$29MM senior loan for the construction of two RV parks in a popular Pacific Northwest area for both long-term tenancy and short term RV camping. Sponsors will provide full recourse and pledge their interests in additional collateral consisting of 14 parks and rental properties (net equity value ~$40MM, FCF ~$2MM), with a cash flow sweep in a material default. Sponsors are the experienced developers and operators behind a RV resorts brand.