Eagles Landing

Document Sample
Eagles Landing Powered By Docstoc
					P R E S S                    R E L E A S E                         CBRE | Melody

                                                                   1225 17 th Street
                                                                   Suite 3030
                                                                   Denver, CO 80202
                                                                   303 293 9330 Tel
                                                                   303 293 9006 Fax

FOR IMMEDIATE RELEASE – January 20, 2006

For further information:
Eric Tupler
CBRE | Melody
303 293 9330

 CBRE | Melody Arranges $20 Million in Acquisition Financing for Alabama Condo

January 20, 2006 (Gulf Shores, AL) – The CBRE | Melody Denver office announced that it has
arranged financing in the amount of $20 million for the acquisition and condominium
conversion of Eagles Landing in Gulf Shores, Alabama. Eric Tupler, senior director, of CBRE |
Melody’s Denver office and Mark Gibson, vice president, of CBRE | Melody’s Jacksonville office
secured the funding for this transaction through a Mid-west based national Bank. Terms of the
financing include a 24-month interest-only loan, with a 12-month extension option, at a floating
rate of 2.35% over LIBOR.

A senior mortgage of $18,000,000 was funded at closing with an additional $2,000,000 to be
advanced as certain condominium sales targets are accomplished. The loan represented
approximately 85% of the total cost.

Constructed in 1997, Eagles Landing consists of 168 units with a total net rentable area of
174,840 square feet within 21 two-story buildings. At the time of financing, Eagles Landing was
95% leased. Above-standard amenities at the gated-access community include a 24-hour
fitness center, lighted tennis court, resort style pool and spa, community grill, and playground.
Interior improvements include granite countertops, stone tile floors and new kitchen packages.

The acquisition of Eagles Landing was made by Sagebrush Development Company, a Denver
based real estate development firm that specializes in multi-family residential projects. Eagles
Landing, now known as the Colony Club at Drake’s Landing, represents the third condominium
conversion project undertaken by Sagebrush Development in the past 12 months.
Condominium sales will begin in February.
                                                                                    CBRE | Melody Press Release
                                                                                            November 30, 2011
                                                                                                         Page 2

Sagebrush intends to build two more communities in Gulf Shores over the next 18 months,
including a new 250 unit apartment complex and 200 units of affordable condos and patio
homes. Sagebrush is currently seeking appropriate land locations for these projects.

About CBRE | Melody
CBRE | Melody, the real estate investment banking division of CB Richard Ellis, originates a broad range of
debt and equity capital. In 2004, the firm generated $13.3 billion in real estate financing transactions, and
currently maintains a servicing portfolio of more than 8,000 loans totaling approximately $60 billion
through its affiliate, GEMSA Loan Services, L.P. The firm operates offices in 36 major metropolitan markets
in North America. For more information, visit www.cbremelody.com.

Shared By: