SRVIC Expansion Project Update
SRVIC Expansion Project Update
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Assalamu Alaikum,
Alhumdulillah, we are making progress towards several key milestones:
Key Upcoming Dates
**June 26 Contingency Removal Deadline
**We are working diligently to finalize both our funding and all required building inspections.
Funding:
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We are actively collecting the final remaining pledges.
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Paperwork has been completed for over 60 investors.
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Retirement account transfers are currently in progress and are expected to complete within the next 10 days.
Inspections:
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General building inspections are complete.
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Specialized inspections (elevator, HVAC, plumbing, and roof) are scheduled for next week.
**July 7 Target Closing Date
**Assuming all inspections proceed smoothly, we are targeting July 7th for closing on the building inshAllah.
Financial Structure
The building is being purchased for $9 million, which includes:
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A $2 million interest-free seller loan for 2 years (with an optional 3rd year).
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Annual repayments of $400,000, made in quarterly installments.
While closing will be a huge milestone, ongoing community support will be essential to pay off the loan and buy back shares from our investors so we can realize our long-term vision for the property.
Next Phase Plans
Our phased approach includes:
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Relocating the accountant tenant from the adjacent building (2238 Camino Ramon) to the new building and leasing out the existing 3,000 sq ft space to a new tenant that will share space with the Islamic School.
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Applying for a permit to occupy 2,000 sq ft of space on the first floor of the new building for evening and weekend center use.
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Leasing out remaining space on the 2nd and 3rd floors to generate revenue.
If you or someone you know is interested in leasing space, please contact us at[email protected].
How You Can Help
If youd like to contribute financially towards loan repayment, donations can be made onlinehere.
The remarkable pace of progress has only been possible through the blessings of Allah, and with your ongoing duas and support. May this project will become a lasting legacy for the Muslim community of the San Ramon Valley. We are incredibly grateful for all of your support.
Jazak Allah Khair.
SRVIC Expansion Team