| Transaction: |
St. John's Point, Jacksonville, Florida |
| Property Type: |
Mixed Use Land, 22.8 acres |
| Structure: |
Mezzanine Loan |
| MF Loan: |
$10,000,000 |
| Date: |
Sep 2005 |
| Broker: |
None |
| Senior Loan: |
$12,000,000 |
| Description: |
Closed in 5 days! The borrower, a national homebuilder and a valued MF client, required a quick mezzanine loan for an opportunistic purchase of 23 acres located on the St. John's River in downtown Jacksonville. The site is approved for a mixed-use development with residential and commercial components, and could be flipped for immediate profit or developed for extraordinary profit. But with a seller anxious for the closing deadline to pass and sell to higher back-up offers, the borrower and MF were able to quickly and creatively create a collateral pool sufficient to enable MF to limit its due diligence and close on time. |
