| Transaction: |
St. Andrews at the Polo Club, Wellington, FL |
| Property Type: |
Condominium Conversion (101 units) |
| Structure: |
Mezzanine Loan |
| MF Investment: |
$9,400,000 |
| Date: |
Jun 2005 |
| Broker: |
N/A – Repeat Borrower |
| Senior Loan: |
$10,600,000 |
| Description: |
MF had previously closed a $23,250,000 first mortgage for this condo conversion that had been paid down to $10,600,000. In recognition of the success of the sales program and the built-up but untapped equity that now existed in the deal, MF agreed to extend $9,400,000 of additional credit through a mezzanine facility subordinate to the existing senior loan. With the proceeds, Borrower was able to tie up two additional properties for which MF expects to provide senior financing.
|
