Deal Details
Private Loan Type
Refinance
Approx. Funding Date
12/31/2013
Property Type
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.