Private Money Refinance for Luxury Condominium in Fort Lauderdale, Florida

BridgeInvest, a direct CRE private lender, funded a $10MM 1st lien position equity cash-out loan for the developers of two ultra-luxury penthouses in the Paramount Condominium in Fort Lauderdale, Florida. The loan will finance the build-out of one of the penthouse units, providing the Borrower with a completed unit that will facilitate the sale of both. The majority of the loan was utilized to provide liquidity to the Borrower. The asset is a natural niche product due to its location and price point, necessitating bespoke underwriting that traditional lenders could not provide. Each unit consists of four bedrooms, seven bathrooms, a separate family room, an entertainment room, and an expansive private rooftop deck including a private pool. The units benefit from beachfront views, a resort-style pool, beach service, a fitness center, and an expansive game/club room. The property is located on A1A with close proximity to Las Olas, a popular entertainment corridor. This private mortgage loan was funded in January 2019.