Creative Media & Community Trust Corporation (NASDAQ:CMCT) Q3 2022 Earnings Call Transcript

Eric Speron: Great. So my question is on multifamily, specifically Oakland. There’s the things that you filed, they’re pretty exciting, 46 storey, 600 units. So it’s a huge chunk of your multifamily opportunity, something like 40%. So the question is, can you just give us a little bit more color? I see it’s near some opportunity zones. I don’t know if it’s in one. I don’t — maybe talk about what amount of capital is the right amount of capital for you guys to contribute. And what would you target bringing it from outside, but maybe just address Oakland multifamily.

Shaul Kuba: Yes. Let me answer. This is Shaul. The land that we own in Oakland is prime for entitlement for multifamily. The office market in Oakland is pretty, I would say, at the moment, saturated with vacancy. So we decided to take advantage of the existing entitlement that we have converting them to multifamily. We’re probably going to be done with that process in about 18 months to 24 months. And at that point, we’re going to evaluate how much co-invest to raise for that project. We own the land free and clear, so we don’t have any debt. Our is very low, and the intent is to raise co-invest for it when we’re ready to present it.

Eric Speron: And just quick clarification. Is it in the opportunity zone there? Or is it a fallout side? It’s hard to see on the maps.

Shaul Kuba: I don’t think it’s an opportunity zone. But I don’t know for a fact. Maybe, Steve, you know? I don’t know.

Eric Speron: Yes. Some is but I can see the cross.

Stephen Altebrando: Yes, I don’t believe it’s in, but either way, would not have much of a benefit for us.

Operator: This concludes our question-and-answer session as well as our conference. Thank you for attending today’s presentation. You may now disconnect.