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Koll, Starwood Land $130M Construction Loan

CABO SAN LUCAS, MEXICO-The partnership is building a 239-unit resort community on Mexico's Baja Peninsula.

By Joe Clements | Updated on May 08, 2007

(Read more on the debt and equity markets.)

CABO SAN LUCAS, MEXICO-A master-planned oceanfront community on Mexico’s Baja peninsula is closer to reality after its developers received $130 million in construction financing to build the initial phase of 109 homes. Known as Hacienda, the venture calls for 239 units fronting Medano Beach on a 24-acre site that once featured the historic Hacienda Hotel.

A partnership of the Koll Co. and Starwood Capital is developing the project, which will also yield a beach club with full restaurant and a lounge, as well as a fitness facility, numerous pools and a spa. The construction loan was provided by Wachovia Bank’s structured finance group, according to Barry McGowan, managing principal of the Koll Co.

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