| Transaction: |
St. Andrews at the Polo Club, Wellington, FL |
| Property Type: |
Condominium Conversion (147 units) |
| Structure: |
Bridge Loan |
| MF Investment: |
$23,250,000 |
| Date: |
Mar 2005 |
| Description: |
Borrower, a repeat client of MF’s, wanted to start extracting equity and profit from this successful conversion. However, despite a relatively modest loan-to-value, Borrower’s financing did not allow any “leakage” until the loan was fully repaid. MF refinanced the existing loan with a new bridge loan that permits distributions to the Borrower from net sales as long as sales continued approximately as projected.
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