The loan carries an interest rate at prime plus 1.25%,with monthly interest-only payments required until the balance is due. Loan-to-value ratio is about 80%..
The project "presented a lending challenge due to its location on the south bank of the New River in an area not yet established for luxury residential development," Tim Stodder, the bank's first vice president, says in a prepared statement.
"In order to analyze the merits of this project in a complicated residential marketplace, Corus Bank's decision-makers met with the developers at the project site," Stodder says. The loan was closed 40 days after the on-site meeting.
"By bringing our three-member loan committee to meet with the borrower on site early in the process, we were able to see firsthand that the project offers a unique and desirable location, as well as an excellent value for condominium buyers in the Fort Lauderdale market," Stoddard says.
Other lenders competed for the loan business. "There was competition for the loan, but I'm not sure which other banks were bidding for the business," Stoddar tells GlobeSt.com.
The 174,000-sf Esplanade will have 251 parking places in a six-story garage and will be an extension of the Fort Lauderdale Riverwalk waterfront park on the south bank of the New River.
Principals at New River Development Partners are Paul Eric Rosen and Fabio Appugliesi. Corus Bank is a subsidiary of Corus Bankshares Inc.
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