(Crystal Proenza is associate editor of Real EstateFlorida.)
DESTIN, FL-Miami-based Cohen Financial has arranged a$26.9-million credit facility for waterfront condo-hoteldevelopment Emerald Grande, owned by locally based Legendary Inc.The financing was provided by an undisclosed publicly traded NewYork mortgage REIT, which has financed the project in the past,says Howard Taft, managing director at Cohen, who arranged theoriginal $198 million loan for the development. The borrower wasnot available for comment.
The facility will be used to fund operations, carry costs, andsales and marketing expenses over the next three years. There areno provisions for additional money unless needed, Taft tellsGlobeSt.com. The firm was able to secure financing for the projectbecause of its strong relationship with the lender and the qualityof the borrower.
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
*May exclude premium content
Already have an account?
Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
