BridgeInvest funded a non-recourse pre-development bridge loan for a planned 98-story, ultra-luxury condominium and hotel development in Downtown Miami. Our bridge loan will allow the developer to finalize approvals, market the property and begin residential sales. The project will be branded and operated by Waldorf Astoria. The completed tower, designed by a world renowned architect, will feature an amenity package including a pool, gym, fine dining restaurant, office space and a spa. This was a non-recourse loan, structured based on the underlying collateral value and development potential, despite no existing cash-flow or final approvals. Our financing allows the sponsor to either exit the loan in the near term with limited prepayment penalties or hold the asset for longer term to maximize profitability. Bridge Invest was able to accommodate the borrower’s need for a year-end closing under an expedited time frame, and we funded in December 2018.