Delray Beach, FL
Commercial Land, Residential Land
BridgeInvest closed four first-priority mortgage loans totaling $11.24 million secured by a mix of commercial and residential development sites in Delray Beach, Florida – the fastest growing city in Palm Beach County. The portfolio benefits from its close proximity to the Atlantic Ocean and Atlantic Avenue, the main entertainment corridor in Delray Beach. The loans allowed the Sponsor to continue their aggressive expansion into South Florida after developing a ten-year track record of residential and multifamily projects in the Northeast US. The portfolio is secured by land intended for both residential and mixed-use development, requiring complex analysis performed in a timely manner. We closed three separate loans within thirty days, providing the Sponsor with certainty of execution to take advantage of market opportunities. The fourth loan was funded within one week of the commitment date in order to accommodate the short closing timeline. This loan was funded in October 2017.