Deal Details
Private Loan Type
Commercial Ground-Up Construction
Approx. Funding Date
11/15/2018
Property Type
Property City
Doral
Property State
FL
Lien Type
1st Mortgage
Payment Type
Interest Only
Number of Units
133
Deal Summary
BridgeInvest, a direct CRE private lender, funded a $24MM 1st lien position 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 Sponsor’s 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 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. This CRE private construction loan was funded in November 2018.