|
Twin Eagles Golf & Country Club
Naples, Florida
$6,000,000 D-I-P, 1st Mortgage Loan
Collateral Description: 640 acre planned development of 425 high-end, single family homes and 18-hole Jack Nicklaus designed championship golf course in Naples Florida.
Borrower Description: Borrower/Developer became insolvent from entitlement litigation and golf course contractor abandoning the project 75% through completion with significant sub-contractor liens, forcing the project into Chapter 11 bankruptcy.
Loan-to-Value: 35% LTV on current 90-day “quick sale.” Property appraised for $17,300,000.
Status: Loan repaid in full after seven months.
|
