The company expects to receive the $9.5 million in twoinstallments, with a $6.5-million portion expected later this monthand an additional $3 million two weeks after. The new commitmentwill enable MPTV to refinance its $6.5-million mortgage and its$3-million Phase I funding at 9%. "This $9.5-million refinancingboth creates significantly lower interest payments on our mortgageand gives us immediate, attractively priced funding, allowing us tocommence Phase I," says Hurley Reed, MPTV's president and CEO.

Phase I of the Lake Tropicana project will consist of remodelingand conversion of the property into timeshare units. Although thedeveloper secured building permits for Phase I at the beginning ofthis year, the renovation project was stalled by a hitch inconstruction financing.

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