Aventura, FL

$5,500,000

Commercial Land

Refinance

11/14/2017
Transaction by
BridgeInvest
$5.5 MM first-priority, pre-development land loan secured by nine contiguous lots totaling 1.36 acres in Aventura, Florida. The loan allowed the borrower to refinance the existing seller financing and provides time while finalizing their construction plans. The proposed project will be a mixed-use development totaling 118,000 square feet consisting of ground-floor retail, office condos and a 100-room extended stay hotel. In addition to the current funding, BridgeInvest provided the borrower with the option for construction financing once the project plans are finalized. The loan was structured based upon the underlying collateral value, despite the lack of existing cash-flow. BridgeInvest was able to underwrite the sponsorship’s experience despite their newly formed partnership. This loan was funded in November 2017.