BridgeInvest Closes a $16.5 MM Land Acquisition Loan in Sarasota, FL
1st Priority Mortgage Loan
BridgeInvest is excited to announce the successful closing of a $16,500,000 pre-development loan that is senior secured by 2.7 acres of covered, infill land bisected by a public road in Sarasota, FL. The Sponsor will develop the property into a mixed-use complex including luxury condominiums, a hotel with a rooftop restaurant, and ground-floor retail.
- BridgeInvest was able to comfortably underwrite the unique piece of large-tract infill land in a city with complex zoning provisions.
- Critical to the transaction’s success is approval from the city to privatize the bisecting public street, around which BridgeInvest was able to comfortably structure the loan.
- Funding was provided to reimburse for predevelopment costs incurred by the Sponsor and facilitate successful execution of the business plan.