Bridge Loan for Miami Warehouse Acquisition

Private bridge loan for the acquisition of a 19,065 square foot warehouse on 0.55 acres in the Wynwood Art District of Miami. The Borrower purchased the property at the time of funding for $2,425,000 so the loan-to-cost is a very conservative 41%. Wynwood is a former industrial area that has evolved to accommodate over 70 art studios and galleries, as well as studios and restaurants. The Borrower intends to reposition the property as a gallery/showroom space and, upon the maturity of the loan, refinance with a traditional lender. BridgeInvest is confident in the success of this loan given the conservative loan-to-value, as well as the high demand for showroom space in the area. This loan was funded in October 2013 and the term was one year.