Deal Details
Private Loan Type
Refinance
Approx. Funding Date
08/18/2020
Property Type
Property City
Orlando
Property State
FL
Lien Type
1st Mortgage
Payment Type
Interest Only
Purchase Price
$2,460,000
Property Neighborhood
Downtown
Occupancy at Closing
Vacant
Number of Units
360
Lot Acreage
0.9
Exit Strategy
Construction Loan
Borrower Credit Rating
Excellent
Deal Summary
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.