Miami Construction Lenders for Commercial Real Estate
A list of private construction lenders for Miami 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 $25MM construction completion loan secured by a uniquely programmed 68-room hotel located in the heart of South Beach. Our loan will allow the sponsor to complete outstanding construction and stabilize the hotel after opening. We were able to to close in a tight time frame, allowing the developer to meet its previous loan’s maturity deadline and complete the project. We were able to navigate the legal structuring and property assessment challenges associated with closing a loan with ongoing construction. Despite the lack of operating data on hotels with shared accommodations, Bridge Invest looked through to the intrinsic real estate value to underwrite the loan. We understood the deep operating experience of the individuals behind these entities to believe in their ability to execute the business plan. The property will be flagged with a new brand and managed by a newly established management company. The property will be operated as a lifestyle hotel and will be supported by a restaurant and full bar along with poolside service. Future clientele will be able to walk conveniently to the ocean, Lincoln Road and Miami Beach Convention Center. This construction loan was funded in April 2019.
Private Construction Loan for Miami Design District Retail Property
In August 2017, BridgeInvest closed a $4.65MM construction loan secured by a 4,600 SF parcel in the Design District of Miami, FL. The site, which is currently improved by a two-story office building, was purchased for approximately 55% of its market value and is located in Miami’s premier destination for luxury fashion, art and home design. Current plans are to demolish the existing improvements in order to build a three-story, 9,000 SF, high-end retail building with a projected completion date of December 2018. The second and third floors of the planned construction have been pre-leased to an ultra-luxury couture bridal boutique, with expectations of leasing the ground floor closer to project completion. BridgeInvest was able to provide one-stop shop financing for the acquisition of the property, development and new construction. Although the project requires certain entitlements to begin construction, BridgeInvest structured the loan to allow for the initial acquisition with subsequent construction financing, once entitlements are fully acquired.
Private Construction Loan for 150-Room Hotel in Miami
In February 2017, BridgeInvest closed a first-priority construction loan secured by a 2.8-acre parcel adjacent to the Miami International Mall in Doral, FL. The borrower has begun construction on a 100,000 SF, 150-room DoubleTree hotel with an expected completion by mid-2018. In addition to the senior loan, the project funding includes subordinate financing sponsored through the EB-5 Immigrant Investor Program. The loan facility allowed the borrower to draw funds commensurate with the construction schedule without incurring additional costs on undrawn capital. The borrower required an expedited closing under a tight timetable due to a rapidly approaching construction commencement deadline, which BridgeInvest was able to meet.