Refinance Bridge Loan for Development Site in Downtown Orlando, Florida

LV Lending, a direct private lending firm in South Florida, funded a $4,500,000 1st lien position bridge loan secured by a 0.9-acre vacant site in Downtown Orlando, FL. The property was acquired in 2005 for approximately $2,460,000. The Borrower, a Canadian-based developer, received preliminary site plan approval to develop a 28-story mixed-use building with 360 residential units, a 150-key hotel, a five-story parking garage, and 14,239 square feet of ground-floor retail space. All approvals are expected to be secured by the end of 2020 with groundbreaking slated for Q4 2021. Our bridge loan will likely be paid off with a large construction loan when the project is ready to go vertical. The Borrower has been involved in all facets of commercial real estate including the acquisition, rehabilitation, development, and disposition of properties. Its North American developments and holdings are valued at approximately $350 million. The firm is headquartered in Toronto but maintains U.S. offices in Orlando and Daytona Beach. This CRE bridge loan was funded in August 2020.