DLP Lending Closes $21 Million Loan, Partners With Southern Impression Homes to Open Vacation RV Resort
ST. AUGUSTINE, Fla., February 22, 2021 (Newswire.com) - DLP Lending, part of the DLP Real Estate Capital family of companies, announced it closed a $21 million loan with Southern Impression Homes on Island Oaks RV Resort, located in Glen St. Mary, Florida, near Jacksonville. Additionally, DLP provided $6.5 million of equity capital to become partners with owners Carter Funk, Chris Funk, and Jim Shiels on the project.
Don Wenner, DLP founder and CEO, commented, "Our team worked diligently with Carter, Chris, and Jim in order to secure the type of capital they needed to move forward on this exciting venture. As we continued our own due diligence, we found the project to be very valuable and worthwhile as a DLP investment and we were thrilled when they agreed to partner with us."
Upon completion, the resort will include 700 RV sites spread across the 120-acre property. The resort will offer its guests a wide variety of activities and amenities to enjoy during their stay including a family dining restaurant, sports pub, tiki bar located on the beach of the three-acre swimming lake, resort-style pool, 9,000-square-foot clubhouse, pickleball and shuffleboard courts, along with a nine-hole mini-golf course.
Chris Funk commented, "It's been an amazing experience working with DLP Lending. Their knowledge of the industry and speed of execution on this deal was impressive. I look forward to working with them on the next deal."
Source: DLP Lending
Categories: Lending and Borrowing