SAN DIEGO-Tri-National Development Corp. has announced that its Mexican subsidiary has executed a joint venture and financing agreement on its multifamily property near Rosarito Beach in Baja California.
Portal Del Mar is a 123-unit condominium development on five oceanfront acres. Tri-National purchased Portal Del Mar in 1999, with a portion of the purchase price financed by a privately held real-estate financing and development group out of Texas.
The company has executed a joint-venture agreement with the group to convert the outstanding loan balance and secure additional financing to complete the project in exchange for a one-third participation in the future cash flow, expected to exceed $10 million, according to the company.
The 123 condos are in various stages of construction, with some 46 units virtually completed. Tri-National plans to add a clubhouse, tennis courts and a spa and pool during its build-out of the project. The company is conducting market research to determine marketing and pricing strategies.
“This is a major step forward for the company and indicative of our refined business plan and objectives,” says Michael Sunstein, president/CEO. “We have appreciated the patience of our shareholders as we have worked toward achieving our vision of Tri-National as a well-financed and highly profitable development company with tremendous real estate asset values and income streams both in Mexico and the US.
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