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
Replies are closed for this discussion.
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 firstname.lastname@example.org. 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.