CEO Peter Fioretti of Mountain Funding, which provided the financing, says the builder projects sales of $230 million at the development, which will comprise 670 acres.
The project will include a 15,000-sf community clubhouse, an 18-hole championship daily fee golf course, and what Fioretti describes as "a variety of additional upscale amenities."
Nick Pappas, president of K. Hovnanian of California, says the new financing enables the builder to make a longer-term commitment to the Heartland Village development while reducing its financial risk.
Mountain Funding is a provider of mezzanine and joint venture capital and is headquartered in Charlotte, N.C. It has closed equity and debt transactions involving real estate projects valued in excess of $2.8 billion.
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