Bridge Loan for Miami Apartment Building Purchase

$23MM private bridge loan for the acquisition of a unique 100-unit multifamily building in Coconut Grove, Miami. The Borrower is a successful real estate investment firm that has been very successful at finding strategically located income-producing properties to re-position, hold and manage over the long term in South Florida. The property’s ideal setting benefits from direct views over Dinner Key Marina, Biscayne Bay and Key Biscayne. The apartment building consists of just over 100,000 square feet comprised of 100 apartment units on a 1.5 acre site. The apartments are fully occupied and generating an attractive return. The Borrowers put 30% cash toward the purchase price so the loan-to-value is 70%. They plan to refinance to pay off this senior bridge loan which was funded in January 2015.