| Transaction: |
Arroyo Seco South, Buckeye (Phoenix), AZ |
| Property Type: |
Residential Land Seeking an Upzoning |
| Structure: |
Mezzanine Loan |
| MF Loan: |
$2,365,000 |
| Date: |
Mar 2006 |
| Broker: |
None |
| Senior Loan: |
$3,395,000 |
| Description: |
Developer, a national homebuilder that is a repeat borrower of MF’s, had to close quickly on a 64-acre parcel that was adjacent to a 287-acre parcel it already owned (which MF previously financed). MF agreed to fill the gap between the bank loan and 90% of total cost, and closed in two weeks, despite the fact that the loan amount was below MF’s minimum. MF has closed multiple development loans in this general area over the prior year, and was thus very familiar with local zoning and entitlement rules allowing it to move quickly. As with many of its repeat borrowers, MF has established a familiarity and standard process with this borrower enabling MF to respond and close quickly on opportunities identified by the developer |
