Wellington, FL and Pinecrest, FL

Wellington, FL Property Highlights

The Wellington, FL property includes a 5,574 sq. ft. single-family home boasting 5 bedrooms, 6 bathrooms, a horse barn with two apartments and a 6-car garage situated on a 5 acre farm located in a gated community.  This well-constructed home underwent an over the top renovation recently to include a designer kitchen with double ovens and double dishwashers, high ceilings, heavy moldings, new hardwood floors, and an amazing screened-in salt water pool.  This 5-acre farm includes a 12-stall center aisle barn with 2 grooms quarters, a 120×220 ft riding arena with mirrors and 6 paddocks.  There is also a separate carriage house for storage or additional stalls.  The property value is 5.8M and is rented in high season for over 50k a month.

 

 

Pinecrest, FL Property Highlights

The Pinecrest, FL property includes a 10,323 sq. ft. single-family home boasting 7 bedrooms, 8 bathrooms, and 3-car garage situated on 0.99 acres.  This home is equipped with every luxury including an 18-person theatre with soundproof walls, surround sound and multi-level lighting; maid’s quarters, and an elevator.  The living room area opens into an extravagant patio area with an outdoor kitchen and pool perfect for entertaining in the South Florida weather.  The property appraised for 7.7M and is one of the most desirable neighborhoods in South Florida, during the 2008 recession property values only lost 3% in this neighborhood.  We are confident that this area will be resilient if home values drop nationwide.

Location Highlights of Wellington, FL

The Village of Wellington is located just west of West Palm Beach in Palm Beach County and approximately 66 miles north of Miami.  The Village is known for its equestrian community and hosting equestrian events, notably show jumping, hunting, dressage and polo.  It is the host to the Winter Equestrian Festival, the largest and longest running horse show in the world from January to April.  Each year Wellington hosts  several high-goal polo tournaments including the USPA Gold Cup and the U.S. Open Polo Championship.  These premium events offers riders, spectators and sponsors unforgettable hospitality, unrivaled facilities, and world-class showgrounds.

Location Highlights of Pinecrest, FL

Pinecrest, FL is a suburban village in Miami-Dade County, with the neighborhoods of Coral Gables to the east, South Miami to the northeast, and Palmetto Bay on the south side.  It encompasses approximately 8 square miles and is recognized as one of the most beautiful residential areas and one of the ten best places in Florida for quality of life.  It is also the home to Pinecrest Gardens, South Florida’s Cultural Arts Park, featuring over 1,000 varieties of rare and exotic tropical plants and palm trees in a native tropical hardwood and cypress setting.  The landscape enhanced with natural streams, caves and fissures provide the most dramatic stage for our historically designated structures and buildings.

Seniority

The first-priority mortgage lien position is the most senior and highest priority within the capital structure. In the event that a borrower defaults, the lien priority determines the order in which lenders are repaid. Senior lenders are always repaid first. All subordinated positions, including the amount held by the Originator and its investor syndicate, act as a buffer in the event of a deterioration in the Properties’ value.

Personal Guarantee

The Loans are personally guaranteed by the borrower, spouse, and all principals in the LLC. Additionally, the Sponsor and/or Guarantor are obligated to contribute monthly payments to maintain a tax and insurance reserve. Failure to adhere to reserve contribution requirements would lead to the triggering of a debt service and operating expense/shortfall guarantee.

Upfront Reserve

The Loan is structured with interest reserve for further protection.  12 months of debt service payments will be collected at closing.