Hi Dave,
Real estate development. From my guy ...

As discussed I have a 200 unit residential project in Los Altos, CA which is approved and ready to build starting in 2/2021. I have a commitment from Peregren Capital for a $205M construction loan which requires us to bring in $25M of equity. I am acting as a Co-GP on the project as well as one of the guarantors. The letter of credit will be used as a backstop in case we have cost overruns, our GC fails, our LP capital fails to fulfill a capital call and the general partners fail to bring in capital. I've attached my PFS.