| Transaction: |
Meriam Park, Chico, CA |
| Property Type: |
Land for Mixed-Use Development |
| Structure: |
Hard Money Land Loan |
| MF Loan: |
$19,100,000 |
| Date: |
Jan 2006 |
| Broker: |
None |
| Senior Loan: |
N/A – Whole Loan Issued by MF |
| Description: |
The borrower, a successful local developer and homebuilder, required a loan for the acquisition and predevelopment of 250 acres in the City of Chico, California, north of Sacramento. The site is planned for a large mixed use development of over 2,000 housing units as well as retail and commercial components and will incorporate a traditional neighborhood design. Although not fully entitled, MF was able to gain assurance that final entitlements were basically an administrative process; in fact, we have agreed to work with the developer to further gain expanded entitlements knowing that we have the existing entitlements as a fallback.
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