BridgeInvest Funds $8.0 MM Luxury Home Construction Loan in Delray Beach
1st Priority Mortgage Loan
BridgeInvest recently closed a $7,975,000 construction completion loan secured by a 12,500 SF waterfront, ultra-luxury home located in Delray Beach, Florida – one of the fastest growing cities in Palm Beach County. Located across A1A from the beach, the three-story home boasts over 140 linear feet of unobstructed ocean views. The property is less than a half mile from Atlantic Avenue, the center for entertainment in Downtown Delray Beach, providing easy access to desirable retail and restaurants. The home includes amenities such as a pool, spa, gym, wine cellar, 5-car garage and a summer kitchen. The loan will allow the sponsor to complete construction and design changes for the home.
Transaction Highlights
Specialty Asset
The home is a niche product due to its unique situation, exclusive location and luxury price point, necessitating bespoke underwriting and a tailored loan structure.
Flexible Loan Structuring
BridgeInvest restructured the initial acquisition loan to fund the additional proceeds required for the sponsor to execute on their business plan.
Repeat Sponsor
This marks the fifth loan closed with the sponsor. The sponsor reached out directly to the lender due to BridgeInvest’s ability to underwrite specialty situations.
