BridgeInvest Funds $25.0 MM Construction Completion Loan in South Beach
1st Priority Mortgage Loan
BridgeInvest recently closed a $25,000,000 construction completion loan secured by a uniquely programmed 68-key hotel located in the heart of South Beach (Miami Beach), Florida. The property will be operated as a lifestyle hotel and will be supported by a restaurant and full bar along with poolside service. Future clientele will be able to walk conveniently to the ocean, Lincoln Road and Miami Beach Convention Center. The loan will allow the sponsor to complete outstanding construction and stabilize the hotel after opening.
BridgeInvest was able to close in a tight timeframe allowing the developer to meet its previous loan’s maturity deadline and complete the project.
BridgeInvest was able to navigate the legal structuring and property assessment challenges associated with closing a loan with ongoing construction.
New Boutique Hotel Brand & Management
The property will be flagged with a new brand and managed by a newly established management company. BridgeInvest understood the deep operating experience of the individuals behind these entities to believe in their ability to execute the business plan.
Unique Operating Model
Despite the lack of operating data on hotels with shared accommodations, BridgeInvest looked through to the intrinsic real estate value to underwrite the loan.