The Company invests offering proceeds as the senior JV Class C Member of Madison West Marina Summerdance, LLC, which owns the Property Owner developing a 274-slip marina (74 wet slips, 200 dry stack slips) on ~28.58 acres in Gulf Shores, Alabama, within the sponsor's Summerdance development. The Company targets a 15% cumulative, non-compounding preferred return (10% paid currently each month for 36 months from a reserve funded with offering proceeds; remainder accrues) plus return of capital, realized when the JV redeems the Company's interest via refinancing or sale. The Company does not participate in upside beyond the preferred return.