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Bridge Loan Transactions for Miami Commercial Property
Bridge Loan for Wynwood Neighborhood Retail Property in Miami, Florida
BridgeInvest, a direct private lending firm based in Miami, closed a $7.6MM bridge loan for the acquisition of an owner-occupied retail property in the Wynwood neighborhood of Miami. The property is well-located and consists of 13,700 square feet. We creatively structured the deal around a nuanced capital stack, which included subordinate financing provided by the seller. We were able to underwrite the owner’s business as part of the transaction considering they would occupy more than 60% of the total leasable space. And this transaction represents the sponsor’s first real estate acquisition after having successfully operated multiple food and beverage concepts in the greater Wynwood market. BridgeInvest closed the loan in under four weeks to meet the sponsor’s expedited closing timeline. This bridge loan was funded in September 2021.
Refinance Bridge Loan for Mixed-Use Development in Aventura, Florida
BridgeInvest, a direct private lending firm in Miami, closed a $15MM pre-development bridge loan for a 2.5-acre mixed-use property in Aventura, FL. The property will encompass two connected buildings with 174 parking spaces. The first building will include 26,000 SF of ground-floor retail and office space. The second building will consist of 160 senior care rental units with over 17,000 SF of ground-floor retail.
The loan proceeds will be used to refinance outstanding debt, fund reserves, and pay for construction costs to continue the development of the parking platform. With the Property being fully entitled, horizontal site work complete, and vertical construction in progress, the Loan was sized off of the costs to partially complete the project including foundations and parking podium. Structuring the loan required BridgeInvest to underwrite the project’s various components including office, retail, and assisted living spaces.
The property is situated at a prime location in Miami-Dade County, adjacent to the Aventura Hospital with easy access to Biscayne Blvd and the variety of nearby retailers.
The Borrower/Sponsor is a current BridgeInvest client who is nearing the completion of the adjacent mixed-use office and hotel project nearby. This CRE bridge loan was funded in January 2021.
BridgeInvest funded a $9,000,000 private money bridge loan secured by a prime industrial complex near the Miami International Airport. The Borrower acquired the property and an adjacent marina parcel almost a year ago and needed to refinance a short-term purchase money mortgage provided by the seller. Our bridge loan enabled the Borrower to refinance the property on a fixed funding schedule and provided them with additional time to execute its lease-up plan on the unique industrial site. The property consists of approximately 15 acres of land with 300,000 square feet of industrial space, which formerly comprised the Bertram Yacht Facility. The industrial site benefits from its proximity to the Miami Intermodal Center, a massive $2 billion public transportation hub that connects the MIA Airport to the greater South Florida region by metro, rail and bus. The Borrower specializes in adaptive reuse projects in his native Argentina, including retail centers and the large-scale revitalization of old industrial sites. This loan was funded in July 2016.
$23MM private bridge loan for the acquisition of a unique 100-unit multifamily building in Coconut Grove, Miami. The Borrower is a successful real estate investment firm that has been very successful at finding strategically located income-producing properties to re-position, hold and manage over the long term in South Florida. The property’s ideal setting benefits from direct views over Dinner Key Marina, Biscayne Bay and Key Biscayne. The apartment building consists of just over 100,000 square feet comprised of 100 apartment units on a 1.5 acre site. The apartments are fully occupied and generating an attractive return. The Borrowers put 30% cash toward the purchase price so the loan-to-value is 70%. They plan to refinance to pay off this senior bridge loan which was funded in January 2015.
$3.1M Senior bridge loan secured by 7 adjacent commercial parcels in the heart of Miami’s Art and Entertainment District. BridgeInvest was able to structure and fund the bridge loan in less than three weeks and offer a competitive rate in the 9% range. The property is situated along NE 14th Street and N Miami Avenue consisting of approximately 34,000 square feet of land area and 300,000 square feet of development rights. The BridgeInvest team was proud to take part in the continued revitalization of Miami’s Art and Entertainment District and is confident in the success of the project given the Borrower’s unique development experience coupled with the growing demand for new, high-quality residential units in the area. This loan was funded in June 2014.
Private bridge loan for the acquisition of a 19,065 square foot warehouse on 0.55 acres in the Wynwood Art District of Miami. The Borrower purchased the property at the time of funding for $2,425,000 so the loan-to-cost is a very conservative 41%. Wynwood is a former industrial area that has evolved to accommodate over 70 art studios and galleries, as well as studios and restaurants. The Borrower intends to reposition the property as a gallery/showroom space and, upon the maturity of the loan, refinance with a traditional lender. BridgeInvest is confident in the success of this loan given the conservative loan-to-value, as well as the high demand for showroom space in the area. This loan was funded in October 2013 and the term was one year.
$20MM Senior money bridge loan for the acquisition of a landmark 7.8-acre island property located on Grove Isle in the Coconut Grove neighborhood of Miami. It includes a hotel, club, marina and spa, as well as the land lease that encumbers the waterfront site. The Borrower has been responsible for many of Miami’s most successful developments, particularly the redevelopment of South Beach and Brickell in the 1980’s and 90’s. Bridge Invest was able close the loan in less than three weeks allowing the Borrower to finalize necessary documentation post-closing and receive funds based on a preapproved draw schedule. The Borrower plans to upgrade and expand the property, in accordance with the approved development rights. This bridge loan was funded in June 2013.
Senior bridge loan for the acquisition of a mixed-use property on 3.67 acres on Biscayne Boulevard in Miami. The property included a 121,575 square foot eleven-story office building, a 25,000 square foot retail annex and 1 acre of development land. The Borrower is a local real estate investment group with particular expertise in opportunity-driven, value-added acquisitions and development projects. They had presented several development strategies for the property including: adaptively reusing the building as an office, converting to residential lofts, adapting it into a storage facility or developing a new retail project on the site. BridgeInvest was able to offer a non-recourse bridge loan with a portion of the interest deferred. It was funded in February 2013.