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Transaction: Avalon at Village Green, Pikesville, MD
Property Type: Condominium Conversion (255 units)
Structure: Bridge Loan
MF Loan: $52,000,000
Date: Sep 2005
Broker: N/A - Repeat Borrower
Senior Loan: N/A - Whole Loan Issued by MF
Description: Avalon at Village Green, Pikesville, MD
Borrower has closed a number of bridge transactions with Mountain Funding, most of which were located in Florida. Pikesville is a northern suburb of Baltimore, a market that Mountain was familiar with but had not been able to find the right opportunity. Unlike the Florida markets, Pikesville was not an established condo market but Mountain's due diligence proved it to be a stable infill location where supply was limited and demand was constant. The structure of the deal mirrored our previous loans to Borrower incorporating our programmatic pricing and documentation format.
 

 

Since 1993, Mountain Funding has been creatively providing bridge loans, hard money loans, mezzanine debt and equity to residential and commercial developers nationwide. Our real estate financing programs are structured to take advantage of out-of-the-box transactions usually requiring quick closings. Mountain's preferred product types are land acquisition, land development , retail construction, retail redevelopment, shopping centers and malls, apartment redevelopments, condo conversions, single-family development, commercial development, and other non-stabilized value-added opportunities. Our financial structures include: hard money loans, hard money development loans, hard money land loans, bridge loans, mezzanine loans, development loans, land loans, land acquisition and development loans, commercial real estate loans, commercial real estate equity, preferred equity, joint ventures, high-leverage real estate loans, commercial mortgages, development equity, and redevelopment loans.