BridgeInvest Closes Predevelopment Loan for Luxury Condo Project in Tampa
1st Priority Mortgage Loan
BridgeInvest recently closed an acquisition and predevelopment loan on a land parcel located at 5585 Bowen Daniel Dr, Tampa, FL. The 6.1-acre site is the last piece of developed land in the Westshore Yacht Club community. The sponsor plans to build 257 condominium and townhome residences. The loan also includes the project’s sales center, which was recently completed on adjacent land. The loan proceeds will be used to acquire the property and fund soft costs and marketing costs to prepare the project for vertical construction.
This transaction marks BridgeInvest’s third transaction with the sponsor, evidencing the value proposition BridgeInvest delivers to its clients.
The loan includes funds for requisite predevelopment and marketing costs to move the project towards groundbreaking.
Prior to closing, the sponsor increased the site’s value by achieving certain entitlements. BridgeInvest was able to underwrite an upsized land value in excess of the original purchase price.