An MPTV contact tells GlobeSt.com that the closing with International Commercial Finance, headquartered in Southfield, MI, could take place within days. As soon as the ink dries, MPTV is prepared to advance its project and select an architect, the contact says.
The loan will be used to convert the existing Lake Tropicana property into a world-class timeshare resort and one of three that will be under development in the Harmon Corridor. Also headed to the immediate vicinity are two grandiose casino-hotel projects. MPTV's asset is flanked by the MGM Grand and the Aladdin hotels and casinos and the Hard Rock Cafe.
Howard Seidman of Bolton Capital matched up the borrower and lender. "They are a good fit with each other," he says in a prepared statement.
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