Commercial Ground-Up Construction02/15/2017
In February 2017, BridgeInvest closed a first-priority construction loan secured by a 2.8-acre parcel adjacent to the Miami International Mall in Doral, 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.