Lot Development | $7,300,000 | Edgewater, FL
The loan is for the recapitalization and development of 200 single family lots. The property is 61 acres and all 200 single family lots have been presold to DR Horton. The property is currently abandoned pasture. Historically, the property was a cattle farm. The boundaries of the projects site are defined by single family residence and undeveloped land.The property is located in Edgewater, FL, part of the Daytona Beach MSA. The Borrower purchased the land in June 2019 and has been undertaking zoning and permits for the subject property.