In Q2 2021, Base Equities provided $2,500,000 of preferred equity to be used for the acquisition and conversion of a 188-key hotel to a 96-unit multifamily property in Phoenix, AZ. The Sponsor is an experienced local real estate investment group with track record for conversions in the market. The Sponsor is spending approximately $33,333 per unit to the bring the property in line with other renovated properties in the submarket. The total project cost is approximately $13,360,000. The total preferred equity underwritten net IRR is 17%.