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TOMBSTONE, AZ-The developer of Bachman Springs Resort & Spa has obtained $39.25 million to complete the first phase of the world-class destination development.
Scripps Investments & Loans Inc. in La Jolla, CA, structured the loan for 18 months, secured by a first trust deed on the project. According to David Braga, a Scripps' consultant, the package has a 13% interest rate and represents a 51% loan-to-value ratio.
The resort will be set on 2,300 acres about 10 miles northeast of Tombstone. It will include hotel, spa, Tom Fazio-designed, 18-hole golf course and other high-end, consumer-friendly amenities when it is completed. The land is within view of the Dragoon Mountains and Upper San Pedro Valley.
"At this point, they're in the marketing phase of the project and they've started on the golf course," Braga tells GlobeSt.com. Other than the golf course, the development schedule for other components hasn't been made public. Braga says he's also uncertain if the developers are going to seek additional financing to raise the first of the mixed-use space.
Tombstone is known for its "Old West" history as the site of the "Gunfight at OK Corral," where Wyatt Earp, his brothers and Doc Holliday fought the Clantons and McLaurys to the death. Though it's far from being a destination location, sources believe Bachman Springs Resort & Spa--along with the region's history--will turn Tombstone and Cochise County into a world-class, top draw. The resort is being developed by Bachman Springs Holdings LLC, led by local resident Jay Boland.
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