BridgeInvest Closes an $18.0MM Refinancing Loan in Miami Beach, FL
1st Priority Mortgage Loan
Loan Amount
$18,000,000
Property Type
Hotel
Location
Miami, FL
BridgeInvest is excited to announce the closing of an $18.0 million refinancing loan, senior secured by an 82-key, Art Deco-style hotel in Miami Beach, FL. The Sponsor will use the funds to retire existing debt and complete upgrades to the hotel, as well as a new coffee shop and restaurant, in preparation for an imminent rebrand.
Transaction Highlights:
- Creative loan structure with earnout provisions
- Heavy ramp to stabilization
- Funding amidst the early stages of a flag change
