BridgeInvest Finances $33 MM Pre-Development Loan for Waldorf Astoria
1st Priority Mortgage Loan
BridgeInvest funded a $33 MM pre-development loan for a planned 98-story, ultra-luxury condominium and hotel development in Downtown Miami, FL. The project, which is being developed by Property Markets Group, will be branded and operated by Waldorf Astoria. The completed tower, designed by world renowned architect Carlos Ott, will feature an amenity package including a pool, gym, fine dining restaurant, office space and a Deepak Chopra branded spa. The BridgeInvest loan will allow the developer to finalize approvals, market the property and begin residential sales.
Non-Recourse Land Financing.
The loan was structured based on the underlying collateral value and development potential, despite no existing cash-flow or final approvals.
The facility allows the sponsor to either exit the loan in the near term with limited prepayment penalties or hold the asset for longer term to maximize profitability.
BridgeInvest was able to accommodate the borrower’s need for a year-end closing under an expedited timeframe.