Equity Cash Out12/27/2019
BridgeInvest funded a $10.75 MM pre-development and cash-out bridge loan in the Orlando, Florida suburb of Davenport. The loan’s collateral includes three commercial outparcels and 243 single-family lots on 75 acres of land. Two of the three commercial outparcels have recently executed retail ground leases for a national restaurant operator. Outside of the loan’s collateral, the site will also be anchored by a full-service hospital owned and operated by Orlando Health, one of the two major medical service providers in Central Florida. The loan proceeds will allow the Sponsor to finance the horizontal development of the three commercial parcels and also provide it additional liquidity. The property is located within a Florida Development of Regional Impact (“DRI”), requiring a unique analysis of the collateral’s value given complex DRI-related zoning regulations. This is the second loan located in a DRI that BridgeInvest has closed in 2019. The Sponsor is a major South Florida-based development and construction firm that is spearheading development in the area. They were also an existing client that we have provided private financing to in the recent past. This CRE bridge loan was funded in December 2019.