BridgeInvest Closes a $29.5 MM Acquisition Loan in Miami Beach
1st Priority Mortgage Loan
Loan Amount
$29,500,000
Property Type
Office
Location
Miami Beach, FL
BridgeInvest is excited to announce the closing of a $29.5 MM loan to finance the acquisition and renovation of a 60k SF boutique office building in the South of Fifth neighborhood of Miami Beach, FL. Upon acquisition, the sponsor plans to carry out a series of physical improvements, including a renovation of the façade, common areas and lobbies, as well as the buildout of several office suites to make spaces turn-key ready.
Transaction Highlights:
- New acquisition & renovation in a supply constrained office market
- High profile art deco asset with brand name tenants
- Creative structure with future funding and earnouts tied to leasing momentum & execution of the business plan
