Bridge Loan for Former Hotel Converted to Apartments in Orlando, Florida

Funded by BridgeInvest

$7,000,000

Deal Details

Private Loan Type

Commercial Property Value Add

Approx. Funding Date

07/14/2017

Property Type
Multifamily
Property City

Orlando

Property State

FL

Lien Type

1st Mortgage

Payment Type

Interest Only

Number of Units

185

Deal Summary

BridgeInvest, a direct CRE private lender, funded a $7,000,000 1st lien position 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 CRE bridge loan was funded in July 2017.

Funded By

BridgeInvest

Bridge & Construction Loans for CRE in the Southeast and Texas