Bridge Loan for Miami Industrial Property Refinance

BridgeInvest funded a $9,000,000 private money bridge loan secured by a prime industrial complex near the Miami International Airport. The Borrower acquired the property and an adjacent marina parcel almost a year ago and needed to refinance a short-term purchase money mortgage provided by the seller. Our bridge loan enabled the Borrower to refinance the property on a fixed funding schedule and provided them with additional time to execute its lease-up plan on the unique industrial site. The property consists of approximately 15 acres of land with 300,000 square feet of industrial space, which formerly comprised the Bertram Yacht Facility. The industrial site benefits from its proximity to the Miami Intermodal Center, a massive $2 billion public transportation hub that connects the MIA Airport to the greater South Florida region by metro, rail and bus. The Borrower specializes in adaptive reuse projects in his native Argentina, including retail centers and the large-scale revitalization of old industrial sites. This loan was funded in July 2016.