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Press Release
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Contact: Nick Derasmo (212.841.7505) |
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Cushman & Wakefield Sonnenblick Goldman Arranges $75 Million
Land Loan for Private Island in the Florida Keys
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Sunday, August 05, 2007
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New York, NY
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Cushman & Wakefield Sonnenblick Goldman, serving as the exclusive advisor to MM70, LLC, has arranged $75 million in senior and mezzanine financing for Fiesta Key, a 28-acre private island in the Florida Keys.
“This is a one-of-a-kind property that will ultimately be developed into a five-star world-class residential destination,” said Dave Karson, director of Cushman & Wakefield Sonnenblick Goldman. “Getting a project of this scope entitled in the Keys is very unusual, and all parties had to work very closely together to understand and resolve the numerous issues involved.”
Fiesta Key, which includes a marina, was formerly home to a KOA RV Park and Campsite and will be developed to include approximately 150 residential units, 54 wet slips and a variety of luxury amenities. The project is expected to be completed in 2011.
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About Cushman & Wakefield Sonnenblick Goldman
Cushman & Wakefield Sonnenblick Goldman is the industry’s leading independent real estate investment banking firm. The firm was founded as Sonnenblick Goldman in 1893 and it merged with Cushman & Wakefield in 2007. Cushman & Wakefield Sonnenblick Goldman provides a full range of real estate financial services, including debt and equity placements, joint ventures, hospitality investment sales and workout advisory services, and it collaborates world-wide with other divisions of Cushman & Wakefield. Further information can be found at the firm’s website at www.cushwake.com/sonngold.
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