Deal Details
Private Loan Type
Refinance
Approx. Funding Date
10/14/2016
Property Type
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.