The company, based in Littleton, a suburb southwest of Denver, is providing a $13.5-million mezzanine loan in conjunction with a $42.1-million construction loan for the 490-unit first phase of the Rio Vista Apartments. The funding is being provided by a group for commercial banks. Rio Vista is an infill development of class-A apartments in the center of San Diego's Mission Valley. Eventually, it will have 1,263 units.
MONY Real Estate also is providing a $4 million, high-yield, current-pay mezzanine loan for the Grand Venetian in Texas' upscale Las Colinas, a Dallas suburb. The three-year-old luxury garden-apartment complex consists of 514 units in 25 buildings and clubhouse on 24 acres.
MONY's mezzanine financing program provides gap financing on top of traditional 70% loan-to-value first mortgages. MONY will finance up to 90% of the required capital.
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