A list of bridge loan lenders for commercial real estate in Florida. The lenders in our directory offer bridge loans for a variety of CRE financing, including: acquisition, refinance, cash out, redevelopment, repositioning, recapitalization, 1031 exchange, discounted payoff (DPO), note purchase and other deal types.
BridgeInvest funded a $10.75 MM pre-development and cash-out bridge loan in the Orlando, Florida suburb of Davenport. The loan’s collateral includes three commercial outparcels and 243 single-family lots on 75 acres of land. Two of the three commercial outparcels have recently executed retail ground leases for a national restaurant operator. Outside of the loan’s collateral, the site will also be anchored by a full-service hospital owned and operated by Orlando Health, one of the two major medical service providers in Central Florida. The loan proceeds will allow the Sponsor to finance the horizontal development of the three commercial parcels and also provide it additional liquidity. The property is located within a Florida Development of Regional Impact (“DRI”), requiring a unique analysis of the collateral’s value given complex DRI-related zoning regulations. This is the second loan located in a DRI that BridgeInvest has closed in 2019. The Sponsor is a major South Florida-based development and construction firm that is spearheading development in the area. They were also an existing client that we have provided private financing to in the recent past. This CRE bridge loan was funded in December 2019.
Bridge Loan for Florida Assisted Living Facility Acquisition
In late 2019, Wilshire Finance Partners provided a bridge loan for the purchase of a senior assisted living facility in Largo, Tampa Bay, Florida. An experienced operator and repeat borrower identified a family-run senior assisted living facility that was not maximizing its full potential. Based on the square footage and existing approvals, the new operator would be able to increase the bed count and cash flow using existing regulatory approvals. Further, additional value would be created through a minor zoning change to the facility’s parking. In a transaction that was more efficient than syndicated equity, Wilshire delivered 85% of the capital stack consisting of first mortgage of $2,795,000 and a participating second mortgage of $860,000. The benefits to the sponsor under this facility included an efficient, single source of capital and lower cost capital as compared to preferred equity. The loan term is 24 months.
Private Money Refinance for Fort Lauderdale Luxury Condominium
BridgeInvest closed a $10MM equity cash out loan for the developers of two ultra-luxury penthouses in the Paramount Condominium in Fort Lauderdale. The loan will finance the build-out of one of the penthouse units, providing the borrower a completed unit that will facilitate the sale of both. The majority of the loan was utilized to provide liquidity to the borrower. The asset is a naturally niche product due to its location and price point, necessitating bespoke underwriting that traditional lenders could not provide. Each unit consists of four bedrooms, seven bathrooms, a separate family room, an entertainment room and an expansive private rooftop deck including a private pool. The units benefit from beachfront views, a resort style pool, beach service, fitness center and expansive game/club room. The property is located on A1A with close proximity to Las Olas, a popular entertainment corridor. This private mortgage was funded in January 2019.
Bridge Loan for Aventura FL Commercial Land Development Project
$5.5 MM first-priority, pre-development land loan secured by nine contiguous lots totaling 1.36 acres in Aventura, Florida. The loan allowed the borrower to refinance the existing seller financing and provides time while finalizing their construction plans. The proposed project will be a mixed-use development totaling 118,000 square feet consisting of ground-floor retail, office condos and a 100-room extended stay hotel. In addition to the current funding, BridgeInvest provided the borrower with the option for construction financing once the project plans are finalized. The loan was structured based upon the underlying collateral value, despite the lack of existing cash-flow. BridgeInvest was able to underwrite the sponsorship’s experience despite their newly formed partnership. This loan was funded in November 2017.
Bridge Loan for Delray Beach Florida Property Portfolio Acquisition
BridgeInvest closed four first-priority mortgage loans totaling $11.24 million secured by a mix of commercial and residential development sites in Delray Beach, Florida – the fastest growing city in Palm Beach County. The portfolio benefits from its close proximity to the Atlantic Ocean and Atlantic Avenue, the main entertainment corridor in Delray Beach. The loans allowed the Sponsor to continue their aggressive expansion into South Florida after developing a ten-year track record of residential and multifamily projects in the Northeast US. The portfolio is secured by land intended for both residential and mixed-use development, requiring complex analysis performed in a timely manner. We closed three separate loans within thirty days, providing the Sponsor with certainty of execution to take advantage of market opportunities. The fourth loan was funded within one week of the commitment date in order to accommodate the short closing timeline. This loan was funded in October 2017.
Bridge Loan for 500-Acre Agricultural Portfolio in South Florida
BridgeInvest funded an $8.0MM senior cash-out loan secured by a 494-acre agricultural portfolio in Homestead, Miami-Dade County, Florida. The portfolio is comprised of five large land parcels that benefit from their proximity to major road section lines as well as income generated from fruit farms. The sponsor is a foreign national who approached BridgeInvest for a cash-out loan on an expedited basis in order to obtain liquidity for his other business ventures. BridgeInvest used its underwriting experience and local knowledge to understand the intrinsic value of the agricultural land. The loan was tailored to the borrower’s complex organizational structure with foreign owners. This bridge loan was funded in August 2017.
