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$21 Million Mortgage Loan for Water Park in West Palm Beach

Sabadell United Bank
Representation of Sabadell United Bank in preparation and closing of $21 million mortgage loan to affiliates of Orlando-based real estate investment trust, CNL Lifestyle Properties, for Rapids Water Park in West Palm Beach, Florida. The unconventional loan collateral was bifurcated between real estate and personal property such as ride-related equipment with a separate borrower for each. We prepared the term sheet, drafted the loan documents, negotiated with borrower's counsel, and coordinated the closing. Rapids Water Park features 35 water slides, a quarter-mile-long "lazy river," a 25,000-square-foot wave pool, and multiple play areas for children.
Representation of Oleta Partners, LLC, a joint venture comprised of affiliates of the LeFrak Organization and Turnberry Associates, in the successful negotiation of the long-term ground lease and complicated leasehold financing for a 185-acre brownfields redevelopment site in the City of North Miami...