Refinance Bridge Loan for Mixed-Use Development in Aventura, Florida

BridgeInvest, a direct private lending firm in Miami, closed a $15MM pre-development bridge loan for a 2.5-acre mixed-use property in Aventura, FL. The property will encompass two connected buildings with 174 parking spaces. The first building will include 26,000 SF of ground-floor retail and office space. The second building will consist of 160 senior care rental units with over 17,000 SF of ground-floor retail.

The loan proceeds will be used to refinance outstanding debt, fund reserves, and pay for construction costs to continue the development of the parking platform. With the Property being fully entitled, horizontal site work complete, and vertical construction in progress, the Loan was sized off of the costs to partially complete the project including foundations and parking podium. Structuring the loan required BridgeInvest to underwrite the project’s various components including office, retail, and assisted living spaces.

The property is situated at a prime location in Miami-Dade County, adjacent to the Aventura Hospital with easy access to Biscayne Blvd and the variety of nearby retailers.

The Borrower/Sponsor is a current BridgeInvest client who is nearing the completion of the adjacent mixed-use office and hotel project nearby. This CRE bridge loan was funded in January 2021.