Master Planned Community: Washington State
To finance a $106 million master planned community construction loan, along with mixed used development on a 45 acre, vacant land project located in a secondary market. The site required significant infrastructure prior to going vertical. The borrowers/guarantors had been trying to obtain financing for close to 5 years prior to contacting Assets America®. To add salt to an already opened wound, three of the 4 guarantors were foreign nationals, with a significant portion of their assets located outside of the U.S. They have also never built a project near this size, nor had they ever built a master planned community! Quite the financing challenge indeed!
Within 14 months, Assets America® funded the first of many multimillion construction loan facilities which rolled over after each group of for sale product was constructed and sold. The project continues forward to this day and is one of the nicest master planned communities in the area.