Turnbridge Equities closed on a debt-laden piece of land in a desert resort city, The Real Deal has learned. The real estate investment company purchased the SilverRock Resort development in La Quinta out of bankruptcy for $65 million, a steep discount compared to prior debt and value estimates. Turnbridge is planning to develop a luxury hotel, branded condominiums and estates. Phase one of the development is estimated to cost $735 million. Lionheart Strategic Management provided pre-development financing. Newmark’s Adam Doneger, Nick Scribani and Blake Thompson brokered the debt deal. The unfinished resort’s prior developer, Robert Green, defaulted on debt and […]
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