The Village at Idlewild Park
Arranged a $23.4 million bridge rate loan for the Village at Idlewild Park condominiums, a 216 unit condominium property located alongside the Truckee River in Reno, Nevada. With only 20% of the units sold, this Pacific Northwest based developer required a recapitalization of their maturing construction loan in order to facilitate continued sales and marketing of the project. RCP was able to secure an 18 month bridge facility that eliminated the borrower’s recourse obligation and provided additional funds to the borrower for ongoing carry, marketing and sales costs.