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 Country Club Villas
Largo, Florida
The Philipsborn
Company structured and arranged a fixed rate permanent loan of
$4,700,000 for the acquisition of this 120 unit apartment complex.
The financing was based upon a future net income to be achieved and
the incremental amount of loan proceeds was secured by a Letter Of
Credit. This innovative structure allowed the buyer to lock in the
current interest rate, and to obtain a higher funding at the time of
closing, reducing the amount of equity required, and eliminating the
need for secondary debt at a later date. Funds were provided by a
CMBS conduit for whom The Philipsborn Company services loans
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