BridgeInvest Funds $5.2MM Miami Beach Short-Term Rental Conversion

BridgeInvest recently financed a $5.2MM acquisition and rehab loan for a 12-unit rental apartment building on Collins Ave in Miami Beach, FL. The borrower plans to convert the existing, over-sized units into 18 short-term rentals. The property is located steps from the beach in one of the premier tourist destination markets of Miami. The loan was arranged by Eastern Union Funding.

Transaction Highlights

Unique Asset Class. The borrower plans to operate the property as short-term rentals, which is unique to the area. BridgeInvest was able to underwrite the transaction to the borrower’s needs despite the limited information available on the asset class.

Value-Add Upside. The loan includes a capital expenditure reserve for the total gut renovation of the property with a new layout to maximize efficiency for the new use.

Short Closing Timeline. BridgeInvest was able to accommodate a short closing timeline while offering favorable terms after another lender reneged on the transaction near the closing deadline.

Historic Designation. Built in 1941, the property is encumbered by a historical tax designation. Despite potential challenges, BridgeInvest was able to structure the loan to allow for various design possibilities pending historic board approval.

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

Javier Herrera | Vice President

Javier@BridgeInvest.com | 

C: 305-733-1944