Landmark Capital arranged financing for the acquisition of 21 acres of unentitled land fronting I-10 in suburban Phoenix, AZ.
Challenge of the assignment:
The subject property was unentitled land being sold REO from a regional bank. The borrower was seeking financing to acquire the site, plat the property for various uses, and then sell off the individual parcels to vertical developers.
Landmark sourced a lender that was familiar with the site comfortable with the unentitled land and the borrower’s expertise in executing the business plan.