Invests $4.5 Million for Construction of 133-Unit Condo Building in Miami
NEW YORK, NY, USA, November 19, 2018 – einpresswire.com – Infinity Real Estate LLC (Infinity) participated in BridgeInvest’s $24 million loan syndication for the development of FountaineParc, a 133-unit class A multifamily rental building, located at 275 Fontainebleau Boulevard in Western Miami. The property sits on 2.2 acres and will offer more than 100k rentable square feet. Construction is scheduled to begin by the end of 2018 with a completion target of 12 months.
Infinity’s participation was approximately $4.5 million of the total $24 million BridgeInvest loan, and marks Infinity’s tenth debt transaction over the past twelve months.
Steve Kassin, Infinity’s Founder and Managing Partner, noted: “This property aligns well with our investment strategy, and our participation with BridgeInvest underscores our ability to provide debt financing to projects that meet our lending criteria.”
Infinity provides senior, 2nd mortgage, or mezzanine position financing in the range of $2-10 million for well-located projects requiring stabilized, value-add or construction funding. For debt funding above $10 million, Infinity will partner with a single senior lender. In addition to Miami, Infinity is open to lending in urban locations with strong demographics and economic drivers, including other nearby South Florida markets and its other urban focus markets – New York, Washington, DC, Philadelphia, and Boston. Infinity debt investment criteria also include: high-quality product/location; attractive financing terms of less than 75% of LTC and 65% of appraised completed value; and only experienced borrowers with sufficient security for debt collateralization.
Infinity Partner David Berg added: “We have an optimistic outlook for Miami and are open to providing similarly structured debt there, in similar South Florida markets, and in our other urban focus cities of New York, DC, Philadelphia, and Boston.”