March 27, 2012
While construction loans have been a difficult commodity to come by, one developer has taken an artistic approach to securing the money needed to fund his project.
74 year old luxury condo developer, Martin Margulies, obtained an $80 million "personal" loan for the construction of his 24 story, 70 unit, Bellini Williams Island condominium.
Margulies, an avid art collector, was able to secure the loan with his extensive, 59 piece, collection of modern art, including works by Jackson Pollock, Mark Rothko, etc.
Full Story: Wall Street Journal
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