Private Construction Loan for Luxury SFR in Palm Beach, Florida

Funded by BridgeInvest

$11,500,000

Deal Details

Private Loan Type

Residential Ground-Up Construction

Approx. Funding Date

08/15/2018

Property Type
Single Family Residence
Property City

Palm Beach

Property State

FL

Lien Type

1st Mortgage

Payment Type

Interest Only

Deal Highlights

BridgeInvest closed the loan in just three weeks.

Deal Summary

BridgeInvest, a direct CRE private lender, funded a $11,500,000 1st lien position ground-up construction loan for a single-family home in Palm Beach, Florida. We closed an $11.5MM acquisition and construction loan for a to-be-built 11,500 SF ultra-luxury home. The proposed house will include a theater, game room, library, and pool house. The site benefits from direct ocean views, enhanced by a favorable elevation, and private beach access. The property is located in an exclusive, high-end, estate area of Palm Beach. The asset is a natural niche product due to its location and price point, necessitating bespoke underwriting that traditional lenders could not provide. The construction loan was structured to provide the Borrower with the flexibility to pursue several possible business plans and exit strategies. BridgeInvest closed the loan in just three weeks enabling the Borrower to execute a purchase contract with a rapidly approaching expiration date. This SFR private construction loan was funded in August 2018.

Funded By

BridgeInvest

Bridge & Construction Loans for CRE in the Southeast and Texas