Representative Cinterra Principals Transactions
Investment Name: |
Wailea at Maluhia (PRM Realty)
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Location: |
3400 Wailea Alanui
Maui, Hawaii
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Financing: |
High Yield Land Acquisition Mortgage $28,000,000
Mezzanine Mortgage $23,500,000
Construction Mortgage $17,500,000
Conventional Mortgage $4,500,000
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Investment Strategy: |
Land Acquisition, New Development |
Property Description:
PRM Realty and Rob Harte as principal developed Maluhia at Wailea, a 10.5 acre vacant site that was improved as a fourteen lot single-family residential subdivision. The development is situated on the water in the Wailea Resort, a master-planned community in Maui that includes five 5-star hotel resorts including the Four Seasons, Grand Wailea, Outrigger, Kea Lani, and Renaissance Wailea Beach Resort as well as a number of championship golf courses and a Class A retail development. The Wailea Resort is a truly world-class location. The subject homes are in a subdivision representing the only single-family beachfront development in the community. Gross sell out of the homes was in excess of $150,000,000.
Status: Closed
Investment Name: |
Lake Valhalla (PRM Realty)
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Location: |
Cold Springs
Putnam County, New York
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Financing: |
Acquisition Mortgage $3,750,000
High Yield Mezzanine Mortgage $10,500,000
Conventional Mortgage $4,500,000
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Investment Strategy: |
Land Acquisition, New Development |
Property Description:
PRM Realty and Robert Harte as principal acquired Lake Valhalla, a 1,200 acre assemblage of land approximately 60 miles from Manhattan. The site was assembled over the period of 7 years and is slated to be improved as a 75+- lot single-family residential subdivision. This one of a kind assemblage is situated in western Putnam County.
Status: Open
InvestmentType: |
16 unit condominium development
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Location: |
Puerto Aventuras, Mexico
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Financing: |
Cinterra Group:
Land acquisition $500,000
Construction $1,428,000
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Investment Strategy: |
Land Acquisition, New Development, Joint Venture |
Property Description:
Cinterra and its partners provided equity to construct 16 high-end condominium units in Mexico’s prestigious gated community, Puerto Aventuras, located 40 miles south of Cancun.
The general contractor, originally from Chicago, moved to Puerto Aventuras in 1995 and has maintained a successful development company.
The property exclusively included 50 foot private boat slips for most of the units. It was the only development which offered such an amenity. The newly formed gated community of Puerto Aventuras was very attractive to foreign investors, especially from the Midwest, looking to purchase a second home. The units sold out within 6 months. The project realized a return of 40%.
Status: Closed
Investment Type: |
Land Development
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Location: |
Irving and Western
Chicago, IL
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Financing: |
Land Acquistion Mortgage $4,960,000
High Yield Mezzanine Mortgage $1,300,000
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Investment Strategy: |
Zoning Variance and Entitlement, Land Acquisition |
Investment Description:
Cinterra began assembling 3 parcels from 3 different Chicago families in March 2005. In the 3rd quarter of 2005 applied for a zoning change and variance to construct an 86 unit condominium building. Cinterra closed on the acquisition on Febuary 9, 2006 and shortly after received the approval for change from a B3-1 to B2-5 a significant increase in the property’s density and value in Chicago’s thriving North Center neighborhood.
This is one of the few remaining infill developments in the renowned Bell School District. Parents pay a premium for property to allow there children to attend Bell School, which is only 1.5 blocks north of the subject property. Bell School is the number one rated school out of all of the Chicago Public School system. North Center has thrived as a rapidly appreciating neighborhood for the last 15 years.
Status: Closed
Investment Name: |
Yacht Haven (PRM Realty)
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Location: |
Charlotte Amalie
St. Thomas, USVI
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Financing: |
High Yield Land Acquisition Mortgage $13,000,000
Public Finance Guaranty $5,000,000
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Investment Strategy: |
Land Acquisition, New Development |
Property Description:
PRM Realty and Robert Harte as principal acquired Yacht Haven, a 32.67 acre assemblage of ocean front land in the main harbor of St. Thomas. The site was assembled over a two year period through the outright fee purchase of an existing property and a negotiation with the USVI government of long term lease right on a neighboring property. The property has been improved with a world class deep water mega yacht marina and yacht club, luxury condominiums and retail shopping. ( www.yachthavengrande.com)
Status: Open
Please contact us here to learn more about other completed and current transactions.
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