Rifkind notes that special purpose commercial real estate of any kind is difficult to finance, and casinos are especially so. Nonetheless, Rifkind says, securing the loan for Flynt's casino was relatively easy for two primary reasons: First, GSP placed a conservative value on the project, which it based solely on the value of the commercial real estate, rather than including the operations and potential earnings of the casino. Second, "One of our investors was comfortable investing in this type of specialty product," Rifkind says, explaining that GSP/Rifkind taps private capital sources to finance such specialty products.
Besides casinos, several of which GSP/Rifkind has financed, other properties that fall under the category of extreme special purpose projects the company has financed include the Queen Mary Seaport and the new Carnival Cruise Terminal in Long Beach, and the Ritz Carlton Club, which is currently under development in Santa Barbara. In 2003, GSP/Rifkind funded in excess of $130 million in privately placed real estate loans.
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