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Twin Eagles - Beach & Bay Club
Naples, Florida
$625,000 D-I-P, 1st Mortgage Bridge Loan
Collateral Description: 1.2 acres of beach-front land, a clubhouse, swimming pool, 6 condo units and boat slips on the intracoastal waterway, Naples Florida.
Borrower Description: Borrower, a sister entity to a 640 acre - single family and golf course development, filed for Chapter 11 protection after entitlement litigation and the golf course contractor became insolvent.
Loan-to-Value: 13% LTV on current 90-day “quick sale.” Loan bridged Borrower to final consummation of sales contract for $4,800,000.
Status: Loan repaid-in-full.
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