Mountain Funding/$23.25 million St. Andrews
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Contact: Leeza Hoyt
Vanessa Showalter
The Hoyt Organization
310-373-0103 Phone
310-378-9805 Fax
FOR IMMEDIATE RELEASE
MOUNTAIN FUNDING CLOSES $23.25 MILLION
BRIDGE LOAN TRANSACTION
Wellington, FL Site to House 147 Condominium Units
Wellington, FL –May 9, 2005– Mountain Funding, LLC, a national real estate lending and investment company, has closed a $23.25 million bridge loan for St. Andrews at the Polo Club, a 200-unit luxury condominium complex located at the St. Andrews equestrian, golf and country club community in Wellington, FL.
“The borrower wanted to tap some of the equity from this ongoing successful conversion,” said Arthur Nevid, Managing Director of Investment and Lending at Mountain Funding. “Despite a relatively modest loan-to-value which was being proven by actual sales, the borrower’s lender did not allow any ‘leakage’ until the loan was fully repaid. Mountain Funding 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.”
Located in Palm Beach County, the gated complex features Mediterranean design and tropical landscaping. Amenities include pool, spa, gazebo bar area, state-of-the-art fitness center, indoor racquetball court, lighted tennis court, multimedia area,
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fully-equipped business center and a lakeside clubhouse facing the fairway. Each building also features enclosed garages and a 24-hour alarm system, individually controlled from each residence
“Helping the developer extract equity from this project enabled them to tie up another condo project which we hope to close with them next month,” says Nevid,” which will be the 5th Florida condo project we will have financed in the last few months.”
Headquartered in Charlotte, NC, Mountain Funding provides high-leverage senior/mezzanine debt and equity to value-added commercial projects, residential land acquisition and development, condominium conversions, and special situations requiring quick closings. Established in 1993, Mountain Funding has closed equity and debt transactions involving real estate projects valued in excess of $3 billion. For more information visit www.mountainfunding.com.
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