Florida Construction Lenders for Commercial Real Estate
A list of private construction lenders for Florida commercial real estate development projects, including multifamily, office, retail, industrial, mixed-use, hotels, and others. Ground-up construction financing is a rare offering in private lending. Most lenders will require the developer to have approved building plans. Only a handful of lenders will finance land acquisition and land development.
BridgeInvest funded a $36MM construction loan secured by a 10-story mixed-use project in Aventura, Miami-Dade County, Florida. We provided the initial acquisition financing for the property before closing on the construction loan. This saved the borrower time and provided peace of mind that the project would be fully funded at acquisition closing. We were able to structure the loan within a capital stack which included equity, EB-5 funds, condo deposits and other subordinating debt. The property has both a for-sale condominium component and an operating hotel component which will be separated through a master condominium regime creating a challenge for other lenders to underwrite. The project will include a 100-room Tapestry Collection by Hilton and approximately 50,000 square feet of office and retail condominiums. The property is centrally located adjacent to the Aventura Hospital and within one mile of Aventura Mall. Project plans call for extended stay rooms featuring kitchenettes and premium amenities in addition to office suites designed for medical tenants who will provide ancillary services to the hospital. Our loan will allow the sponsor to complete construction, sell the remaining condo units and stabilize the hotel after opening. This private construction loan was funded in July 2019.
Private Construction Loan for South Florida Luxury Apartments
In November 2018, BridgeInvest funded a $24MM construction loan for a 133-unit, luxury apartment building in Fontainebleau, a submarket of Doral, Florida. The loan allowed the borrower to immediately commence with the construction of the fully entitled and permitted project. We structured the loan to allow the borrower to draw funds commensurate with the construction schedule without incurring additional costs on undrawn capital. We were able to underwrite the transaction and provide the necessary leverage even though the project marks the sponsors first development project. The completed project will be 7-stories featuring units with high-end finishes along with desirable amenities such as a resort style pool, outdoor lounge, private garden and a fitness center. The apartments will be in close proximity to FIU, Mall of the Americas and Miami International Airport while offering easy access to the Dolphin Expressway.