Commercial Ground-Up Construction08/15/2017
In August 2017, BridgeInvest closed a $4.65MM construction loan secured by a 4,600 SF parcel in the Design District of Miami, FL. The site, which is currently improved by a two-story office building, was purchased for approximately 55% of its market value and is located in Miami’s premier destination for luxury fashion, art and home design. Current plans are to demolish the existing improvements in order to build a three-story, 9,000 SF, high-end retail building with a projected completion date of December 2018. The second and third floors of the planned construction have been pre-leased to an ultra-luxury couture bridal boutique, with expectations of leasing the ground floor closer to project completion. BridgeInvest was able to provide one-stop shop financing for the acquisition of the property, development and new construction. Although the project requires certain entitlements to begin construction, BridgeInvest structured the loan to allow for the initial acquisition with subsequent construction financing, once entitlements are fully acquired.