Conservative $30 Million ($100 PSF) First Mortgage “A-Note” Secured by Prime Florida Development

Dear Potential Client:

We are writing to advise you of an excellent opportunity to provide a $30 million first mortgage ($100 per sellable square foot) secured by a prime beach-front hotel/condo development in Florida.

Your $30 million first mortgage will be secured by this prime oceanfront development, which is 12 stories up (out of 52 stories). Moreover, this development is 65% sold with hard contracts in excess of $90 million at an average sales price of $710 psf.

Most important, a major, multi-billion dollar fund will be investing $30 million of cash simultaneous to the funding of your loan.  The borrower, who is a highly successful developer, has already invested more than $60 million of equity.

In sum, $60 million will be invested at the closing (which consists of your $30 million plus the $30 million from our multi-billion investment fund) which will provide for the entire 52-story project to be completed.

Further, the property consists of 200,000 sf of condominiums, a 100,000 sf hotel and 12 stories of above grade parking. As mentioned above, approximately $90 million in hard sales contracts have been completed, and such sales have 20% hard deposits. Moreover the purchasers have recently signed amendments reaffirming their desire to close on the apartments.

This is an excellent risk-adjusted senior loan opportunity, where you can be in the most senior portion of the capital stack, and receive a generous yield.

We look forward to speaking to you if you have interest in receiving additional information on this excellent first mortgage opportunity.

Sincerely,

Howard L. Michaels

Chairman

(212) 545-1000

hlm@howardmichaels.com

Michael J. Campbell

Partner

(212) 716-5611

hlm@howardmichaels.com

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