The developer plans to use the money to finance the construction of Phase I of its Las Vegas resort project, known as Lake Tropicana Timeshare Resort and Towers. The property is located on the strip between the MGM Grand Hotel/Casino and the Aladdin Hotel/Casino.
"We are very pleased to have received this commitment from International Commercial Finance," says Hurley Reed, CEO of MPTV Inc. "Due to their extensive experience in commercial and hotel real estate lending, ICF is a great funding partner for us. We are now thoroughly reviewing the loan commitment and its terms and we plan to respond to ICF shortly."
Based in Michigan, ICF is a private firm that specializes in lending for land acquisitions and development.
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