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| THE REAL DEAL: From The Closing Binders of Meecorp Capital Markets - January 2005 |
| WHERE: |
Pompano Beach, FL |
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| WHAT: |
Site Acquisition Loan (Treviso By The Sea Condominiums) |
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| LENDER: |
Meecorp Capital Markets, a privately-owned commercial real estate lender and investment banker |
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| FINANCING: |
$4,500,000 interest-only bridge loan |
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| TERMS: |
3 years |
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| LTV/LTC: |
71% of actual project guarantee; 97% of the present value Surety Bond |
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| BUILD OUT: |
6 months |
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Patrick Baratta and his partner, Denise Bankston, may not be real estate moguls, but in the course of thirty some years they have developed numerous properties in the South Florida market. In early January 2005, they approached MEECORP CAPITAL MARKETS to fund their most ambitious project yet. The plan was to purchase a resort in Pompano Beach, demolish the existing structure, and construct a 157-unit luxury condominium complex. The borrowers already owned one beachfront property and an adjacent lot on Ocean Boulevard, but sought to buy a third, which lies between them, and realize a lifelong dream. The challenge they faced was finding a lender that could finance the purchase right away before their option expired. When I met the team at MEECORP, Baratta explains, I said don't tell me how I can't do it, tell me how I can. And they did. MEECORP approved the loan within 48 hours and presented the partners with the funds in less than 14 business days. "We're entrepreneurs, not typical bankers", says Daniel Edrei, Director of Origination at MEECORP. "We understand that sometimes there's just a small window of opportunity - one that may never present itself again. They simply don't have time for red tape". Delighted with the speed and professionalism of the lender, Bankston and Baratta have approached MEECORP to fund another condo conversion in their home state. |
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