Commercial Ground-Up Construction11/15/2018
In November 2018, BridgeInvest funded a $24MM construction loan for a 133-unit, luxury apartment building in Fontainebleau, a submarket of Doral, Florida. The loan allowed the borrower to immediately commence with the construction of the fully entitled and permitted project. We structured the loan to allow the borrower to draw funds commensurate with the construction schedule without incurring additional costs on undrawn capital. We were able to underwrite the transaction and provide the necessary leverage even though the project marks the sponsors first development project. The completed project will be 7-stories featuring units with high-end finishes along with desirable amenities such as a resort style pool, outdoor lounge, private garden and a fitness center. The apartments will be in close proximity to FIU, Mall of the Americas and Miami International Airport while offering easy access to the Dolphin Expressway.