La Perla del Mar

Puerto Penasco, Mexico

$5,500,000

Scenario:

Borrower intended to build a 254-unit, 15-story beachfront luxury condominium tower in
Rocky Point Mexico. The condominiums were already 30% pre-sold and had generated
over $20mm in revenue. Construction of the project had already begun and a construction
loan of $29mm had been secured with Banorte, the proceeds of which were to be used to
pay off the subject loan but they needed to put in infrastructure first.