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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.
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