Miami Beach, FL
Commercial Ground-Up Construction04/19/2019
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.