The 461,798-square-foot Lakeville Resort was built in 1984 on 32 acres at 1 Lakeview Circle, near US Highway 101 and State Route 116. Occupancy at the time of sale was approximately 95%. The name has been changed to Enclave at Adobe Creek.
Equity Residential's initial investment in the resort was $27 million in 1996, according to SEC filings. Its total investment as of the start of 2009 was $32 million, not accounting for $13 million in accumulated depreciation.
M&M's Phil Saglimbeni brokered the deal with partners Sal Saglimbeni and Stanford Jones. HFF said it provided a seven-year, fixed-rate financing for 75% of the cost, which would be $39 million, but declined to provide the interest rate.
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