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As Of Filer Filing For·On·As Docs:Size Issuer Filing Agent 5/09/22 Fundrise West Coast Opp… REIT LLC 1-U:9 5/03/22 1:17K Toppan Merrill/FA |
Document/Exhibit Description Pages Size 1: 1-U Current Report HTML 12K
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
(Date of Report (Date of earliest event reported))
FUNDRISE WEST COAST OPPORTUNISTIC REIT, LLC
(Exact name of registrant as specified in its charter)
| Delaware | 35-2546939 |
| (State or other jurisdiction of incorporation) | (IRS Employer Identification No.) |
| 11 Dupont Circle NW, 9th Floor, Washington, DC | 20036 |
| (Address of principal executive offices) | (ZIP Code) |
(202) 584-0550
(Registrant’s telephone number, including area code)
Common Shares
(Title of each class of securities issued pursuant to Regulation A)
C:
Item 9. Other Events
Asset Update
Senior Mortgage Loan Payoff – Palomar Heights Builder, LLC
On June 30, 2021, we acquired from Fundrise Lending, LLC, a wholly-owned subsidiary of our Sponsor (“Fundrise Lending”), a first mortgage bridge loan with a maximum principal balance of $33,500,000 (the “PHB Senior Loan”). The Borrower, Palomar Heights Builder, LLC, a Delaware limited liability company (“PHB”), used the loan proceeds to acquire 602,870 square feet of land generally located at 555 E Valley Parkway, Escondido, CA 92025 (the “PHB Property”). An affiliate of PHB, obtained entitlements for 510 residential units in January of 2021. PHB intended to demolish all of the current structures at the property (which currently consists of a hospital and ancillary structures), adjust several lot lines, and then sell the entitled site to developers. Details of this acquisition can be found here.
PHB completed its business plan by completing the demolition of all improvements and adjusting relevant lot lines to allow for construction commencement.
On May 3, 2022, PHB paid back the PHB Senior Loan for the full amount of principal, plus interest, by selling the townhome portion of the PHB Property. All interest payments were paid in full during the investment period, and the investment yielded an annualized rate of return of approximately 9.7%.
Safe Harbor Statement
This Current Report on Form 1-U contains 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. You can identify these forward-looking statements by the use of words such as “outlook,” “believes,” “expects,” “potential,” “continues,” “may,” “will,” “should,” “could,” “seeks,” “projects,” “predicts,” “intends,” “plans,” “estimates,” “anticipates” or the negative version of these words or other comparable words. Such forward-looking statements are subject to various risks and uncertainties, including those described under the section entitled “Risk Factors” in the most recently qualified Offering Statement on Form 1-A filed with the Securities and Exchange Commission (“SEC”), as such factors may be updated from time to time in our periodic filings and prospectus supplements filed with the SEC, which are accessible on the SEC’s website at www.sec.gov. Accordingly, there are or will be important factors that could cause actual outcomes or results to differ materially from those indicated in these statements. These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in our filings with the SEC. We undertake no obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise, except as required by law.
C:
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.
| FUNDRISE WEST COAST OPPORTUNISTIC REIT, LLC | ||
| By: | Fundrise Advisors, LLC | |
| Its: | Manager | |
| By: | /s/ Bjorn J. Hall | |
| Name: | Bjorn J. Hall | |
| Title: | General Counsel | |
Date: May 9, 2022
C:
| This ‘1-U’ Filing | Date | Other Filings | ||
|---|---|---|---|---|
 | ||||
| Filed on: | 5/9/22 | |||
| For Period end: | 5/3/22 | |||
| 6/30/21 | 1-SA, 1-U, 253G2 | |||
| List all Filings | ||||
As Of Filer Filing For·On·As Docs:Size Issuer Filing Agent 4/11/24 Fundrise West Coast Opp… REIT LLC 1-K 12/31/23 2:436K Toppan Merrill/FA 9/26/23 Fundrise West Coast Opp… REIT LLC 1-SA 6/30/23 1:485K Toppan Merrill/FA 4/04/23 Fundrise West Coast Opp… REIT LLC 1-K 12/31/22 3:1M Toppan Merrill/FA 9/19/22 Fundrise West Coast Opp… REIT LLC 1-SA 6/30/22 1:660K Toppan Merrill/FA |
As Of Filer Filing For·On·As Docs:Size Issuer Filing Agent 7/07/21 Fundrise West Coast Opp… REIT LLC 1-U:9 6/30/21 1:18K Toppan Merrill/FA |