BridgeInvest Finances $25.0 MM Loan for Ultra-Luxury Condominium in Coconut Grove
1st Priority Mortgage Loan
BridgeInvest closed a $25.0 MM pre-construction loan for a planned 65-unit, ultra-luxury condominium located on the landmark Grove Isle in Miami, FL. Grove Isle presents a one-of-a-kind development opportunity on an irreplaceable residential island off the coast of Coconut Grove. The site is currently improved by amenities serving the island including the Grove Isle Hotel, Club, Spa and Marina. The borrower plans to provide an upgraded amenity package, in addition to the new boutique residential tower, that will serve all island residents. The BridgeInvest loan will allow the borrower to commence with demolition and begin construction as well as market the property and complete presales.
Transaction Highlights
Pre-Construction Financing.
BridgeInvest underwrote the transaction based on future development potential despite the current improvements significantly under-utilizing the property.
Repeat Borrower.
The sponsor and BridgeInvest have a longstanding business relationship and this marks the second loan closed together after the initial acquisition of the property in 2013.
Structured Advances.
The loan is structured with multiple advances that provide the borrower with the flexibility to request as needed to complete their development plan.
