CBRE CAPITAL MARKETS SECURES $31 MILLION LOAN FOR RESORT

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GALENA, ILL. — CB Richard Ellis Capital Markets (CBRE) has secured $31 million in bridge financing for Eagle Ridge Resort & Spa, a 6,800-acre golf course and resort located in Galena. The 3-year bridge loan includes interest-only payments for the first 24 months, followed by 30-year amortization schedule. The financing will enable the borrower to complete a rehabilitation and expansion of the property. The loan was arranged by Geoffrey Rice of CBRE on behalf of Eagle Ridge Resort LLC, an affiliate of Loeb Partners Realty LLC. The lender was Textron Financial.

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