TOBIN served as Managing Broker-Dealer for the private placement of unsecured promissory notes issued by Riverwalk Land MezzCo, LLC, an offering structured to finance the acquisition of leasehold interests within the Riverwalk master-planned development in Scottsdale, Arizona.
The offering related to two parcels of land totaling approximately ±19.233 acres, each subject to a ground lease within the Salt River Pima-Maricopa Indian Community. Investor capital was used to acquire the right, title and interest as lessee for both parcels, neither of which involved fee simple ownership. The parcels had been previously developed and were occupied by a Topgolf entertainment venue and a Hampton Inn & Suites hotel, respectively.
The unsecured promissory notes carried a stated annual interest rate of 10%, with interest paid quarterly. All principal and unpaid interest were due and payable on or before September 30, 2023, with the fund manager retaining discretion to extend the maturity date by up to an additional twelve months.
As Managing Broker Dealer, TOBIN oversaw broker-dealer operations throughout the lifecycle of the offering, including review and approval of offering materials, coordination of supplements to the private placement memorandum and supervision of selling compensation structures. TOBIN also served as the supervising Broker Dealer for FINRA-compliant offering execution, ensuring alignment across the PPM, executive summaries and investor-facing disclosures.
This engagement exemplifies TOBIN’s role as a hands-on Broker-Dealer for real estate credit offerings involving ground lease structures, leasehold interests and defined maturity profiles, providing disciplined regulatory oversight and high-touch coordination between sponsor, sales teams and investors.
