Palm Beach County, FL

$36,500,000

Commercial Land, Portfolio of Commercial Properties, Portfolio of Residential Properties, Residential Land

Refinance

12/31/2013
Transaction by
BridgeInvest
$36.5MM Senior bridge loan cross-collateralized loan secured by a complex land portfolio in Broward and Palm Beach counties. The portfolio consisted of over 10 assets - a mix of residential land, commercial land, and luxury residential homes, which were assembled by a private developer over the past 30 years. The collateral includes 6 residential waterfront lots, a retail center to be developed with frontage on Boynton Beach Boulevard and an 11-acre undeveloped beachfront parcel with frontage to the Atlantic Ocean and the Intracoastal Waterway in prestigious Hillsboro Beach. BridgeInvest allowed the Borrower to consolidate four outstanding loans facing near-term liquidity events, providing him with the opportunity to strategically develop, market and sell the portfolio to maximize value. This loan was funded in December 2013.