Fuse Group Investment Companies Provides $32M Construction Loan For Fairmont Heritage Place The Cedars In Hendersonville, NC

A $32,000,000 construction loan has been provided by Fuse Group Investment Companies, a South Florida based direct lender, to Cedars Lodge & Spa, LLC for the construction of Phase 1 of the Fairmont Heritage Place The Cedars residential/hospitality project located at 227 7th Ave W in Hendersonville, NC. The development site spans approximately 154,635 square feet and has a buildable square footage of 144,966. The project, led by Miami-based developer Gregg Covin, will consist of 130 new construction Fairmont branded residences surrounding a landmark building named The Cedars, which is listed on the National Register of Historic Places.

Summary of transaction details:

• Property Type: Development Site
• Transaction Amount: $32,000,000
• Address: 227 7th Ave W, Hendersonville, NC
• Market: Hendersonville, NC
• Buildable Square Footage: 144,966
• Total Square Footage: 154,635

Fuse Group Investment Companies, with CEO Eyal Peretz, has previously collaborated with developer Gregg Covin on multiple projects. Commenting on the partnership, Peretz stated, "With Gregg Covin's professional and experienced team and superior track record of execution, we feel that this project will offer a uniquely attractive product in the Blue Ridge Mountains region."

The loan, a first mortgage construction loan, was facilitated by Meland Budwick PA, a Miami-based law firm representing the lender. The borrower, Cedars Lodge & Spa, LLC, was represented by The Arledge Law Firm.