LFB Ventures was engaged by a development group wanting to finance the second phase of a 10.81-acre master planned community. The larger project will replace an existing motel building and bring housing, hospitality and outdoor recreational activity to Bear Lake located in the northeast corner of Utah. The project will have 500 feet of lake frontage, offer year-round activity and proximity to the area’s growing tourism-based economy. This round of financing will be used to build 2 stacked flat condominium buildings with 18 units across 2 buildings totaling 26,480 square feet.
Because of strong demand in the market and executed reservations for all units, LFB Ventures was able to finance 89% of total costs resulting in minimal additional equity needed at close. The 12-month term will allow the sponsor sufficient time to complete vertical construction and delivery of all units.
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