Private Bridge Loan for Miami Hotel & Marina Acquisition

Funded by BridgeInvest

$20,000,000

Deal Details

Private Loan Type

Purchase

Approx. Funding Date

06/30/2013

Property Type
Hotel
Marina
Property City

Coconut Grove, Miami

Property State

FL

Interest Rate

%

Origination Points

%

Deal Summary

$20MM Senior money bridge loan for the acquisition of a landmark 7.8-acre island property located on Grove Isle in the Coconut Grove neighborhood of Miami. It includes a hotel, club, marina and spa, as well as the land lease that encumbers the waterfront site. The Borrower has been responsible for many of Miami’s most successful developments, particularly the redevelopment of South Beach and Brickell in the 1980’s and 90’s. Bridge Invest was able close the loan in less than three weeks allowing the Borrower to finalize necessary documentation post-closing and receive funds based on a preapproved draw schedule. The Borrower plans to upgrade and expand the property, in accordance with the approved development rights. This bridge loan was funded in June 2013.

Funded By

BridgeInvest

Bridge & Construction Loans for CRE in the Southeast and Texas