The Briar Rose Club in Georgia
Profile
An 1800 acre lifestyle community located an hour from metro Atlanta. The project Includes 750 housing lots, golf course, club village outfitter’s post, kid’s pavillion and equestrian center.
Transaction Date
May, 2005
Borrower
Country Estate & Club Communities, LLC.
Principal amount
$2,500,000
Instrument
Secured Bridge Loan
Term
12 months with repayment tranches to begin in September
Interest rate
12.7% per annum
Security
Second ranked mortgage against property valued at US$10.0 mm. GDR is ranked behind US$2.4 mm of debt. The Principals of the project have US$4.0 mm in equity invested to date.
Bonus
2.5% participation fee in gross lot sales up to $50,000,000.
