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Investment Structure: $80 million debt investment in a 3,500-acre desert golf resort community under development consisting of:
- $50 million senior debt tranche (A-note) with the Bank of Scotland; &
- $30 million mezzanine debt tranche (B-note).
The transaction involved underwriting and tracking a variety of residential and commercial property components with a total sellout in excess of $1.3 billion, with extensive large-scale infrastructure, vertical development and amenities under development, including:
- 1,600 second homes,
- Village retail/condos,
- 3 championship golf courses,
- 2 five-star hotels, and
- 300-acre lake.
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