RCG Funds a $4.6 Million Beachfront Project
VILANO BEACH, FL, April 2, 2007 – Regional Capital Group (RCG) has provided $4.6 million in financing for two contiguous beachfront parcels, totaling approximately 1.23 acres. One parcel is improved with a SFR and the other with a 4-story multi-family structure. The new architectural plans include the demolition of the 4-story building, minor renovations to the SFR and the construction of 8 new units. The ownership structure is condominium-type whereby all units will have direct beach access and beach views.
The subject property located in Vilano Beach, Florida, is approximately 40 miles south of Jacksonville, Florida, approximately 2 miles from the downtown district of St. Augustine, Florida and just south of upscale beach community of Ponte Vedra, Florida. The two parcels or lots lay along North Coastal Highway, (which is the beach road in Vilano Beach) almost directly across from the Vilano Bridge and only a few blocks north of the New Town Center Mixed-Use Development Project, currently under construction.
RCG provided land, land improvements and construction funding for the project. The site is directly adjacent to a mixed use project which will bring new retail and housing to this beachfront community.
ABOUT REGIONAL CAPITAL GROUP
RCG is a private short term real estate lender focused on creative funding solutions. The team at RCG brings extensive experience in all aspects of real estate lending, investment and development. Funding programs include every piece of the capital stack which may be structured as senior debt, mezzanine, participating loans or equity. We take pride in the ability to provide immediate feedback to a borrower and to structure a unique and timely solution to an untraditional funding request.
A direct commercial lender with over 50 years of combined experience and total funding of asset-based loans in excess of $3 billion, RCG was founded over 10 years ago by Paul P. Braungart with the fundamental philosophy of providing clients with a creative and specialized source of funds with maximum flexibility. As our portfolio grows,
RCG continues to create innovative loan structures to meet the increasing demands of our specialized clients.
RCG provides viable alternatives to requests that are outside of traditional lending parameters or require a timely closing to take advantage of an opportunistic situation.
Our experience has taught us how to recognize opportunities that other lenders and investors may have overlooked. Loan types include Land, Land Improvement & Development, Construction and Bridge funding. Acceptable property types are Residential Spot Lot or Tract, Multifamily, Urban Rehab, Mixed Use, Office, Retail, Industrial and Self Storage. Other property types are considered on a case by case basis. When we are presented complete information, loan turn around time is among the most expedient in the industry.
