The new project, when completed, will be comprised of 16, four-story residential buildings, along with a clubhouse and other amenities. The location is about two miles from the Atlantic Ocean. Further details of the financing package were not disclosed.
"We provided the loan to the Oakshire Group as part of a continuing strategy of expanding our business in the tri-state area," explains Doug Adams, vice president of CIG International, referring to the New York/New Jersey/Connecticut market. "We are aggressively pursuing additional opportunities throughout the region, targeting mezzanine loans from $1 million to more than $5 million in size."
The Washinton, DC-based CIG International, which specializes in mezzanine financing for residential projects, also has offices in New York, Chicago and Florida.
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