BridgeInvest Closes $35 MM Loan for Wynwood Moxy Hotel Construction
1st Priority Mortgage Loan
BridgeInvest is excited to announce the recent closing of a $35,000,000 loan for the construction of a 120-key Moxy-branded hotel with 24,000 square feet of retail in the heart of Wynwood in Miami, FL. The initial proceeds were used to pay off existing debt and provide working capital, with the remainder of the loan proceeds reserved to fund construction costs. The future development, which will be flagged with Marriott’s lifestyle focused Moxy brand, is positioned to be one of the first and the most central hotels in Wynwood.
By financing one of Wynwood’s first ground up hotel developments, BridgeInvest is not only committed to supporting Miami’s hospitality sector, but also committed to Wynwood’s thriving Arts and Entertainment industry.
BridgeInvest worked with the sponsor to create a bespoke loan that caters to their needs by bifurcating the loan into two separate tranches, the first for the initial refinance and the second for the future construction.
The sponsor’s experience propelled BridgeInvest to pursue the transaction amid regressed appetite for ground-up hotel construction due to COVID-19’s impact on the sector.