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Deal Details
Private Loan Type
Commercial Ground-Up Construction
Approx. Funding Date
02/15/2017
Property Type
Property City
Miami
Property State
FL
Lien Type
1st Mortgage
Payment Type
Interest Only
Number of Units
150
Building Square Footage
100,000
Lot Acreage
2.8
Deal Summary
BridgeInvest, a direct CRE private lender, funded a $16,000,000 1st lien position private construction loan secured by a 2.8-acre parcel adjacent to the Miami International Mall in Doral, Miami, FL. The Borrower has begun construction on a 100,000 SF, 150-room DoubleTree hotel with an expected completion by mid-2018. In addition to the senior loan, the project funding includes subordinate financing sponsored through the EB-5 Immigrant Investor Program. The loan facility allowed the Borrower to draw funds commensurate with the construction schedule without incurring additional costs on undrawn capital. The Borrower required an expedited closing under a tight timetable due to a rapidly approaching construction commencement deadline, which BridgeInvest was able to meet. This private construction loan was funded in February 2017.
Funded By
BridgeInvest
Bridge & Construction Loans for CRE in the Southeast and Texas