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Arizona Land Parcel

Overview: $10,000,000 loan to acquire a 33 acre undeveloped land parcel in Avondale (Phoenix), Arizona.

Timing: Transaction closed within 3 weeks of application.

Unique Characteristics:
  • Purchase contract was expiring without any extension options, and the seller had backup offers in excess of the Borrower's contracted purchase price.
  • Zoning and municipal approval of the Development Plan had not been obtained.
  • Third party reports, title and survey had not been ordered.
  • Loan was structured to provide the Borrower with nearly 90% of the funds needed to complete the acquisition.

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