Miami, FL

$3,500,000

Mixed-Use

Purchase

02/28/2013
Transaction by
BridgeInvest
Senior bridge loan for the acquisition of a mixed-use property on 3.67 acres on Biscayne Boulevard in Miami. The property included a 121,575 square foot eleven-story office building, a 25,000 square foot retail annex and 1 acre of development land. The Borrower is a local real estate investment group with particular expertise in opportunity-driven, value-added acquisitions and development projects. They had presented several development strategies for the property including: adaptively reusing the building as an office, converting to residential lofts, adapting it into a storage facility or developing a new retail project on the site. BridgeInvest was able to offer a non-recourse bridge loan with a portion of the interest deferred. It was funded in February 2013.