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Rabu, 06 Desember 2023 09:22:00

Greenbriar Announces Construction Permit and Feasibility Study Update for Sage Ranch

Phoenix, Arizona. - December 4, 2023 - Greenbriar Sustainable Living Inc. (TSXV: GRB) (OTC Pink: GEBRF) ("Greenbriar" or the "Company") is pleased to announce that Altus Group has updated the Pro Forma Review of Sage Ranch dated effectively November 27th, 2023. 

"The purpose of the Altus Group analysis is to assist in benchmarking the relative profitability of the development to facilitate obtaining financing" for which Greenbriar has executed a previously disclosed and current USD $40 million construction loan mandate with Voya Financial.

At this stage, you have not requested we provide you with an independent appraisal report estimating the current market value of the subject property "as is" nor have you requested we provide you with an independent appraisal indicating the market value of the subject property in the developed scenario. It is stressed that this is not an appraisal report."

The executive summary reads as follows:

Executive Summary
Dashboard$280 Price per Square Feet Revenue
995 units of 1 to 2 Stories
1,600,763 SF
Civic AddressThe site is bound between Valley Rd to the North, Pinion St to the South, the Tehachapi School District Maintenance Yard and High School to the East and existing residential homes on Clearview Street to the West.
LocationCity: Tehachapi County: Kern County
Current ZoningPD Planned Development
Development ScenarioTo be developed in 6 phases over approximately 6 years. There will be approximately 165 units per year.
Projected Revenue995 units, totaling 1,600,763 square feet saleable
Target average sales rate of $280 per square foot of saleable $421,900,600 projected net residential revenue after 6% sales agent fee
Projected Costs$106 per square foot of GLA projected base construction cost $169,680,878 construction cost
$18,946,631 site servicing cost
$11,707,203 project contingency
$247,571,261 total projected cost
Projected Profit$174,329,339 projected net profit and 63.51% profit on cost
$123,374,762 Net Present Value based on a Discount Rate of 6% p.a.

Sage Ranch Construction Permit Filing
The Greenbriar professional engineering team will be filing all of the completed engineering construction plans for all of the improvements for Phase I construction within the next 10 days for the purpose of obtaining the construction permits.

About Greenbriar Capital Corp
Greenbriar is a leading developer of sustainable real estate and renewable energy. With long-term, high impact projects and led by a successful industry-recognized operating and development team, Greenbriar targets deep valued assets directed at accretive shareholder value.
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