BridgeInvest Closes $28 MM Loan on Landmark Property in Miami’s Design District
1st Priority Mortgage Loan
BridgeInvest recently closed a $28 MM refinance and improvement loan on a landmark 48,085 square foot mixed-use building in the heart of Miami’s Design District. The neighborhood has emerged as a premier shopping destination in Miami with flagship luxury stores, a pedestrian-friendly environment and celebrity-chef restaurants. The sponsor has already executed a top-floor lease for a new high-end restaurant from the same management group as the highly regarded Juvia restaurant on Lincoln Road, Miami Beach. The bulk of the remaining area consists of Class-A office space with additional street-front, boutique retail along 41st Street, which is rapidly becoming one of the most desirable locations in the Design District.
Design 41 marks the tallest building in the Miami Design District and features a unique mix of space for the area, hosting high-end office space, retail and a luxury rooftop restaurant.
BridgeInvest structured a loan to provide additional advances towards tenant improvements as the sponsor successfully completes pre-leasing of the property.
Demand for Office
The area is known for luxury retail development, but there is limited availability of high-quality office space. This property is the first large, high-quality office building in this market.