Cal-Bay Position Matures With Closing in Florida

Cal-Bay purchased the first mortgage position in late 2005, being aware of the contract with National Home Builder and Developer in regards to the 289 acre parcel of land in West Palm Beach, Florida. The distributions of funds are expected to be in the region of $8 million after fees and costs. The investors that had assisted in the capitalization of the project will see a return of almost $2 million, including interest. The proceeds will net the company about $6 million in all. The funds are to be used specifically for the development of existing properties and the acquisition of additional properties for the company.

A leading edge in real estate acquisition, Cal-Bay International acquires, develops and manages a vast portfolio of diversified commercial, industrial and residential properties in high growth areas. The company’s current portfolio includes $22.5 million in properties and an equity position of more than $12 million. Each property is put through a due diligence test before it may be acquired by Cal-Bay.