Purchase/Reserve Your Home at Polestar Village
Single Family Lots & Multifamily Homes!
Here's how it works:
Single Family Lot Purchase
Purchase of Phase I Single Family Lots in Polestar Village
Introduction:
This document outlines how you may acquire a Phase I single family lot in Polestar Village. It describes how your upfront purchase price is applied, the property rights you will hold, and the legal protections in place to secure your financial advance.
Your Upfront Purchase
When you decide to buy a single family lot at Polestar, you’ll pay the full price for the fully developed lot now. Once your purchase is complete, you’ll receive a deed for the lot in its “paper lot” stage — which means it’s legally yours even while we complete Phase I infrastructure and site improvements.
Delivery Timeline & Commitment
We commit to delivering your fully developed single family lot — complete with all necessary horizontal infrastructure — within twelve (12) months from your purchase date (the, “Purchase Date”).
What Happens if We’re Late?
If for any reason we do not complete your lot’s infrastructure within 12 months of the Purchase Date, you’ll begin to earn 5% annual interest on your original purchase price starting on the 13th month.
If an unexpected delay pushes delivery beyond 24 months, we commit to repurchasing your lot for the full price you paid, plus 5% annual interest from the Purchase Date.
This plan gives you an opportunity to secure your place in Polestar Village today, with clear protection and fair terms while we bring this vision to life.
If you have any questions or would like to explore your lot options, contact us soon!
Duplex Lot Purchase
Introduction
This document outlines how you may acquire a duplex lot in Polestar Village as an early participant and assist Polestar in financing the horizontal construction (infrastructure) that serves your lot. It describes how your upfront purchase price is applied, the property rights you will hold, and the legal protections in place to secure your financial advance. These protections include recorded ownership of your future home site and a first-position lien on an additional lot within the project.
Your Upfront Purchase
Upon agreeing to purchase your half of a new duplex lot, you pay the fully-developed lot price. You will immediately receive a “paper‑lot” deed making the lot legally yours while infrastructure construction is underway.
Added Security During Construction
Because you’ve paid in advance before full development, your purchase is additionally secured with a first‑position lien on a separate paper lot within Polestar Village as collateral (additional collateral lot).
This lien is formally recorded in Larimer County, much like a mortgage, ensuring that the additional collateral lot cannot be sold or transferred without your written consent.
To help fund infrastructure development, your paper‑lot deed may be subordinated to a bank loan, but only until horizontal construction is complete.
When horizontal construction is finished, and your lot is cleared for vertical construction, your lien on the additional collateral lot will be formally released.
Delivery Timeline and Buyer Commitment
Polestar Village intends to complete the horizontal infrastructure, including roads, utilities, and site grading, within twenty‑four (24) months of your purchase.
If construction is not complete by that date, the principal amount of your purchase price will begin accruing simple interest at a rate of five percent per annum.
If an unexpected delay pushes delivery beyond 48 months, we guarantee to repurchase your lot from you for the full price you paid, plus 5% annual interest from your original purchase date.
This plan gives you an opportunity to secure your place in Polestar Village today, with clear protection and fair terms while we bring our vision to life.
If you have any questions, would like to explore other options, or to receive the legal documents, contact us soon!
Multifamily Home Reservation Process
Introduction
This letter explains how you can secure a Right of First Offer (reservation) for a multifamily unit in Polestar Village. It describes how your reservation works, how your money is protected with real property as collateral, and how Polestar intends to finance horizontal construction and complete your living unit.
What Is a Right of First Offer?
A Right of First Offer gives you the opportunity to reserve and then purchase a specific multifamily unit once it is built. Your reserved unit cannot be sold or transferred without your permission and will be recorded in the official county land records – everyone can see that your claim comes first.
How to Reserve Your Unit
Your Reservation or Right of First Offer (ROFO) takes the form, initially, as a loan (ROFO Loan) to Polestar. You will make a single payment (Reservation Price / ROFO Loan Amount) on what we call the ROFO Purchase Date. Your payment allows Polestar to fund horizontal construction (infrastructure) and makes it possible to build your unit.
How Your Money Is Protected
Your ROFO Loan is secured in two ways. First, your right to the unit is publicly recorded, which blocks any sale, transfer, or loan that would go against your reserved unit. Second, Polestar pledges an extra ‘paper’ lot within the community as additional security for your ROFO loan.
We call this lot the Additional Collateral Lot, and it adds another layer of protection for your contribution. It cannot be sold or refinanced until your ROFO Loan is paid back in full or replaced with equal or better security. Once the main site work is done and roads and utilities are ready, the lien on the Additional Collateral Lot is released. From that point on, your reserved unit alone keeps your claim secure until you close.
Polestar’s Delivery Promise
Polestar promises to complete your unit within forty-eight months from your ROFO Purchase Date and will keep you updated throughout the construction process. After 2 years, your ROFO loan will begin accruing interest at a rate of 5% annually. If for any reason Polestar does not deliver your unit within forty-eight months, we will buy back your Reservation and ROFO loan with 5% interest accrued from the original ROFO Purchase Date.
Bank Loan Subordination
To finance the horizontal and / or vertical construction, Polestar may need to obtain a bank loan. In that case, your ROFO Loan may be subordinated to the bank loan – meaning the bank’s lien would take priority, temporarily placing your loan in second position.
Next Steps
If you have questions or want to reserve your unit now, please reach out any time. We are ready to help you secure your new home.
Polestar Housing Collaborative Investment
Join our ‘Polestar Housing Collaborative’ for cooperative ownership with other Polestar investors
The Polestar Housing Collaborative is a creative way to own real estate that will function very much like a “Tenants in Common”. It provides definite advantages, especially in an intentional community setting: flexibility, functionality, and simplicity. Investors have the right to “exclusive use” of a particular unit within the collaborative, which functions very much like individual ownership; or they can choose to live elsewhere and receive a return on their investment. They also have a say in what unit they occupy with the ability to change units over time with minimal cost and difficulty. A more complete rendering of this plan is coming soon.
Our proposal for the “PHC” now includes 60 units with a wide variety of designs. Most of these units are age-in-place friendly and many of them are among our more economical units.
Contact Michael for more information, (808) 443-9956 or send e-mail to mg@polestargardens.org
