Some deals come and some go as we all know.
We are nearing the end of September and Burnt Mill in
Maine is not yet funded with the bridge loan, yet the golf course work has to
begin by October 15th. It takes balls of steel to be a developer.
Of import, the owners have realigned their decision-making,
so we now have a real pragmatic person in charge. That’s terrific. Peter
Moore, our investment banker, is close to the bridge and the permanent loan.
The October 15th date is fast upon us!
Florida for Crystal Cove is, on one hand, leaning toward
at full TS fee-for-service project, and on the other a 34-unit PRC, which we at
SRG favor. We’ve been canvassing the major TS companies to see who is most
interested, or has the bandwidth to consider the fee-for-service opportunity.
Then, there’s Seahorse in Texas that we are now out of;
too many conflicts with our partner.
Spoke with Tom Ward of Ward Financial recently
about end loans for fractional buyers. He says that there’s money out there for
end loans. He just needs a well-structured project with sales velocity to
attract a lender.
Other deals that could be on the horizon: The Sanctuary
at Frigate Bay, Caribbean, a posh, small island with luxe houses and condos to
be built; fractions at $1 million to $2 million a share. Now, that may just be
a deal.
There's a ULI meeting in San Francisco in a few weeks; my
Recreational Development Council is having an update on fractions, and I’m
hiking in England. Darn it. Maybe they’ll hold over to the next meeting in
Spring 2016!
Kauai project? The Ragatz study is completed and the
developer wants to break all conventions and sell fractions on America's West
Coast: CA, OR, WA and BC. Will it work? It just might.
Hiking in England from September 26th to October 13th with
a couple of days in London pre and post. The South Downs Way, 110 miles in 10
days for us. Inn to inn. What’s not to like?
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