Commercial Ground-Up Construction09/30/2016
BridgeInvest funded a $3,000,000 construction loan for an industrial building development project in Homestead, Miami-Dade County, Florida. Due to outstanding payables, the Sponsor needed to immediately close a new construction loan to avoid the risk of project delays. They also needed a private lender who could underwrite and finance the project even though construction had already commenced. BridgeInvest was able to structure and fund the complex construction loan in approximately 30 days, ensuring the project stayed on track as planned. We increased the loan proceeds by collateralizing adjacent land owned by the Sponsor. Once completed, the property will feature approximately 32,000 square feet of space with attractive features such as 24-foot clear ceilings and multiple loading docks per tenant. The facility is already 40% pre-leased. It is located less than one mile from the Homestead-Miami Speedway and is located within the Homestead Park of Commerce, which is occupied by other noteworthy tenants. The Sponsor is an experienced real estate developer based in South America, and this is their first development project in the United States. This loan was funded in September 2016.