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THE REAL DEAL: BADEN MANOR:
A gated community for affluent retirees
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| WHERE: |
Marion County, IN |
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| WHAT: |
17.2-acre subdivision approved for 68-unit duplex condominium complex |
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| PROPERTY TYPE: |
Class A |
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| LENDER: |
Meecorp Capital Markets, a privately-owned commercial real estate
lender and investment banker |
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| FINANCING: |
$1,600,000 revolving construction loan |
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| TERMS: |
3-years with interest in the low teens and no prepayment penalty |
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| LTV/LTC: |
60% as-is property: 100% construction |
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| BUILD-OUT/LEASE-UP: |
3 years |
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 The borrower came to MEECORP to fund both the acquisition of 17.2 acres of vacant land in suburban Indianapolis and the construction of 68 duplex condominiums on the site -- class A units of roughly 1800 sq. feet with a fair market value in the neighborhood of $185,000 each. The developer had a limited amount of equity, and was unable to secure funding from traditional sources. The specialists at MEECORP looked at his extensive experience in construction and real estate sales, his healthy pre-sales and willingness to produce performance guarantees for their completion, and designed a loan to fit his special needs. They issued a commitment to finance within 48 hours of reviewing the executive summary and extended the borrower a $1,600,000 line of revolving credit within 7 days of documentation. MEECORP will fund close to 100% of the construction costs of Baden Manor over the three-year term of the loan. |
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