LOS ANGELES – Eagle Grouphas provided a Los Angeles-based developer with a $2,250,000 acquisition loan secured by a senior mortgage on a 23-acre land parcel in Rancho Mirage, CA.
The land, which is earmarked for a large resort, is located at Frank Sinatra Drive and State Highway 111, the major arterial that runs through the Coachella Valley from Palm Springs to Indio. The property is located within a very successful shopping and entertainment corridor and nearby to several of the area’s most prominent country clubs. The borrower plans to develop the site as a five-star, luxury resort and spa development, according to Brian Good, President of Eagle Group Finance.
“We feel the property is in a great location and is being purchased at an attractive price. The borrower is an experienced real estate developer with a portfolio that includes successful retail, high-rise residential, and hotel development projects throughout Southern,” says Good. “The short-term, interest-only loan allowed the borrower to act quickly on the opportunity to acquire the land and comfortably carry it as he works with a variety of interested parties to develop a plan for the highest and best use for the property.”
About Eagle GroupL.P.
A subsidiary of Eagle Group LLC, Eagle Group Finance is a West Coast-based direct lender that provides short- and long-term financing to commercial property owners at fixed interest rates on a non-recourse basis. Visit www.eaglegroupfinance.com for information on our loan programs.