| Transaction: |
Roosevelt Park, South Avondale, AZ |
| Property Type: |
Single Family Development (230 units) |
| Structure: |
Hard Money Land Loan |
| MF Investment: |
$10,600,000 |
| Date: |
Mar 2005 |
| Description: |
MF had committed and was in due diligence to fund $9,000,000 of preferred equity for this project, when they were advised by Developer that the senior A&D loan being provided by a bank fell out of bed because the bank was hung up on a potential title issue. The acquisition had to close in a week from the time that the bank backed out. As the principals of MF are residential developers and have dealt with similar such issues, MF was able to satisfy themselves as to limited risk of this particular title issue and advised Developer that they would step up and fund the A&D loan in addition to its preferred equity commitment.
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