BridgeInvest Funds $9.5 MM Refinance & Buildout Loan for Ultra-Luxury Condos
1st Priority Mortgage Loan
BridgeInvest recently closed a $9,445,800 Refinancing and Buildout Completion loan secured by two condominium units at the Echo Brickell condominium in Miami, FL. The project was developed by Property Markets Group (PMG) and designed by world-renowned architect Carlos Ott. The loan is collateralized by two of the premier units within the project: the Lower Penthouse and the Carlos Ott Penthouse. The Lower Penthouse is a “move-in” ready 2,400 square-foot unit with 4 bedrooms, 4.5 bathrooms and soaring 13-foot ceilings. The Carlos Ott Penthouse is an approximately 10,000 square-foot unit sprawled over the entirety of the top two floors of the building with 4 bedrooms and 6.5 bathrooms. Both units are equipped with state-of-the-art Sub-Zero and Wolf appliances and luxury flooring and finishes throughout. The BridgeInvest loan will allow the developer to refinance its prior loan and provide funds to complete the buildout of the Carlos Ott Penthouse.
Transaction Highlights
Repeat Borrower
This loan is BridgeInvest’s second with PMG, evidencing the value proposition BridgeInvest is able to provide to repeat borrowers.
Ongoing Construction
BridgeInvest was able to navigate the legal and structural challenges associated with closing a loan with ongoing unit interior-buildout at the project.
Unique Collateral
The Carlos Ott Penthouse is one of the largest and most desirable condominium units in Miami. BridgeInvest leveraged its vast network of local experts to underwrite the property, proving its capability to lend against the most unique projects.
