BridgeInvest Closes $35 MM Loan for North Miami Development Site
1st Priority Mortgage Loan
BridgeInvest is excited to announce the recent closing of a $35 million senior secured loan to refinance an 18-acre mixed-use development site in North Miami Beach, FL. The property has city approvals for a multiple structure development, featuring 1,488 multifamily units, along with office space, retail, a hotel and an educational facility. The loan proceeds will allow the sponsor to complete necessary horizontal infrastructure sitework prior to moving forward with the vertical development of the property.
BridgeInvest executed and closed the transaction in just eight days to meet the sponsor’s financing deadline prior to quarter end.
The loan allows the sponsor to quickly move onto the vertical construction phase of its project, while still providing enough time to optimize the site plan.
BridgeInvest was able to underwrite the property despite it being a registered brownfield site.