Filed Pursuant to 17 CFR §230.253(g)(2)
File No. 024-12089
OFFERING CIRCULAR SUPPLEMENT NO. 2
Date of Offering Circular: December 19, 2022
May 19, 2023
NV REIT LLC
c/o Neighborhood Ventures, Inc.
5227 N. 7th Street
Phoenix, AZ 85014
602-714-1555
https://neighborhood.ventures
This document (the “Supplement”) supplements the Offering Circular of NV REIT, LLC, (the “Company”) dated December 19, 2022 (the “Offering Circular”). Unless otherwise defined in this Supplement, capitalized terms in this Supplement have the meanings given to them in the Offering Circular.
The purpose of this Supplement is to provide additional information that is not in the Offering Circular.
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 (Subject to Change and Satisfaction of Contingencies) | ● | $2,807,334.61 first mortgage loan |
| ● | 10 year term |
| ● | 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 |
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.
