Regional Capital Closes $1.5 Million Dollar Mezzanine Loan Transaction
Located in Vilano Beach, Florida, Coastal Condominiums and Porpoise Pointe is a remerging ocean front coastal community of Saint Johns County just east of Saint Augustine, Florida.
MARLTON, NEW JERSEY - (December 19, 2005) - Regional Capital, National Real Estate Lending and Investment Company, reports recently closing a $1.5 million dollar Mezzanine Loan for two sites known as Coastal Condominiums and Porpoise Pointe single family lots all of which are in Vilano Beach, Florida. Vilano Beach is a remerging ocean front coastal Community of Saint Johns County just east of Saint Augustine, Florida.
The first site is a 2.8 acre parcel that will be developed into eleven residential condominiums units averaging 2,176-square-feet. The property consists of seven contiguous parcels and the project will be three stories including under ground parking, elevators, an ocean front pool and club room. All units will have direct ocean views. The second site is five ocean front lots approved for single family homes. The single family lots average 1/3 of an acre each.
The purpose of the loan was to tap some of the borrower’s equity that had previously been invested into the projects. Regional Capital provided mezzanine financing in conjunction with two seniors lenders that had first mortgages on the properties. Regional Capital utilized its newest fund, RCG1, to finance this transaction.
ABOUT RCG1
Announced IN 2005, RCG 1 is a real estate fund designed specifically to accommodate loan requests that require funding for acquisition, land improvement, construction, rehab and reposition, bridge, joint venture, gap equity and mezzanine. The RCG 1 Fund is projected to close $100 million of loans in the new fund. Capitalizing on the extensive experience of the principals, this new fund will allow RCG to continue a creative approach to real estate lending. The company has specialized in “thinking out of the box” when structuring a loan. RCG will lend on bankable deals without the typical lengthy process of many lenders. This philosophy contributes to RCG being among the most expedient in the industry.
Reports RCG Founder Paul Braungart: "This fund allows RCG to accommodate the lending needs of developers and investors in an under served but rapidly growing area of the real estate lending arena.” The latest fund from RCG offers higher leverage than typical funding sources in some cases for commercial and residential projects. This allows the company to be a lower cost alternative to expensive equity and in many cases allows the borrower to deal with one funding source. RCG 1 will consider loan requests in both urban and rural areas.
ABOUT REGIONAL CAPITAL GROUP
Regional Capital Group, a Direct Commercial Real Estate Lender based in Marlton, New Jersey, provides unique financing for real estate. Regional Capital Group offers an alternative to traditional financing sources with creative loan programs for commercial and residential properties. Funding may take the form of debt, participating debt, equity or mezzanine. Regional Capital Group specializes in a variety of property types, including: multi-family, office, industrial, retail, mixed use, self storage, and residential tract development. Loan programs include land, land improvement, construction, bridge, project rehabilitation, Gap financing, conduit lending, mezzanine loans. For more information, visit Regional Capital Group online at http://www.regionalcapital.com or call (856) 983-4800.
