The borrower purchased this property in 2017, an old school in the heart
of St.Thomas, where the redevelopment plan was initially to update to a
higher-end private school. Ultimately, the property was re-zoned to allow
for the construction of 32 single-family homes and thus significant additional
value was created by the borrower. Morrison Financial was initially
engaged to provide a land financing facility, however, through teamwork
and careful evaluation of the opportunity, we secured not only a land refinancing
facility, but also structured a creative construction financing facility
to build out the 32 single-family homes once site servicing has been
completed and sufficient pre-sales have been achieved (as per the agreement).
The first advance of this loan took place in April of 2021.