The Real Deal Miami

BridgeInvest funds Wynwood acquisition loan

Deal closed in less than three weeks with repeat borrower

November 20, 2014 12:45PM

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BridgeInvest closed a loan on a site on NW 2nd Avenue.

BridgeInvest closed a loan for a site on Northwest Second Avenue

Miami-based real estate lender BridgeInvest closed a $2.5 million acquisition loan on a prime redevelopment site in the burgeoning Wynwood Arts District.  This is the second deal that the borrower, a special purpose vehicle managed by local investor Remy Jacobson, has done with BridgeInvest in Wynwood.

The continued influx of new tenants into the area and the site’s location within an emerging submarket made it an attractive project for BridgeInvest.

The site, two large parcels totaling more than 48,000 square feet, is located on Northwest Second Avenue on the corner of 21st Street and includes a one-story warehouse. The properties offer storefront exposure as they span the entire block from 21st Street to 22nd Street and feature 20 parking spaces.

A dispute between the borrower and the seller had caused a delay for the transaction, putting the closing date in question.  However, BridgeInvest was able to structure a loan for the repeat borrower at more than 80 percent loan-to-cost. – Jennifer White Karp

 

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