Deal Details
Private Loan Type
Residential Rehab
Approx. Funding Date
03/09/2019
Property Type
Property City
Delray Beach
Property State
FL
Lien Type
1st Mortgage
Payment Type
Interest Only
Building Square Footage
12,500
Deal Summary
BridgeInvest, a direct CRE private lender, funded a $8MM 1st lien position construction completion loan secured by a 12,500-square-foot waterfront, ultra-luxury home located in Delray Beach – one of the fastest growing cities in Palm Beach County. The loan will allow the Sponsor, to complete construction and design changes for the home. We restructured the initial acquisition loan to fund the additional proceeds required for the Sponsor to execute their business plan. This marks the fifth loan closed with this Client. The home is a niche product due to its unique situation, exclusive location, and luxury price point, necessitating bespoke underwriting and a tailored loan structure. Located across A1A from the beach, the three-story home boasts over 140 linear feet of unobstructed ocean views and is less than a half mile from Atlantic Avenue, the center for entertainment in Downtown Delray Beach, providing easy access to desirable retail and restaurants. The home includes amenities such as a pool, spa, gym, wine cellar, 5-car garage, and a summer kitchen. This private money construction loan was funded in March 2019.