(#7203) Florida, $70m, debt: Mix-use development looking for up to $70m mezzanine debt--retail, office, hotel rooms, movie theater, etc.

Term: 3 years initial term, with 2 possible extensions for 1 year each (3 + 1 + 1) 

About the Project The Project is a strategically planned mixed-use development comprising distinctive design, unique gathering spaces, and carefully selected brands and experiences. The Project, which is classified as a “super-regional”, is the first and only true Class A mixed-use destination in all of north central Florida. The Project’s premier location on a major highway puts it in easy reach of not only the city’s wealthiest areas, but also of an area containing over 1 million people. 

When fully built-out, the Project will have as much as two million SF of mixed-use space, including: 

● Approximately 460,000 SF of retail/ outlet/entertainment/ restaurant space 

● 331,000 SF of Class A office space 

● 341 hotel rooms 

● Over 1,000 units of residential units 

● State-of-the-art luxury seating 10-screen movie theatre 

The Project has strong support from the local county and business community as well as the State of Florida. 

Investment Terms & Returns 

● Net Investor Dividends: 15% per annum, 7% paid in cash quarterly, 8% accrued and paid upon maturity 

● Debt Usage: To refinance its existing debt and further develop the Project 

● Management Fees: 2.0% per annum, paid quarterly 

● Operating Costs: 1.0% per annum, paid quarterly 

Growing Market 

● City is growing at rates as high as 2x the national average, with the greatest growth happening in affluent neighborhoods with highest retail spending 

● 5.6% growth in the leisure and hospitality industry (~25% of Florida’s 100 million tourists drive through this city) 

● Notably high numbers of households that make over $150,000 a year 

Demand Growth Drivers: Students 

● Students in the city will spend at least $63 million on apparel per year 

● The university provides an $8 billion annual impact on the Florida economy, with $290 million on the city alone 

● University visitors spend $233 million annually in the city alone 

● The university brings 5 million annual visitors to the city