Age-Restricted Condominium Development

Coventry, RI

Clubhouse Capital secured $2,300,000 in mortgage financing to fund a real estate developer’s acquisition and construction of the remaining 30 units of an age-restricted, 85-unit condominium development. All project infrastructure was complete and the units were in various stages of completion; foundations and pads had been poured on over a dozen units, and four units were framed. The separate acquisition and construction loans allowed for construction of up to 8 “spec” units given the historically steady pace of sales. (Spring 2015)