BridgeInvest funds Wynwood acquisition loan

Miami /
Nov.November 20, 2014 12:45 PM

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

 

Related Articles

arrow_forward_ios
Photo illustration of Bazbaz Development's Sonny Bazbaz along with a rendering of the planned development at 2134 North Miami Avenue in Wynwood (Getty, Bazbaz Development, LoopNet)
Bazbaz buys Wynwood development site for mixed-use project
Bazbaz buys Wynwood development site for mixed-use project
Third Point’s Dan Loeb and Livwrk's Asher Abehsera 2050 North Miami Avenue (Third Point, Livwrk, Google Maps, Getty)
Billionaire Dan Loeb selling Wynwood site to Brooklyn developer
Billionaire Dan Loeb selling Wynwood site to Brooklyn developer
Andrew Zobler with a rendering of the NoMad Residences project in Wynwood
Farsighted: Andrew Zobler talks hotel market, surviving the dip and more
Farsighted: Andrew Zobler talks hotel market, surviving the dip and more
Alchemy’s Brian Ray, Joel BreitKopf and Kenneth Horn with 18 Northwest 23rd Street and rendering of planned mixed-use project (Alchemy-ABR, Google Maps)
Alchemy plans mixed-use project on Salvation Army parking lot in Wynwood
Alchemy plans mixed-use project on Salvation Army parking lot in Wynwood
From left: Robert Finvarb and Steven Hidary with 2600-2610 North Miami Avenue
Texas restaurant group inks first deal in Miami
Texas restaurant group inks first deal in Miami
AJP Real Estate’s Alberto Pérez and Thor Equities’ Joseph Sitt with Wynwood Walk and MedSquare Health medical offices ( AJP Real Estate, Thor Equities)
Lease roundup: AJP, Mas fully lease Kendall medical offices
Lease roundup: AJP, Mas fully lease Kendall medical offices
2100 Northwest Miami Court, 2101 Northwest First Avenue and 2127 Northwest First Avenue (Google Maps, Getty)
Another Wynwood dev site hits market asking above $30M
Another Wynwood dev site hits market asking above $30M
Block Capital Group's Gustavo Miculitzki and a rendering of the proposed five-story, 17-unit apartment project at 91 Northwest 27 Street in Miami’s Wynwood (MKDA)
Block Capital proposes 17-unit Wynwood apartment project
Block Capital proposes 17-unit Wynwood apartment project
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...