WESTERN NC REAL ESTATE INSIDER: RIVER ROCK Receives 20.5 Million Dollar Loan, Now what?

Good News for Real Estate Market-River Rock, Cashiers, North Carolina

Kennedy Funding, Inc.

Kennedy recently closed on a $9.54 million loan to High Grove whose principals are Robert A. Corliss and Theodore C. Morlok. Based in NorthCarolina, High Grove plans a 500-acre upscale community — High GroveEstates — at the foothills of the fabled Great Smokey Mountain range.

On the same day as the High Grove closing, the same developers closed with Kennedy on a 20.5 million loan for their River Rock community 40 miles to the south inCashiers, NC. Both communities are a short drive from major North Carolinacities and from Atlanta.

Legasus developers Robert A. Corliss and Theodore C. Morlok needed a major loan to build the Tuckasegee neighborhood of River Rock, a community in Cashiers, NC, along the Highland-Cashiers Plateau.

Cashiers, North Carolina is a hidden gem and longtime permanent or vacation home destination for affluent buyers, this area holds promise forsuccess despite the oft-reported housing market downturn.

With wooded hikingtrails, a planned entertainment and fitness complex, and with high-country living, Tuckasegee will present buyers withscenic settings and desirable lifestyle elements.

The $20.5 million loan will pay off existing debt and fund improvements including new roads, footbridges,an entrance feature, utilities, community lodge design, and constructionstartup for Phase I. The builders offered 677 acres of appropriately zonedland for collateral.

Another attraction to River Rock is Phil Mickelson's first project with his deisgn company, River Rock Golf Club in Cahiers, N.C., will debut in 2010. Weaving delicately along the natural contours of the Blue Ridge Mountains, the River Rock golf course layout is to debut in 2010 combines panoramic vistas, meandering streams and lush forests into a thrilling experience.

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