Mortgage lead for Commercial loan in Ponte Vedra Beach, FL, 32082

Loan Request for Commercial loan in Ponte Vedra Beach, FL, 32082

Request #3697726 by Lender

Date Posted

10/20/2023 6:00:46 PM

Property at

Ponte Vedra Beach, FL, 32082, USA Show Map

Borrower at

Property Type

Commercial

Property Value

$16,000,000

Amount of Existing Loans

$9,600,000

Loan Request

$11,000,000

LTV

68.75 %

Credit Rating

740-749

Loan Purpose

Refinance all

Purpose

The immediate need is to pay off the current lender at $9.6MM and the MCAs at $750K. Additional funds will be used for infrastructure improvements including a new roof ($300K), a new beach bar ($250K), aesthetic upgrades to the club, new pool furniture, and renovations to the locker rooms at the family pool. The Beach Club, a private beach club located in Ponte Vedra, Fl. was appraised at $16.1MM by CBRE in Oct 2022. The club boasts a 26,000 sq ft facility under roof, with 18,000 sq ft under air, housing a restaurant, cafe, fitness center, banquet facilities, and two pools. The property also includes an additional 2.6-acre parcel used for overflow parking and holds 70 entitlements for potential hospitality or short-term rentals.

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Loan Request for Commercial loan in Ponte Vedra Beach, FL, 32082