BridgeInvest Finances $33 MM Predevelopment Loan for Waldorf Astoria
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.
Transaction Highlights
Flexible Structure. 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.
Reliable Funding. BridgeInvest was able to accommodate the borrower’s need for a year-end closing under an expedited timeframe.
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.
About Us
BridgeInvest is a leading provider of short-term, senior-position CRE bridge loans targeting opportunistic and value-add transactions in the Southeast US and Texas. We are a balance sheet lender and specialize in deals with limited or no cash flow, customized terms and short execution windows.
Contact
Spenser Cardenas | Analyst
[email protected] | BridgeInvest.com | (305) 239-9199