BridgeInvest Closes a $27.4 MM Acquisition Loan for Mixed-Use Property in Miami Beach
First Priority Mortgage Loan
Loan Amount
$27,375,000
Property Type
Retail and Office
Location
Miami Beach, Florida
BridgeInvest closed a $27.4 MM acquisition loan for 930 Lincoln, a 1926-built, three-story retail and office building totaling 36,377 SF at the corner of Lincoln Road and Michigan Avenue in Miami Beach, Florida. Loan proceeds were used to finance the acquisition of the Property and fund planned capital improvements.
Transaction Highlights
- Located on Lincoln Road, one of Miami Beach’s premier retail and dining destinations with marquee tenants including Apple, Alo, Nike, and Mila
- Loan proceeds financed the acquisition and planned capital improvements, which will transform the currently under-capitalized building into a leading asset primed for flagship tenants
- Loan is cross-collateralized by additional sponsor-owned properties along the Miami River and Wynwood to supplement the equity for the transaction
