Belrad purchased two land parcels in the Seattle-Tacoma area in a joint venture with a local developer. We completed the tentative and final mapping, then financed, developed, and sold 400 single-family lots to merchant builders. The last lots were delivered less than 30 months after the land acquisition.
We partnered with a local developer in downtown Chicago to acquire a 356-unit apartment property. We arranged, structured, and placed the senior debt, mezzanine debt, and the majority of the required equity. The partnership renovated the 94 percent-leased apartment property, converted it to condominiums, and successfully sold all the units over an 18-month period.
In a secondary market transaction, Belrad purchased a 35 percent interest in the sponsorship entity of the master planning, entitlement, and development of 675 acres of beachfront property in Tamarindo, Costa Rica. We remain an active member of the development team. The project is under development and will include a five-star luxury hotel, a community of privately owned villas and single family lots, a championship golf course, spa, restaurants, and beach club.