Bridge Loan for 10-Property Portfolio in South Florida

Funded by BridgeInvest

$36,500,000

Deal Details

Private Loan Type

Refinance

Approx. Funding Date

12/31/2013

Property Type
Commercial Land
Portfolio of Commercial Properties
Portfolio of Residential Properties
Residential Land
Property City

Palm Beach County

Property State

FL

Interest Rate

%

Origination Points

%

Deal Summary

$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.

Funded By

BridgeInvest

Bridge & Construction Loans for CRE in the Southeast and Texas