Private Debt Securities - Representative Investments

Sandpiper continuously monitors portfolio investments against Sandpiper's and management's expectations. Below are representative private debt investments made in the Sandpiper Capital portfolios.

Mezzanine Loan - Colorado

The Fund provided $1 million in mezzanine debt through a Secured Promissory Note to facilitate the development of 427 acres of land located just outside of Denver, CO.

Mezzanine Loan - Arizona

The Fund provided $2 million in mezzanine debt through Secured Promissory Notes in order to repay indebtedness incurred in connection with the acquisition of vacant agricultural land located in Arizona. The Notes were secured by an assignment by 100% of the current holders’ membership interests in the operating company, as well as the personal guarantee of the principal of the issuing company.

Bridge Loan - Florida

The Fund provided a $300,000 bridge loan in order to finance the acquisition, development and construction of 19 warehouse/office condominium units located just outside of Ft. Lauderdale, FL.

Secured Promissory Note - Colorado

The Fund participated in a note that is secured by a combination of first and second deeds of water rights on land that is located outside of Denver, CO. The Fund's investment was approximately $1,700,000.