BridgeInvest has provided a $5.2 million acquisition and rehabilitation loan for a 12-unit rental apartment building on Collins Avenue in Miami Beach, Fla. Eastern Union Funding arranged the financing, which includes a capital expenditure reserve for the gut renovation of the property.
Located just steps from the beach in one of Miami’s premier tourist destination markets, the 1941-built community was encumbered by a historical tax designation. The borrower intends to convert the existing, oversized units into 18 short-term rentals.
BridgeInvest structured the loan to allow for various design possibilities, pending historic board approval. The loan provider accommodated a short closing timeline after another lender reneged on the transaction near the deadline.
Collins Avenue is one of the most sought-after areas in Miami Beach. On the west side of the street, Verzasca Group is building Aurora Sunny Isles Beach, a luxury project set to feature 61 condos. The developer is also relocating its sales center at 17600 Collins Ave., adjacent to the project site.
Image courtesy of BridgeInvest