Company: DREM
Filing Date: 2025-08-27
Form Type: 10-Q
Source: 0001641172-25-025675
Chunk: 5

Company: Dream Homes & Development Corp.
Filing Date: 2025-08-27
Form: 10-Q
Item: Item 8
Chunk 5
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057,133  
    $2,830,018 

Properties
currently owned and either improved or under construction

Berkeley
Terrace – Bayville, NJ – 70 approved townhome units

The
Company has been in title to this property since 2021 and finalized an infrastructure and construction finance facility which closed
on 3/31/23. This facility included refinancing the land debt, securing funding for a large portion of the site construction, as well
as funding the first building of 10 townhomes. The amount of the facility was $4,670,000.

The
Company has retired the remaining debt in January of 2025 and the property currently has no debt.

The
Company began infrastructure work on the property in June of 2023, with land clearing completed and the site stabilized for soils erosion
control. Sanitary sewer, water and drainage has been installed on the entire property.

All
building pads have been compacted and completed.

Base
paving has been completed and the entire site has been fully improved.

    F-8

The
Company has entered into an agreement with a national builder to deliver improved building sites for this project. It is in the Company’s
opinion that the financial advantages inherent in the sale of a portion of the improved lots in this development outweigh the advantages
of building and selling or leasing the entire development.

The
Company sold two 10-unit building pad sites in 2024 to a national builder. Vertical construction of Building 8 began in December of 2023,
and Building 1 began in July of 2024.

As
of September 30, 2024, 20 improved building pads had closed title to the national builder.

Building
Pad 6, comprised of 8 improved building pads, was sold and closed title on 1/24/25. At that time all underlying debt for this property
was retired. 42 improved building pads are scheduled to close in the next 12 months.

Building
Pad 1, comprised of 12 improved building pads, was sold and closed title on 4/24/25.

Subsequent
event: On July 3, 2025, the Company sold 12 improved building pads in the Berkeley Terrace development to a national builder. The gross sale was in the amount of $1,536,429 and will be reflected in Q3 income.

The
remaining buildable lots will close during 2025 and Q1 of 2026.