Issue
There was limited availability of financing for acquisition of development land, and limited availability of construction financing for condominium project without substantial presales. In addition, financing was not available until all applicable permitting in place.
Solution
Using experienced local developers and a well-located central infill development site, a structured financing solution was devised that allowed the project to proceed with advances of up to 85% of the total development costs and 74% of appraised value.