A Big Deal: Lenders Once Again Getting Creative to Land Projects
In Miami Beach, a New York developer achieved what might be the holy grail of real estate finance: nabbing a loan backed by a land assemblage for more than the land cost.
September 08, 2015 at 02:24 PM
4 minute read
In Miami Beach, a New York developer achieved what might be the holy grail of real estate finance: nabbing a loan backed by a land assemblage for more than the land cost.
In the deal that closed June 15, a company tied to New York-based JDS Development Group received a $46.8 million mortgage from a secretive lender using a Delaware corporation. JDS used those receipts to fund a $41.9 million acquisition.
What makes the transaction stand out is not its size or the companies involved, but the fact it's backed by an asset valued by the market at less than the loan amount. That means the buyer is booking an immediate profit of nearly $5 million on the deal.
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