MIAMI, Oct. 8, 2024
/PRNewswire/ -- Safe and Green Development Corporation (NASDAQ:
SGD) ("SG Devco" or the "Company"), a leading real estate
development firm focused on eco-friendly and sustainable projects,
is pleased to announce that it has successfully secured financing
terms for the vertical construction of a model home in South Texas.
The model home will provide potential buyers and partners with a
tangible example of the Company's design and construction
capabilities, helping to streamline the decision-making process for
future projects. Additionally, this development sets the stage for
the expansion of SG Devco's footprint in the South Texas area, where the Company
anticipates launching multiple residential communities in the near
future.
The financing arrangement will be facilitated through a
construction loan that will enable SG Devco to commence the
vertical construction of the model home. However, the closing of
the construction loan is subject to several terms and conditions,
including the payoff of the existing St. Mary's note. The Company
is actively working towards fulfilling these terms and conditions
and expects to close on the loan within 30 days.
"We are thrilled to have secured financing terms for the
vertical construction of our model home in South Texas," said David Villarreal, CEO at SG Devco. "This
represents a milestone for our company as we continue our efforts
to drive innovation and sustainability in the real estate sector.
We are excited about our future growth and the opportunity to bring
high-quality housing options to the South
Texas region"
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 owned 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 Company's
plans to construct a model home in South
Texas providing potential buyers and partners with a
tangible example of the Company's design and construction
capabilities, streamlining the decision-making process for future
projects, expanding the Company's footprint in the South Texas area, launching multiple
residential communities in the near future, facilitating the
financing arrangement through a construction loan, fulfilling the
terms and conditions to the loan and closing on the loan within 30
days, driving innovation and sustainability in the real
estate sector, bringing high-quality housing options to the
South Texas region 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 commence
construction and complete the model home in South Texas as planned, the Company's ability
to expand its footprint in the South
Texas area and launch multiple residential communities in
the near future, the Company's ability to fulfill the terms and
conditions to the loan and close within 30 days, the Company's
ability to drive innovation and sustainability in the real estate
sector, 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