After nearly two months of waiting for the closure of a $13.4-million loan from private lender International Commercial Finance, MPTV has secured new construction financing from PacEquities.com. The real estate lender has already made a $14-million loan commitment and is currently completing analysis for additional funding of the project. "The fact that MPTV has already established escrow and completed all of their required documentation will speed up our process," says Michael Rich, president of PacEquities.com.
MPTV will use the $14-million loan to finance the construction of Phase I of its Las Vegas resort project, known as Lake Tropicana Timeshare Resort and Towers. The developer has already secured building permits for Phase I, which includes the remodeling and conversion of Lake Tropicana. The property is located on the strip between the MGM Grand Hotel/Casino and the Aladdin Hotel/Casino.
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