Bridge Loan for Industrial Land Portfolio in Doral & Hialeah, South Florida

Funded by BridgeInvest

$8,000,000

Deal Details

Private Loan Type

Refinance

Approx. Funding Date

10/14/2016

Property Type
Commercial Land
Industrial
Property City

Doral and Hialeah

Property State

FL

Lien Type

1st Mortgage

Payment Type

Interest Only

Building Square Footage

400,000

Lot Acreage

10

Deal Summary

BridgeInvest, a direct CRE private lender, funded a $8,000,000 1st lien position bridge loan secured by 10-acre land parcels of prime industrial sites in Doral and Hialeah, FL. The Sponsor approached BridgeInvest to leverage their significant equity in the Doral asset to execute a quick closing on the Hialeah asset. Once constructed, the two projects will total approximately 400,000 SF of class-A warehouse space featuring small bays and high ceiling heights. Both properties are located in first-rate industrial submarkets of Miami with vacancies consistently below 5%. BridgeInvest worked with the Borrower to cross-collateralize the properties, allowing the Borrower to acquire the Hialeah property without additional cash investment. Their proximity to key thoroughfares such as Highway 826, Highway 836, and the Florida Turnpike make the investment attractive on a long-term basis due to the decreasing availability of undeveloped land in Miami-Dade County. This CRE refinance bridge loan was funded in October 2016. 

Funded By

BridgeInvest

Bridge & Construction Loans for CRE in the Southeast and Texas