- Pacific Security Capital Closes $8.7 Million Bridge Loan for Large National Egg Producer

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Pacific Security Capital Closes $8.7 Million Bridge Loan for Large National Egg Producer
Added: 07/26/2006 Type: Summary Viewed: 495 time(s) [ Not Rated Yet ]

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Pacific Security Capital Closes $8.7 Million Bridge Loan for Large National Egg Producer

http://www.pacificsecuritycapital.com – Pacific Security Capital, a vertically integrated real estate services firm, today announced that it has placed an $8.7 Million, one-year bridge loan for Ernest Mahard Sr, President of Mahard Egg Farm, one of the nation’s largest egg producers.

The bridge loan, which closed on May 25, 2006, was secured by raw land in suburban Dallas, Texas and was funded by PNL Companies, a private lending group in Dallas. The land is currently in the planning and entitlement process to be built out into a mixed-use development.

“We were able to negotiate a very attractive interest rate and fee structure for this bridge loan,” said Will Moore, Director of Capital Markets Services at Pacific Security Capital. “This was an extremely competitive deal for a land loan.”

The loan was structured as a one-year bridge loan with extension options, and the loan amount included an interest reserve. The loan is expected to be repaid by the sale of the land to Forest City Development California Inc.

Forest City is planning a 132-acre, mixed-use commercial project at the intersection of the North Dallas Toll way and the Virginia Parkway Interchange and will feature major retail anchors, entertainment venues, specialty stores and restaurants.

“The mixed use development will be built in an ideal location,” said Moore, “situated at the intersection of two major roads in the Northern Dallas suburbs, the development should see its value increase substantially.”

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