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.
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