Commercial Property Value Add07/14/2017
BridgeInvest closed a $7MM senior bridge loan secured by a 185-unit multifamily complex in Orlando, FL. The loan allowed the sponsor to cash out a portion of the equity created and invest in new opportunities, despite the fact that the property remains in lease-up. The property used to be a hotel, was recently gut-renovated by the owner after years of vacancy. The property benefits from a convenient location off of the FL Turnpike in the rapidly expanding Kissimmee submarket of Orlando. The loan was structured to include an initial advance of $5.5 MM followed by three future advances (‘earn-outs’) as certain occupancy hurdles are reached. These earn-outs will benefit the borrower with immediate equity recapture as they add value through lease-up. This loan was funded in July 2017.