| Transaction: |
Seaside Residences, Key West, FL |
| Property Type: |
Townhouse Construction (98 units) |
| Structure: |
Mezzanine Loan |
| MF Investment: |
$10,100,000 |
| Date: |
Jan 2005 |
| Description: |
Developer was almost done constructing this luxury oceanfront project, when he approached MF to consider replacing his current institutional equity plus “cash out” some of his built-up equity for use on new projects. Although cashing out is not something typically done by MF, it accommodated the Developer in this case because: (1) MF, a condominium developer for its own account, immediately recognized the significant equity built up in the project; and (2) MF was desirous to establish a long-term relationship with this Developer including his next projects for which the “cash out’ would be utilized.
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