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Q3 2026 Update |
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Project Investor Update
527 Fairmount Avenue
Chatham Township, Morris County, NJ | September 28, 2026
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Project Status: Monitoring
Framing and mechanical inspections have passed and work is moving into insulation and drywall. The target is to complete the home in about 90 days and list in January 2027, roughly 10 months before the November 2027 loan maturity.
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Executive Dashboard
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Current Stage
Insulation & Drywall
Framing and rough-ins approved
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Percent Complete
~50%
Structure and mechanicals in place
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Current Loan Balance
$1,145,025
After two construction draws
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Construction Funds Remaining
$687,534
90% of holdback available
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Appraised Value, Completed
$3,400,000
April 2026
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Target Completion / Listing
Dec 2026 / Jan 2027
90 days to complete
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Loan Maturity
Nov 13, 2027
13.5 months remaining
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Projected Profit Range
$360K to $730K
Cash after payoff: $875K to $1.24M
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Where the Project Stands
The structure is complete and approved. The home is framed, roofed, sided and fitted with windows. The framing and sheathing inspection has passed after bracing at the large rear window openings was corrected. All mechanical, electrical and plumbing rough-ins are approved, the retaining wall is built and exterior finishes have started.
Interior work is next. Insulation and drywall, then trim, flooring, kitchen, baths and final mechanicals. The remaining work is finishing work, not structural work.
The financing is in place. The loan commits $1,832,559 against a $3,400,000 as completed value (53.9% loan to value). Of the $762,863 construction holdback, two draws totaling $75,329 have been funded and $687,534 remains.
The market is holding. Four comparable Chatham Township homes closed between May and July 2026 at $3,250,000 to $3,850,000, each at or within 1.5% of asking. A new home on Fairmount Avenue listed at $2,975,000 is our most direct competition, and we are watching it closely.
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Key Dates
| Structure & rough-ins | Complete |
| Target completion | Late Dec 2026 |
| Target listing | January 2027 |
| Final date for lender advances | Oct 1, 2027 |
| Loan maturity (no extension option) | Nov 13, 2027 |
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Loan Summary
| Lender | Roc Capital |
| Original loan amount | $1,832,559 |
| Current principal balance | $1,145,025 |
| Construction draws received | $75,329 (2 draws) |
| Interest rate | 10.69% fixed, interest only |
| Monthly interest (current / fully drawn) | $10,200 / $16,325 |
| Prepayment penalty / exit fee | None / $0 |
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Comparable Sales, Chatham Township
| Property | Status | Price |
| 206 Longwood Ave | Closed 05/26 | $3,850,000 |
| 51 Glenmere Dr | Closed 07/26 | $3,495,000 |
| 2 Whitman Dr | Closed 07/26 | $3,450,000 |
| 22 Floral St | Closed 06/26 | $3,250,000 |
| 336 Fairmount Ave | Active 07/26 | $2,975,000 |
| 527 Fairmount Ave | Appraised 04/26 | $3,400,000 |
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Projected Profit by Sale Price
| Scenario | Sale Price | Profit |
| Conservative | $2,975,000 | ~$360,000 |
| Base case | $3,250,000 | ~$590,000 |
| Upside (appraisal) | $3,400,000 | ~$730,000 |
Profit is cash after selling costs and repaying the fully drawn loan, less about $515,000 of fund capital. These are projections, not guarantees.
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What Happens Next
| Complete insulation and pass inspection | Next 30 days |
| Submit construction draw for completed work | Next 30 days |
| Hang and finish drywall | 30 to 60 days |
| Exterior veneer, soffits and gutters | Q4 2026 |
| Interior finishes and Certificate of Occupancy | Late Dec 2026 |
| Set list price and list the home | January 2027 |
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A Note to Our Investors
527 Fairmount Avenue is roughly half complete, with the structure built and every rough inspection approved. The inspections took longer than planned, and getting them right was the priority: the large rear openings that needed extra bracing are also one of the home's best features.
Before the next update, expect drywall and interior progress with current photos, further construction draws, and an update on the path to a Certificate of Occupancy and January listing, including how the 336 Fairmount listing shapes our pricing.
Thank you for your continued patience, trust and partnership.
NNG Capital Fund
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Confidential. Prepared for existing investors of NNG Capital Fund. Forward looking statements, including projected values, completion dates and profit estimates, are based on information currently available and are not guarantees of any outcome. Final results will depend on remaining construction costs, timing, carrying costs, selling expenses and the ultimate sale price. Nothing in this update constitutes an offer to sell or a solicitation of an offer to buy any security.
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NNG Capital Fund | 527 Fairmount Avenue
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