Coconut Grove, Miami, FL

$20,000,000

Hotel, Marina

Purchase

06/30/2013
Transaction by
BridgeInvest
$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.