and advice to a range of companies, from startups to established firms on issues pertaining to compliance, marketing, and sustainable growth. In addition to his consulting work, he decided to pursue his own entrepreneurial venture and launched a supplement line for high-quality supplements where he serves as Co-Founder today.
Bart obtained his Bachelor of Arts in Entrepreneurship from North Central College and obtained his Juris Doctorate from Thomas Jefferson School of Law.
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SIGNATURES
Pursuant to the requirements of Regulation A, the issuer has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized, on May 19, 2023.
| NV REIT LLC | ||
| By: | Neighborhood Ventures, Inc., as Manager | |
| By | /s/ Jamison Manwaring | |
| Jamison Manwaring, Manager | ||
DATED: May 19, 2023
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