The financing was arranged by Chicago-based Cohen Financial andwill pay for the acquisition, development and construction costsassociated with the project. The lender was a regional bank. Morethan half of the sites are located on the lakefront or wetlandpreserve. The resort will feature an Olympic-size pool, tenniscourts and a clubhouse.


Cohen Financial managing directors Kevin O'Grady and DanielSheehan represented the buyer. Sheehan tells thatprices for the sites will start at $50,000. Work on the project,which will be constructed in three phases, is expected to beginwithin the next few months. The first phase is expected to becompleted in 12 to 15 months. "The build-out for the project willbe about three years, but it demands on the market demand for thesites," he says.


The project is adjacent to the only Publix Super Market inOkeechobee County. It is also located within one-quarter mile ofLake Okeechobee, a popular fishing destination.


There is a growing demand for high-end RV developments in the USdue to limited supply and the fact that baby boomers are seekingproperty in high-end RV communities that appeal to seasonal travelschedules. Supply continues to shrink as RV parks are developedinto more traditional "brick and mortar" residential and retaildevelopments. "The unique thing about this type of financingtransaction is that it is fairly insensitive to the types ofconcerns facing other property types, such as job growth," Sheehansays.

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