Company: DREM
Filing Date: 2025-05-19
Form Type: 10-Q
Source: 0001641172-25-011417
Chunk: 5

Company: Dream Homes & Development Corp.
Filing Date: 2025-05-19
Form: 10-Q
Item: Item 8
Chunk 5
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 – 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 is $4,670,000.

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.

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. A national builder began vertical construction of Building 8 began in December of
2023, and Building 1 began in July of 2024.

    F-8

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

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

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.

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

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 and 14 are affordable housing.
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