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Horseshoe loan.

Gus Costaldo of Houlihan-Parnes/ iCap Realty Advisors, LLC has arranged through International Bank of Commerce (IBC) a $30,000,000 acquisition and development loan in conjunction with a $47 million purchase of 1,617 acres in Horseshoe Bay, Texas.

When completed, the development will consist of an 18 hole Jack Nicklaus Signature Golf Course and over 1,300 single family detached lots.

The initial acquisition advance was $17 million and the development loan provides for future advances on competitive terms to complete the golf course and phase one infrastructure.
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Title Annotation:FINANCE
Publication:Real Estate Weekly
Date:Nov 29, 2006
Words:89
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