Safe & Green: SG Echo expects to generate $130M of inter-company revenue

Safe & Green Holdings provided an update on its previously announced Magnolia Residential project…The Company reports that its 800 residential unit project is now in the architectural and engineering design phase. In parallel, the Company is advancing a variety of funding options, including prospective development partnerships at the project level, as well as non-dilutive funding options. The Company also reiterated that SG Echo expects to generate $130M of inter-company revenue from the project, while SG DevCo expects to benefit from a substantial increase in its asset base and future cash flow as a result of the development project…Paul Galvin, Chairman and CEO stated, “I am pleased to report SG DevCo is rapidly advancing the Magnolia Residential project and we are now developing the detailed site plan. We have received significant interest from potential limited partners to join us in this project, which we believe is further validation of the economic potential of this project and strong residential demand in the local market. Moreover, we are exploring a variety of non-dilutive funding options that would allow us to leverage the real estate and projected appraisal value of the project on completion.”