BridgeInvest Closes $3.0 MM Construction Loan in Homestead-1
1st Priority Deed of Trust
BridgeInvest closed a first-priority construction loan secured by a class A distribution facility in Homestead, FL. The sponsor, GBX Capital, needed a lender who could underwrite and finance the project even though construction had already commenced. Once completed, the property will feature approximately 32,000 SF of space with attractive features such as 24 ft. clear ceilings and multiple loading docks per tenant. The facility is already 40% pre-leased, including a substantial block of space which will be occupied by Frito-Lay, a subsidiary of PepsiCo Inc. The property is less than one mile from the Homestead-Miami Speedway and is located within the Homestead Park of Commerce, which is occupied by other noteworthy tenants such as Contender Boats and Eagle Brands.
Due to outstanding payables, the sponsor needed to immediately close a loan to avoid the risk of project delays. BridgeInvest was able to structure and fund the complex construction loan in approximately 30 days ensuring the borrower stayed on track as planned.
BridgeInvest worked with the borrower to increase loan proceeds by allowing the borrower to pledge adjacent land owned by the sponsor, instead of fresh cash equity.
GBX Capital is a newly-formed development platform of experienced Brazilian investors. This project marks their first development in the United States, which proved to be a challenge in securing traditional financing. BridgeInvest’s experience with underwriting foreign guarantors and its unique real-estate network in South America differentiated it from other private lenders.
BridgeInvest has built a strong reputation in the Southeast US for its ability to close transactions on a timely basis.