Surfside / Freeport, Texas
A $3.5M first-lien, 14.5% interest-only land loan at ~51% LTV, refinancing a past-maturity lien on the ~45.87-acre Key Largo Resort site on the Texas Gulf Coast.
Crowdlender is offering verified accredited investors a participation in a $3.5 million first-lien, interest-only land loan to Key Largo Resort, LLC. The loan refinances a past-maturity first lien on the ~45.87-acre Key Largo Resort site and five finished lots on Bluewater Highway between Surfside Beach and Galveston, Texas.
The loan pays a 14.50% fixed rate, monthly, from an interest reserve of about $554,750 funded at closing that covers the full 12-month term, plus a 2% origination fee to the lending SPV. CBRE valued the land at $5.91 million and the full project at $9.49 million as is, putting the loan at roughly 51% of collateral value. The sponsor plans to repay from Phase I construction financing for infrastructure and the first 32 condominiums.
EXTERIORS
COMMUNITY AREAS
Site plan for the condominium tract and architect elevations (Trautman Associates) of a planned coastal residence. Sponsor plans; subject to change.
Date and time coming soon. Don McGraw of Crowdlender and the sponsor team walk through the site, the collateral, the loan protections and the path to Phase I construction financing, with live Q&A. Registration link to follow; the recording will be posted here afterward.
Photos show the Key Largo Resort site as of the June 2025 CBRE appraisal. The site plan and architect elevations are the sponsor's development plans and are subject to change; no buildings shown in plans exist today.
Key metrics at a glance. Talk to investor relations for the full deal package.
Key Largo Resort, LLC is the borrower and developer of Key Largo Resort, a planned coastal community on Bluewater Highway between Surfside Beach and Galveston on the Texas Gulf Coast. It is led by C. Scott Bertolini, founder and CEO of Bedrock Building Group, working with development partner Kennrich Homes, Inc.
The sponsor-reported track record spans more than four decades in Texas, California and Colorado, including a 137-room ground-up Wyndham hotel in College Station, the Broadway Retail Center in Pearland, the 150-acre, 350-lot Heritage Park West master-planned community in Katy, and full subdivision infrastructure for 30 custom home lots, about $30.8M of tracked project value in total. Track record figures are provided by the sponsor and have not been independently verified.
The loan is backed by joint and several personal payment guaranties from Mr. Bertolini and co-guarantor William C. Comee, a bad-boy carve-out guaranty, and a $750,000 combined liquidity covenant tested quarterly.
William C. Comee is Chairman of the Board for Charter Trading Corporation, a Top Secret cleared technology company that provides communication and IT services to the U.S. government and commercial companies in overseas locations. Charter supports the U.S. government in Latin America, the Middle East and Africa and represents Alternative Ballistics, a non-lethal use of force option for law enforcement in life threatening situations. Formerly a staff member of the Department of Defense National Security Council, Mr. Comee has commanded and supervised military operational activities and strategic planning in Central America, Latin America, and the Middle East, and holds a top secret security clearance.
CEO & Founder, Bedrock Building Group · Principal and Guarantor
Co-Guarantor · Chairman of the Board, Charter Trading Corporation
For more information, view Key Largo Resort, LLC · Bedrock Building Group's Investment Memorandum.
| Crowdlender First-Lien Land Loan | $3.5M |
|---|---|
| Total | $3.5M |
| Pay Off Existing First Lien | $2.64M |
|---|---|
| Interest Reserve | $555K |
| Cost-Reimbursement Holdback | $150K |
| Fees and Closing Costs | $152K |
| Total | $3.5M |
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