Residential Subdivision

S. Kingstown, RI

Clubhouse Capital secured $3.5 million in mortgage financing for the developer of a 300 lot age-restricted residential subdivision in Rhode Island’s South County region. The finance package includes a $2.5 million development loan to fund project infrastructure, and a $1.0 million revolving credit facility to fund home construction. The 280-acre project will feature high-end modular homes with fee simple condominium ownership. The developer, an experienced regional builder who has successfully developed several similar projects in New England, expects to sell 30+ homes annually, with Phase 1 pricing in the $269,900 – $289,900 range. The area’s recreational amenities – golf courses, marinas, beaches, fishing and boating ponds, hiking, hunting, nature trails, etc. – are driving buyer interest. (Spring 2015)