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.
|Howard L. Michaels
|Michael J. Campbell