Family Access Exchange, LLC Funds a $3.62 Million Loan
NAPLES, Fla., May 08, 2012 (BUSINESS WIRE) -- Family Access Exchange, LLC ("FAX"), an affiliate of EFO Holdings, LP announced today that it has provided a $3.62 million super-priority post-petition term loan to Basil Street Partners, LLC, the owner of a luxury mixed-use waterfront development known as Naples Bay Resort in downtown Naples, FL.
Naples Bay Resort is a master plan development that encompasses 30 waterfront residential condominiums, 85 condo-hotel units, 29,912 square feet of commercial space, and a 97-slip marina with direct access to the Gulf of Mexico.
The Loan was requested by Ms. Diane Jensen, in her representative capacity as Trustee of the bankruptcy estate of Basil Street Partners, LLC, and was approved under order of the U.S. Bankruptcy Court for the Middle District of Florida, Fort Myers Division, on April 16, 2012.
The development makes a significant impact to the local economy and employs more than 125 individuals in season. Loan proceeds will allow the development to continue operating over the next 12 months without impacting the high level of service to the market.
"In this challenging economic environment we were able to provide financing in a unique situation where traditional banks are unable to perform," said manager of Family Access Exchange, LLC, Renzo Renzi. "Most of all, we are pleased that our private capital is able to support the operating expenses of the development and preserve a significant number of local jobs."
Family Access Exchange is an affiliate of EFO Holdings, LP ("EFO") a Naples, FL and Dallas, TX-based family office. The company has specialized in providing financing to companies reorganizing under Chapter 11 of the U.S. Bankruptcy Code, commonly referred to as "DIP Financing." Over the past 12 years, EFO has become a dominant player as a DIP Finance source. Robert Grammen (Managing Director of EFO's DIP Financing activities since 1999) commented that "the DIP Financing space has remained attractive because of the fact that our capital was secured by good real estate assets and, more importantly, our capital has saved thousands of jobs locally and throughout the United States."
EFO has provided DIP Financing to entities throughout the United States including Florida, California, North Carolina, Minnesota and Colorado. A sample of their loans include: Aqua at Pelican Isle, Naples, Florida ($26 Million); Twin Eagles Golf and Country Club, Naples, Florida ($6 Million); Mi Arbolito, San Diego, California ($4.2 Million); Phoenix Biocomposites, LLC, Minneapolis, Minnesota ($3 Million); Cypress Woods Golf and Country Club, Naples, Florida ($700,000); Key West Brewery, Key West, Florida ($500,000); and others locally and throughout the United States.
EFO has also provided equity for companies not reorganizing under Chapter 11 and have provided capital and guidance to several private companies including but not limited to: Laser Spine Institute, Tampa, Florida; Waste Corporation of America, Houston, Texas; Palm Beach Tan, Dallas, Texas; Melbourne Greyhound Track, Melbourne, Florida; and others.
SOURCE: EFO Holdings, LP
Copyright Business Wire 2012
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