Bridge Loan for South Florida Industrial Land Portfolio
BridgeInvest closed a first-priority loan secured by two 10-acre land parcels of prime industrial sites in Doral and Hialeah, FL in October 2016. The sponsor approached BridgeInvest to leverage their significant equity in the Doral asset to execute a quick closing on the Hialeah asset. Once constructed, the two projects will total approximately 400,000 SF of class A warehouse space featuring small bays and high ceiling heights. Both properties are located in first-rate industrial submarkets of Miami with vacancies consistently below 5%. BridgeInvest worked with the Borrower to cross-collateralize the properties, allowing the Borrower to acquire the Hialeah property without additional cash investment. Their close proximity to key thoroughfares such as Highway 826, Highway 836 and the Florida Turnpike make the investment attractive on a long-term basis due to the decreasing availability of undeveloped land in Miami-Dade County.
Private Construction Loan for Warehouse in South Florida
BridgeInvest funded a $3,000,000 construction loan for an industrial building development project in Homestead, Miami-Dade County, Florida. Due to outstanding payables, the Sponsor needed to immediately close a new construction loan to avoid the risk of project delays. They also needed a private lender who could underwrite and finance the project even though construction had already commenced. BridgeInvest was able to structure and fund the complex construction loan in approximately 30 days, ensuring the project stayed on track as planned. We increased the loan proceeds by collateralizing adjacent land owned by the Sponsor. Once completed, the property will feature approximately 32,000 square feet of space with attractive features such as 24-foot clear ceilings and multiple loading docks per tenant. The facility is already 40% pre-leased. It is located less than one mile from the Homestead-Miami Speedway and is located within the Homestead Park of Commerce, which is occupied by other noteworthy tenants. The Sponsor is an experienced real estate developer based in South America, and this is their first development project in the United States. This loan was funded in September 2016.
Bridge Loan for Broward County Florida Development Site
BridgeInvest funded a $3,600,000 private money bridge loan secured by a prime redevelopment site in Dania Beach, Broward County, FL. The Borrower, a group of local investors, needed to refinance their previous loan which was set to mature just two weeks before we funded this loan. They needed a reliable private lender to fund within their tight deadline. The loan was structured to an as-is LTV (loan-to-value) of approximately 50%. However, the Borrower’s cost basis in the project was significantly lower as they had increased value by securing higher density and height variances. BridgeInvest’s loan allowed them to capitalize on the additional equity they had created. They plan to sell the land to a developer soon. As the Borrower negotiates with various potential purchasers, they were in need of a flexible prepayment structure. Our loan allows for prepayment at any time with a short low six-month yield maintenance. The property is zoned and approved for a multifamily development of up to 350 residential units. Located one mile from the Atlantic Ocean with access to both US-1 and I-595, the site provides excellent access throughout Southeast Florida. The location is attractive to potential developers based on its proximity to the beach, access to nearby employment hubs and complimentary surrounding development. This transaction was funded in August 2016.
Bridge Loan for 10-Property Portfolio in South Florida
$36.5MM Senior bridge loan cross-collateralized loan secured by a complex land portfolio in Broward and Palm Beach counties. The portfolio consisted of over 10 assets - a mix of residential land, commercial land, and luxury residential homes, which were assembled by a private developer over the past 30 years. The collateral includes 6 residential waterfront lots, a retail center to be developed with frontage on Boynton Beach Boulevard and an 11-acre undeveloped beachfront parcel with frontage to the Atlantic Ocean and the Intracoastal Waterway in prestigious Hillsboro Beach. BridgeInvest allowed the Borrower to consolidate four outstanding loans facing near-term liquidity events, providing him with the opportunity to strategically develop, market and sell the portfolio to maximize value. This loan was funded in December 2013.
Bridge Loan for Fort Lauderdale Boutique Hotel Acquisition
Senior bridge loan secured by a 16-room boutique value hotel in Ft. Lauderdale, comprised of four free-standing buildings each with four apartment style units, common courtyards and pools. All units are fully operational and in good working order. The property has a combined gross building area of 9,234 sf on a total site area of 0.82 acres and is located two blocks away from Ft. Lauderdale beach. The Borrower approached BridgeInvest for financing based on flexible underwriting standards—that enable them to lend with limited access to information, including historical financial and operational records as well as their proven ability to fund quickly. BridgeInvest was able to close the loan in less than three weeks, allowing the Borrower to close on a fixed date previously agreed to with the seller. The Borrower plans to refinance with a traditional lender or sell the property following minor renovation and improved management. The loan was funded in September 2013.