The lender previously gave Bay Communities $10 million to buy the land for the project.
"Financing high-rise condominiums is quite unusual for us," says Arthur Nevid, Mountain Funding's managing director. "However, the positive results of the land loan due diligence led us to favorably consider the construction loan."
Additionally, Nevid says "most of the 190 units are pre-sold at prices we deem to be considerably below current market prices." Area brokers tell GlobeSt.com some of the units start at $150,000. Nevid says he also likes the deal because the construction contract is "guaranteed and bonded by Haskell Construction of Jacksonville, FL, a national design-build firm.
Mountain Funding has satellite offices in Boca Raton, FL, Princeton, NJ and Redwood Shores, CA.
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