Key to this--and all pending development projects--is of course financing. The company said it closed a construction loan for the project this past February. According to Bonaventure's Web site, the HUD-based financing is being facilitated by Wells Fargo.
Bonaventure started the entitlement process in October 2007 and received rezoning approval in February 2008. Delivery is expected to begin in December of 2009. The development will include a clubhouse, a swimming pool overlooking the lake, a fitness center, a business center and internet café. The project is being developed under a JV with the current landowner.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
