| Transaction: |
Roosevelt Park, South Avondale, AZ |
| Property Type: |
Single Family Development (230 units) |
| Structure: |
Preferred Equity & Corporate Line of Credit |
| MF Investment: |
$9,500,000 |
| Date: |
Mar 2005 |
| Description: |
Finding it difficult to expand its homebuilding business with just "country club" equity, Developer sought an institutional partner willing to provide equity on a programmatic basis. Innovative Capital Partners, a Mountain Funding correspondent focusing on residential development transactions nationally, helped structure a program whereby an agreed structure exists for MF to quickly invest preferred equity as new projects arise. In fact, prior to closing this transaction, the parties entered into a second commitment for a similar development nearby in Chandler. MF also provided a $500,000 Line of Credit to be utilized by Developer for general corporate operating requirements.
|
