Non-Recourse Bridge Loan for Hotel Condo Development in Downtown Miami, Florida

Funded by BridgeInvest

$33,000,000

Deal Details

Private Loan Type

Refinance

Approx. Funding Date

12/21/2018

Property Type
Commercial Land
Property City

Miami

Property State

FL

Lien Type

1st Mortgage

Payment Type

Interest Only

Deal Summary

BridgeInvest, a direct CRE private lender, funded a $33,000,000 1st lien position non-recourse pre-development bridge loan for a planned 98-story, ultra-luxury condominium and hotel development in Downtown Miami, Florida. 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 a 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. This CRE refinance bridge loan was funded in December 2018.

Funded By

BridgeInvest

Bridge & Construction Loans for CRE in the Southeast and Texas