North Carolina residential/resort golf community (an hour from the Charlotte airport) suffered distress during the recession and original owners have become exhausted with project. It has over $70 million in infrastructure and construction costs already invested in it.
Sponsors, with experience in large-scale mixed-use urban and suburban developments, are acquiring all assets (4600-acre property with approximately 1,500 developed acres and 3,100 acres to be developed) and revitalizing development, which includes a 5-star Radisson Blu. Seeking bridge loan of $18M collateralized by property (as-is value of $44M from July 2013 3rd-party appraisal) to pay off a bridge loan and finance sales and marketing.
Term and rate expectations for $18M bridge loan: 1-3 years, 11% annual interest pre-paid at closing. 2 points paid at closing to lender.
Sponsors are quickly looking for a fairly strong LOI, contingent commitment letter, or some other indication of interest.
Summary and details available upon request.
Next Realty Capital
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We can help. Please send an executive summary to Walexandre@masseigroup.com
Please forward the Executive Summary. Primetimefinancialconsultants@gmail.com
I have numerous lenders willing to fund this deal. With email please provide phone number.
Please email executive summary to email below. I would appreciate the look.
209 481 0514
Please email a summary of the transaction to me at email@example.com. I am a private equity lender based in Stamford, Connecticut and this sounds like it may fit our criteria nicely. You can reach me at (203) 327-3327.
Appreciate all the responses.
Will close the discussion as it is no longer needed.