IAG Florida Arranges 17th Street Financing

Fort Lauderdale, Florida (July 15, 2003) –IAG Florida, Inc. (ALC), a prominent Fort Lauderdale commercial real estate development and brokerage firm confirmed today the closing of an acquisition and redevelopment loan by Wachovia Bank. The loan was arranged by ALC and funded in association with the purchase of Ft. Lauderdale’s Portside Yachting Center by an investment group of local Ft. Lauderdale real estate investors and developers that includes Steve Hudson, Andrew Martin and Mark Ellert.

In order to accommodate closing time constraints and fluid redevelopment plans, Wachovia structured the loan as a line of credit facility to Portside Yachting Center, LLC. Noted Steve Hudson, President of Hudson Capital Group, “ALC got us from start to finish with Wachovia in two weeks flat. I’ve worked with a lot of banks, but Wachovia’s performance was nothing short of incredible.”

Formerly known as the Planet Hollywood retail complex on the 17th Street Causeway, the buying group intends to transform the building into a first class commercial complex targeted at the mega-yacht and marine services industries. Martin’s company, Brickell Sales Corp., will oversee the releasing and repositioning of the building. Explains Martin, “we offer incredible visibility and signage opportunities for firms in the yachting industry. Our first lease for 11,500 sq. ft. is with International Yacht Collection, one of the world’s premier mega-yacht brokerage and management firms”.

Commenting on Wachovia’s underwriting of their redevelopment plans, Ellert noted, “Wachovia’s team looked straight beyond the challenges of underwriting a loan on a vacant building and needing to do a quick closing – instead they jumped on the opportunity to make a loan based on great real estate, great sponsorship and a simple execution”, he remarked. “From here, we start removing the exterior escalators, putting windows back in the exterior walls and demolishing the interiors in order to reposition the building as a destination office location. New landscaping plans are underway and the building will be repainted as demolition is completed”.

IAG Florida, Inc. provides development, mortgage and real estate brokerage services. Dedicated to the South Florida, Bahamas and Caribbean real estate markets, the firm developed the Ft. Lauderdale Renaissance Hotel across from Portside Yachting Center. The firm is associated with the IAG Florida, Inc., a Miami-based full service real estate investment banking firm. For more information, visit www.IAGleisure.com.

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