Why Spectra Provided the Loan
Spectra's investment decision rested on sponsor quality, asset fundamentals, and structural protections that together supported favorable risk-adjusted returns despite the accelerated timeline.
The borrower brought exceptional credentials: $45.2 million in net worth, extensive experience managing recreational assets, and recent successful execution of a $6.3 million Spectra bridge loan that was repaid ahead of schedule. This prior transaction provided valuable performance data demonstrating the borrower's ability to execute his stated refinancing strategy efficiently.
The collateral generated nearly $1 million in EBITDA with demonstrated growth trajectory. The facility's established operational history, integrated community positioning, and comprehensive amenity package supported confidence in sustainable cash flow and stable valuation.
The 63% loan-to-cost ratio provided substantial equity cushion while maintaining sufficient leverage to support anticipated permanent financing. The four-month term aligned with realistic refinancing timelines for stabilized recreational assets, while the 2.33% monthly interest rate and 2.00% origination fee delivered returns commensurate with the bridge financing nature and specialized asset class.
Why This Borrower Chose Spectra
The borrower selected Spectra based on our demonstrated capacity to execute within timeframes that traditional lenders cannot accommodate. The existing partnership provided critical advantages: established underwriting familiarity with the sponsor's capabilities, proven track record of successful loan performance, and mutual understanding of transaction requirements.
Spectra's sector expertise in hospitality and recreational assets enabled efficient evaluation of the country club's operational profile and cash flow characteristics without the extended due diligence timelines that generalist lenders require for specialized property types.
Background
A seasoned real estate investor with a 54-property portfolio approached Spectra with a time-critical acquisition opportunity requiring execution within six days. The borrower, an established Spectra client, sought to acquire Blackhawk Country Club, a private golf and country club facility serving a residential condominium community in Stratford, Connecticut.
The 142.7-acre property comprises a fully operational golf course complemented by a 22,192 square foot clubhouse and industry-standard maintenance facilities. Traditional lenders' standard underwriting timelines of 30 to 60 days created execution risk that threatened the transaction's viability, representing a timing arbitrage opportunity where Spectra's operational capabilities could preserve substantial value otherwise lost to conventional lending constraints.
Market Overview
Stratford occupies a strategic position within eastern Fairfield County as part of the Bridgeport-Stamford-Norwalk MSA. The municipality serves over 52,000 residents while providing convenient access to major employment centers including New Haven, Bridgeport, and Stamford.
The market demonstrates above-average economic strength, with median household income of $91,025 exceeding both regional and state benchmarks. This income base, combined with established residential development and mature community infrastructure, supports consistent demand for recreational amenities and membership-based hospitality services. The area's established residential base and strategic transportation access further strengthen the hospitality and recreational sector.
