A Limited Liability Company, "SIENNA 138", was formed
for the purpose of acquiring certain real property located in Madera,
Madera County, California, located just off Highway 99, north of Fresno,
California, and the subsequent development, construction, and sale of
single family homes thereon.
As an equity partner, "SIENNA 138, LCC.", owns 37.5% of
the project in conjunction with MADERA SIENNA, LLC. The company was formed
to develop, build, and sell 138 homes. An investor, would have an equity
stake in this project in the form of a capital account based on the amount
of your investment as a percentage of 37.5% of the total.
Total investment was $2,150,000. The projected cost of
the project is $26,884,034, and the projected sales are $33,843,706
without additions or upgrades. Financing for the project will come from
Institutional sources. The anticipated sale prices of the homes will be
from $189,950 - $279,990.
Distribution of the profits from the sale of the homes, to which Equity
Members will be entitled, will be paid quarterly after payment
of all construction and development costs, and less a reserve for property
taxes and warranty expenses. Net profit shall be allocated to the Members
in proportion to their Percentage Interests.
As a Member of the Limited Liability Company, no Member
shall be personally liable for any debt, obligation, or liability or
obligation of the Company, whether that liability or obligation arises in
contract, tort, or otherwise.
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If at any time you have any questions regarding the
project, please call Lee Kauftheil at 800-689-8323, Ron Kahn at 650-279-0366, or Greg Meister at
650-400-5599.
