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."
