Dania Beach, FL
BridgeInvest funded a $3,600,000 private money bridge loan secured by a prime redevelopment site in Dania Beach, Broward County, FL. The Borrower, a group of local investors, needed to refinance their previous loan which was set to mature just two weeks before we funded this loan. They needed a reliable private lender to fund within their tight deadline. The loan was structured to an as-is LTV (loan-to-value) of approximately 50%. However, the Borrower’s cost basis in the project was significantly lower as they had increased value by securing higher density and height variances. BridgeInvest’s loan allowed them to capitalize on the additional equity they had created. They plan to sell the land to a developer soon. As the Borrower negotiates with various potential purchasers, they were in need of a flexible prepayment structure. Our loan allows for prepayment at any time with a short low six-month yield maintenance. The property is zoned and approved for a multifamily development of up to 350 residential units. Located one mile from the Atlantic Ocean with access to both US-1 and I-595, the site provides excellent access throughout Southeast Florida. The location is attractive to potential developers based on its proximity to the beach, access to nearby employment hubs and complimentary surrounding development. This transaction was funded in August 2016.