Company: DREM
Filing Date: 2025-08-27
Form Type: 10-Q
Source: 0001641172-25-025675
Chunk: 7

Company: Dream Homes & Development Corp.
Filing Date: 2025-08-27
Form: 10-Q
Item: Item 8
Chunk 7
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 2022.

The
property has completed resolution compliance and is scheduled to begin clearing in September or October of 2025. Bonds and fees will
be posted and site work will begin in the 4th quarter of 2025.

The
company is scheduled to install base paving in the early part of the 2nd quarter of 2026.

As
of this date the Company is pursuing various options for the development of this property, including Build to Lease, sale of the approved
parcel to another builder/developer, or sale of the improved parcel to a national builder.

If
the improved property has not been sold by the time site work has been completed, the Company will proceed to build the townhouse units
and either sell or lease them.

Autumn
Run – Gloucester County – 62 age-restricted manufactured housing units

On
December 7, 2018, the Company signed a contract to purchase a property in Gloucester County, NJ, which has since been approved for 62
units of age-restricted manufactured housing. The property currently has final approvals.

The
application for a use variance was heard on May 24, 2021 and the variance was approved.

The
Company applied for preliminary and final site plan approval and was heard at the April 2023 planning board meeting. Preliminary approval
was granted, and the Company submitted for finals in the 4th quarter of 2023. The Company has since received final approvals.

The
property has completed resolution compliance and is scheduled to begin clearing in September or October of 2025. Bonds and fees will
be posted and site work will begin in the 4th quarter of 2025.

The
company is scheduled to install base paving and finish the first model homes in the early part of the 2nd quarter -f 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