Private Construction Loan for Design District Retail Property in Miami, Florida

BridgeInvest, a direct CRE private lender,  funded a $4,650,000 1st lien position private construction loan for a 4,600-square-foot design district retail property in Miami, FL. The site, which is currently improved by a two-story office building, was purchased for approximately 55% of its market value and is located in Miami’s premier destination for luxury fashion, art and home design. Current plans are to demolish the existing improvements in order to build a three-story, 9,000 SF, high-end retail building with a projected completion date of December 2018. The second and third floors of the planned construction have been pre-leased to an ultra-luxury couture bridal boutique, with expectations of leasing the ground floor closer to project completion. BridgeInvest was able to provide one-stop shop financing for the acquisition of the property, development and new construction. Although the project requires certain entitlements to begin construction, BridgeInvest structured the loan to allow for the initial acquisition with subsequent construction financing, once entitlements are fully acquired. This private construction loan was funded in August 2017.