TOBIN served as Managing Broker-Dealer for the private placement of unsecured promissory notes in Boardwalk MezzCo, LLC, a Caliber-sponsored real estate offering formed to support the development of an attainable housing community in Casa Grande, Arizona. The offering contemplated mezzanine financing for a large-scale, master-planned residential development focused on innovative construction methods and community-centered design.
The Boardwalk project was planned for approximately ±50.6 acres located at the northwest corner of Weaver Road and McCartney Road in Casa Grande. The development was designed to include 393 factory-initiated, site-finished homes ranging from approximately 1,200 to 1,800 square feet, with two to four bedrooms and attached two-car garages. Residents were expected to own their homes while leasing the underlying land, creating an attainable ownership model positioned between traditional single-family housing and rental alternatives.
The community concept emphasized placemaking and resident engagement, with a central pedestrian “Boardwalk” designed to serve as the social spine of the neighborhood. Planned amenities included a community clubhouse, fitness center, tutor and business center, coffee bar, community pool, sport courts, pet parks, open fields, and walking and riding trails. The project was to be developed in collaboration with American Resort Communities, with the intention of replicating the model across multiple Arizona markets.
As Managing Broker-Dealer, TOBIN oversaw the aspects of the offering as well as the processes of the issuer as they related to U.S. securities laws. The firm focused on the integrity of disclosures, the suitability of the investment for each participating investor and compliance with applicable securities laws and regulations. TOBIN reviewed and approved the private placement memorandum and related offering materials, evaluated selling compensation structures and ensured that all material risks, assumptions and conflicts were clearly and consistently disclosed.
Following launch, the project advanced through entitlement and pre-development activities while broader market conditions continued to evolve. As underwriting assumptions were reassessed and development feasibility was revisited, the sponsor undertook additional diligence and ultimately elected to reposition the property consistent with its entitled status.
Throughout this period, TOBIN continued to serve as Managing Broker-Dealer, remaining actively engaged as the offering progressed. The firm confirmed that investor communications, reporting and disclosures accurately reflected the project’s status and strategic direction, maintaining alignment with U.S. securities laws and investor protection standards.
This engagement reflects TOBIN’s experience as a Broker-Dealer for complex real estate offerings involving development risk and evolving execution paths, and its role in maintaining regulatory discipline and investor-focused oversight through changing conditions.
