Commercial Condominium, Hotel, Mixed-Use
Commercial Ground-Up Construction07/25/2019
BridgeInvest funded a $36MM construction loan secured by a 10-story mixed-use project in Aventura, Miami-Dade County, Florida. We provided the initial acquisition financing for the property before closing on the construction loan. This saved the borrower time and provided peace of mind that the project would be fully funded at acquisition closing. We were able to structure the loan within a capital stack which included equity, EB-5 funds, condo deposits and other subordinating debt. The property has both a for-sale condominium component and an operating hotel component which will be separated through a master condominium regime creating a challenge for other lenders to underwrite. The project will include a 100-room Tapestry Collection by Hilton and approximately 50,000 square feet of office and retail condominiums. The property is centrally located adjacent to the Aventura Hospital and within one mile of Aventura Mall. Project plans call for extended stay rooms featuring kitchenettes and premium amenities in addition to office suites designed for medical tenants who will provide ancillary services to the hospital. Our loan will allow the sponsor to complete construction, sell the remaining condo units and stabilize the hotel after opening. This private construction loan was funded in July 2019.