Sunny Isles Beach, FL

$3,700,000

Residential Land

Purchase

05/31/2013
Transaction by
BridgeInvest
$3.7MM Private money loan for the acquisition of a 1.4-acre parcel in Sunny Isles Beach for the future development of 15 high-end luxury homes. The Borrower is an experienced real estate developer who had a plan to transform the 8 single-family lots previously approved for low-rise multifamily to a high-end development just steps away from the beach. BridgeInvest was able to creatively underwrite the property and provide the Borrower with a significant portion of acquisition capital in less than 20 days. We tailored the loan to the Borrower’s needs, paying particular attention to minimal termination fees, limited reserves and loose restrictions on use of proceeds. This 1st trust deed private mortgage was funded in May 2013.