Fort Lauderdale, FL
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.