Walton Makes First Deferred Payment to Investors in their Verano LAD Financing Project
CORPORATE RELEASE - Walton is excited to announce its first deferred payment to investors in the Verano LAD financing project that will be made on June 29, 2021. The payment is being made because of 6 home closings made by D.R. Horton, the largest homebuilder by volume in the U.S., within the Verano master planned community – the marketing name is Cielo Place at Verano. The community is located at the northwest corner of Verano Road and Rio Vista Drive in Cathedral City, Calif.
In August 2020, Walton acquired 138 lots in the Verano community planned for residential development and subsequently sold the lots to D.R. Horton. An initial distribution was made to Verano investors at the time D.R. Horton began development of the Cielo Place project shortly after the acquisition and now closings on the first phase of home sales are beginning. This activity signifies that Walton investors in the Verano LAD financing project will begin receiving distributions on a frequent basis; the investment structure provides Walton investors with deferred payments as homes are sold.
“We are very happy to provide our investors with their first deferred payment from this project,” said Ed Hadley, Executive Vice President at Walton. “Verano is a fantastic master planned community with a lot to offer home buyers – the home sales in this first phase are a testament to the appeal for the remaining homes left in the upcoming phases. D.R. Horton is doing an excellent job building and selling these homes.”
The entire 138 homes planned for the community is an addition to the over 300 occupied residences in the area. Home prices range from $309,990 to $394,000 with a range of 1,466 to 2,076 square feet.
The Verano community is in Coachella Valley close to Palm Springs. With a population of approximately 45,500, the area is home to young professionals and family-oriented residents. Verano offers affordably priced quality homes with a master plan lifestyle convenient to retail, dining, resorts, office centers and the Palm Springs International Airport.