BridgeInvest Funds $5.5 MM Pre-Development Loan in Aventura
1st Priority Deed of Trust
BridgeInvest recently closed a $5.5 MM first-priority, pre-development land loan secured by nine contiguous lots totaling 1.36 acres in Aventura, Florida. The loan allowed the borrower to refinance the existing seller financing and provides time while finalizing their construction plans. The proposed project will be a mixed-use development totaling 118,000 square feet consisting of ground-floor retail, office condos and a 100-room extended stay hotel. Ken Klein of Q Kapital Group represented the borrower in the transaction.
Transaction Highlights
Construction Financing Option
In addition to the current funding, BridgeInvest provided the borrower with the option for construction financing once the project plans are finalized.
Non-Recourse Land Financing
The loan was structured based upon the underlying collateral value, despite the lack of existing cash-flow.
Recently Formed Sponsor
BridgeInvest was able to underwrite the sponsorship’s experience despite their newly formed partnership.
