Company: DREM
Filing Date: 2025-11-13
Form Type: 10-Q
Source: 0001493152-25-022261
Chunk: 8

Company: Dream Homes & Development Corp.
Filing Date: 2025-11-13
Form: 10-Q
Item: Item 8
Chunk 8
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 scheduled to install base paving and finish the first model homes in the early part of the 2nd quarter - 2026.

All
homes should be sold by mid-2027 and income from land leases will be ongoing from that time.

Subsequent
event: On August 14, 2025, the Company closed on a funding facility with Asset Based Lending for the Autumn Run manufactured home
development. The total facility is in the amount of $13,600,000 and includes a refinance of the existing land debt, a percentage of the
infrastructure/site development costs and a vertical construction facility for the entire development. As a result of this funding, the
existing $750,000 mortgage with Lynx Assets has been retired.

The
Company took title to this property in early September of 2023. It is the Company’s intention to develop this property, sell the
individual manufactured homes and continue to own and operate the development as a land lease rental property.

    F-10

Properties
under Contract to Purchase and in Development

Mathistown
Commons: The Company signed a contract in mid-2024 to obtain approvals, acquire and improve a 96 unit townhome property (of which
80 units are market rate and 16 are Affordable Housing) in Southern Ocean County. This property has been pre-sold on an “as-improved”
basis to a national builder.

At
this time, full submissions have been made to the Township, County, and local Municipal utilities authorities. A CAFRA permit has been
submitted to the DEP and a full traffic study has been completed. The application has been deemed complete for public hearing and will
be heard at the September 2025 planning board meeting.

The
initial closing to acquire the property should occur in 2026, with site improvements to begin shortly thereafter. The sale of improved
building pads should begin in late 2026 / early 2027.

Subsequent
event: The Company received Little Egg Harbor Preliminary Approvals for 80 market rate townhomes and 16 affordable condominiums on November
7, 2025.

Southern
Ocean 2: The Company has signed a letter of intent and contract to obtain approvals, acquire and improve a 120 unit townhome property
(of which 100 units are market rate and 20 are Affordable Housing) in Southern Ocean County. This property has been pre-sold on an “as-improved”
basis to a national builder.

The
initial closing to acquire