Philadelphia, PA – February 21, 2008 —
BlueStone
Real Estate Capital, a Philadelphia-based real estate investment bank,
has secured a $3M refinance and construction loan for the Croatan Surf
Club, LLC in Kill Devil Hills, NC. Royal Bank America
was the senior lender in the transaction. Croatan Surf Club, LLC will
develop the project, which represents the first new condominium
community to be built on the Outer Banks in 17 years.
“This
property represents the first large-scale construction project in this
area, so we had to be diligent about working closely with developer and
the community to create a project everyone would be proud of,” said
Kris Wood, managing director, BlueStone Real Estate Capital. “We were able to complete the transaction because of our in-depth experience with mezzanine loans.”
The Croatan Surf Club will be located on the beach in Kill Devil Hills, NC, and will consist of 36 spacious two and three bedroom units, each exceeding 1,500 square feet. Each unit will have 2.1 acres of private beach access for tenants to enjoy. Other
amenities will include oceanfront pool, in ground hot tub, and
children’s playground in addition to an indoor pool facility complete
with aquariums, fitness center and arcade. Additional features will include a sand volleyball court, dune top decking, courtyard and parking garage. Construction of the community will begin immediately.
“BlueStone
excels in completing complicated mezzanine loans because of our market
knowledge and deep seeded relationships with lenders and investors
across the U.S.,”
said Matthew McManus, chairman, BlueStone Real Estate Capital. “We are
excited about the development of this project and look forward to a
successful outcome for this project."
