SoFla landowner gets $36.5M bridge loan

The owner of oceanfront residential land in Broward County and a large retail development site in Palm Beach County has obtained a $36.5 million bridge loan, The Real Deal has learned.

Miami-based BridgeInvest provided the property owner with the financing, which has an 18-month term and a fixed interest rate, according to Miami real estate investment and merchant banking firm Aztec Group, which arranged the transaction. The bridge loan was used to satisfy three existing mortgages and buys the property owner, a local investor, time to decide whether to sell or develop each site. Aztec did not disclose the identity of the property owner in a written statement announcing the transaction.

The financing is secured by 11.3 acres zoned for multifamily development at 1174-1185 Hillsboro Mile in Hillsboro Beach, three oceanfront single-family parcels at 1103, 1105 and 1107 Hillsboro Mile and a 16-acre retail site on the northeast corner of Boynton Beach Boulevard and Jog Road in Palm Beach County.

Aztec director Charles Penan and senior managing director Howard Taft arranged the transaction. — Eric Kalis