BridgeInvest Closes $1.5 MM Residential Loan in Coral Gables-1
1st Priority Mortgage and 2nd Priority Mortgage
Miami-based real estate lender BridgeInvest is pleased to announce that it recently closed a $1,500,000 loan secured by two prime waterfront residential properties in Coral Gables. The complicated transaction which includes a first lien mortgage on 6819 Granada Blvd (“Granada”) and a second lien mortgage on 325 Leucadendra Drive (“Leucadendra”) was structured and closed in less than one week. The loan allowed the borrower to extract equity from the properties to invest in other pressing business opportunities.
Granada is an approximate 1-acre residential lot located east of the University of Miami. The waterfront property benefits from convenient access to Biscayne Bay by boat and US-1 by car. The borrower plans to eventually develop the property into a luxury home.
Leucadendra is a recently completed ultra-luxury home in the prestigious, gated Gables Estates neighborhood. The waterfront property was completed in 2015 and is currently under contract with an anticipated closing in the first quarter of 2016. The nearly 16,000 sq. ft. property was designed by Ralph Portuondo and features 9 bedrooms and 11 bathrooms.
The borrower, a local developer of luxury homes, approached BridgeInvest on an off market basis due to the complexity of the transaction and need for an expeditious closing. BridgeInvest remains confident in the success of the transaction considering the tremendous demand for luxury waterfront residential properties.