| Transaction: |
The Lyon Building, St. Augustine, FL |
| Property Type: |
Inventory loan for completed condominiumss |
| Structure: |
First mortgage |
| MF Loan: |
$6,735,000 |
| Broker: |
None |
| Senior Loan: |
N/A |
| Description: |
Developer, a prior borrower of Mountain’s, completed the conversion of 18 condominium units in historic Old St. Augustine, but its construction lender did not want to release individual units as sold. As sales were scheduled to begin closing within 30 days, Mountain refinanced the existing debt and returned the developer’s equity within two weeks from commitment.
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