Company: DREM
Filing Date: 2025-11-13
Form Type: 10-Q
Source: 0001493152-25-022261
Chunk: 6

Company: Dream Homes & Development Corp.
Filing Date: 2025-11-13
Form: 10-Q
Item: Item 8
Chunk 6
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Subsequent
Event: On October 3, 2025, the Company sold 10 improved building pads in the Berkeley Terrace development to a national builder.

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

It
is expected that the final 8-unit building pad in the development will be sold to a third-party builder in January of 2026.

Lacey
Township, New Jersey, “Lacey Pines”

Dream
Homes currently owns a parcel approved for 68 new townhomes in Ocean County NJ, of which 54 are market rate units and 14 are affordable
housing units. The Company acquired this property on June 29, 2021 and is currently in title.

This
property has received final approvals, Department of Transportation approval, CAFRA approval, MUA, County, Fire and other outside agency
approvals.

Preliminary
approval was granted in 2021 and final approval in 2023.

The
Company has secured permanent funding to install infrastructure and vertical construction for this project in October of 2023 and retired
the previous debt.

Site
bonds, escrows and fees have been posted for the property, with clearing having started in the 4th quarter of 2023.

The
site improvements and infrastructure work for this development began in March of 2024 and were substantially completed in the 3rd
quarter of 2024.

As
of 12/31/24, the property has been cleared, top soil removed, earth balance completed, sanitary sewer installed, water mains and laterals
installed, on and off-site curb installed and base paving completed.

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.

Building
Pad 1, comprised of 6 improved building pads, was sold and closed title on 1/24/25.

On
July 11, 2025, the Company sold 7 improved building pads in the Lacey Pines development to a national builder. The gross sale was in
the amount of $893,473.

As
                                            of September 31, 2025, 47 improved building pads remained and are scheduled to close in the
                                            next 12 months.

    F-