The company expects to receive the $9.5 million in two installments, with a $6.5-million portion expected later this month and an additional $3 million two weeks after. The new commitment will enable MPTV to refinance its $6.5-million mortgage and its $3-million Phase I funding at 9%. "This $9.5-million refinancing both creates significantly lower interest payments on our mortgage and gives us immediate, attractively priced funding, allowing us to commence Phase I," says Hurley Reed, MPTV's president and CEO.
Phase I of the Lake Tropicana project will consist of remodeling and conversion of the property into timeshare units. Although the developer secured building permits for Phase I at the beginning of this year, the renovation project was stalled by a hitch in construction financing.
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