Structured and arranged a short-term, fixed-rate bridge loan to fund predevelopment costs of a multi-phase mixed-use marina, hotel and retail project in Daytona Beach, FL.
Challenges
Client was seeking to retire an expiring bridge loan and fund the completion of remaining predevelopment obligations. Furthermore, Client desired a cash out component to repatriate monies into other projects. Additionally, the collateral consisted of fee simple land and a leasehold on adjacent submerged land with only a 5-year lease term over which the marina would reside.
