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100MW Solar Farm  |  500 acres of farming  |  DHHL Land Swap  |  Conservation Easement Credits  |  $25M Note

Purchasing 3,400 acres of agricultural land on the North Shore of Oahu from Dole Food Company (the “Property”) for $37M cash. The Property currently has no legal access and is landlocked, which is why the property has not sold (you are not able to pull a permit without having legal access from a public road). Dole currently accesses the property via the southern-end through a military housing community and the State of Hawaii’s Department of Land and Natural Resources (DLNR). We plan on obtaining the easement agreement which will unlock the site’s value.3,400 Acres Details:

• Offer – $37M
• Due Diligence – 45 Days w/ option to extend additional 30 Days o Close – 15 Days after Due Diligence expiration
• Refundable Deposit – $100,000

$25M Loan Breakdown:

• • Interest – 10%
  • Term – 2 years with option to extend 1 year
  • Borrower is adjacent property owner who is currently developing 1,400 acres of farmland into smaller 5-acre parcels. Owner has agreed to grant us an access easement to the property

Market Overview:

• Supply – As more and more agricultural lands are re-zoned to urban-residential to address Oahu’s housing crisis, the pie of farmable agricultural lands diminish substantially. This property is one of the last remaining lots for large agricultural production given the property’s favorable soil conditions. There currently is NOT another parcel on Oahu that is close to having 1,500 flat farmable acres.
• Sustainability / Climate Change – The world view is currently shifting towards a greener, cleaner environment. Large agricultural lots provide residents with the opportunity to become sustainable and live a cleaner, energy efficient life. Hawaii is one of the leaders in the US pushing for 100% renewable by 2040. The proposed 100MW solar project aligns with Hawaii’s renewable energy and environmental goals.