Miami, FL

$9,445,800

Condominium

Refinance

10/22/2019
Transaction by
BridgeInvest
BridgeInvest recently closed a $9,445,800 bridge loan secured by two condominium units at the Echo Brickell condominium in Miami, FL. The loan is collateralized by two of the premier units within the building: the Lower Penthouse and the Carlos Ott Penthouse. The Lower Penthouse is a “move-in” ready 2,400 square-foot unit with 4 bedrooms, 4.5 bathrooms and soaring 13-foot ceilings. The Carlos Ott Penthouse is an approximately 10,000 square-foot unit sprawled over the entirety of the top two floors of the building with 4 bedrooms and 6.5 bathrooms. Both units are equipped with state-of-the-art Sub-Zero and Wolf appliances and luxury flooring and finishes throughout. The BridgeInvest loan will allow the developer to refinance its prior loan and provide funds to complete the build-out of the larger penthouse. This loan is BridgeInvest’s second loan with the borrower, evidencing the value proposition BridgeInvest is able to provide to repeat borrowers. BridgeInvest was able to navigate the legal and structural challenges associated with closing a loan with ongoing unit interior-buildout at the building. The Carlos Ott Penthouse is one of the largest and most desirable condominium units in Miami. BridgeInvest leveraged its vast network of local experts to underwrite the property, proving its capability to lend against the most unique projects. We funded this bridge loan in October 2019.