Bridge Loan for Commercial Land Development Project in Aventura, Florida

BridgeInvest, a direct CRE private lender, funded a $5,500,000 1st lien position bridge loan secured by a commercial land development project (nine contiguous lots totaling 1.36 acres) in Aventura, FL. The loan allowed the Borrower to refinance the existing seller financing and provided 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 on 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.