Rice of CBRE's Capital Markets group arranges $31m bridge financing

Geoffrey Rice, a senior vice president in CBRE's New York Capital Markets group, has secured bridge financing totaling $31 million on behalf of Eagle Ridge Resort, LLC., an affiliate of Loeb Partners Realty LLC. The three-year bridge loan, provided by Textron Financial, will enable ownership to complete the rehabilitation and expansion of the resort property. The bridge facility was structured with interest-only payments for the first 24 months of the term of the financing and a 30-year amortization schedule thereafter. Eagle Ridge Resort & Spa, a 750-acre Midwest golf and four-season resort, is located on 6,800 acres, 20 miles east of Dubuque, Ia. and 153 miles west of Chicago.