Bridge Loan for Miami Beach Motel to Multifamily Conversion

Funded by Stormfield Capital, LLC


Deal Details

Private Loan Type

Commercial Property Value Add

Approx. Funding Date


Property Type
Property City

Miami Beach

Property State


Lien Type

1st Mortgage

Purchase Price


Loan-to-Purchase Price


Borrower's Contribution to Purchase


Source of Borrower's Contribution


Renovation Budget


Renovation Budget Funded


After-Repair Value


Loan-to-After-Repair Value


Number of Units


Borrower's Plan

Build and Hold

Exit Strategy


Borrower Credit Rating


Deal Highlights

Stormfield funded 80% of the acquisition cost & the entire rehab budget on a rolling basis.

Deal Summary

Stormfield Capital, a direct CRE bridge lender, funded a $3M loan for the purchase and renovation of an 18-unit motel in North Miami Beach, FL. The Borrower/Sponsor is an active developer in Miami and New York City. They are converting the motel into an 18-unit multifamily property. The purchase price was $3,000,000 and the rehab budget was $600,000. The Sponsor contributed 20% cash toward the purchase. Stormfield funded the rest of the acquisition cost and the entire rehab budget on a rolling basis. We estimated the completed value to be around $4,615,000 which will make our financing 65% loan-to-completed value. We did our own in-house valuation and did not require a formal appraisal. Upon completion of the project, the Sponsor plans to refinance our loan with permanent financing and hold the property for a long-term investment. This commercial property value-add project was funded in October 2021.

Funded By

Stormfield Capital, LLC

Direct Balance-Sheet Lender for Investment Properties