Belpointe PREP invests $3.8M for majority stake in UConn-area development; commits $58.5M more

Belpointe PREP, LLC

Subsidiary originated $3.8M equity investment for majority ownership of CMC Storrs SPV, owner of 60-acre site near UConn.
Committed to fund up to $58.5M additional equity for development of a 250-unit apartment community in Mansfield, CT.
Restructured $30M loan to CEO-affiliate Norpointe through QOZB subsidiary to comply with QOF rules; new loan matures June 28, 2023.
Loan bears 5% interest, secured by first mortgage on Norwalk property; original loan repaid in full.
UConn's Storrs campus has over 18,000 undergraduates, 75% living off campus, cited as key demand driver.

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