RV resort adds investor, pays off debt

BUYER: Neapolitan Cove RV Resort LLC (principal: Jerry Nichols), Naples

SELLER: Neapolitan Cove LLC

PROPERTY: 3790 Tamiami Trail E., Naples

PRICE: $1.52 million

LAW FIRM ON DEED: J. Thomas Conroy III, Naples

PLANS, DESCRIPTION: Neapolitan Cove RV Resort added an equity investor and satisfied its mortgage with IberiaBank.

Structured as a sale for several reasons, including taxes, Jerry Nichols of Neapolitan Cove purchased the 58 park lots for $1.52 million. In exchange for that cash and additional capital, IberiaBank extinguished the property's mortgage.

“We had a loan with Orion that was taken over by Iberia,” says David Stevens, a partner in the development with his father, Jim Stevens. “As it expired Iberia didn't want to extend the loan. My dad and I are still in place. Now that we are debt free we are relaunching.”

The Stevens family purchased the 60-lot RV park in 2006, built a clubhouse and pool and upgraded the landscaping and utilities. They sold two lots before the real estate market crashed.

David Stevens says the purchase price was not a true transactional value for the property and was just a piece of the partnership arrangement.