Source Realty Capital, a New York-based private real estate lender and loan broker, has originated a $7.6 million bridge loan secured by a luxury condo at the Acqualina Ocean Residences in Sunny Isles, FL. Through its network of borrowers and brokers, Source Realty Capital originates private money real estate loans for experienced real estate professionals looking to buy and/or renovate investment properties. Source Realty Capital also provides long-term financing options to real estate investors.
The 1-year, fixed-rate loan will be used to refinance the property’s existing bridge loan, as well as pay off other liens tied to the borrower and property. The borrower’s current bridge loan had matured, and the borrower had to secure new bridge financing quickly to avoid a maturity default. This new loan will give the borrower time to either secure permanent financing or sell the property. The leverage on this loan was 55% of the current property’s value. The end investor on this bridge loan was a large Miami-based insurance company.
Built in 2006, the Acqualina Ocean Residences is a 45-story building that offers three, four, and five-bedroom units from 2,200 square feet to over 6,000 square feet. Additionally, the building offers two restaurants, three pools, room service, and a 20,000-square-foot oceanfront spa as well as the acclaimed Il Mulino New York restaurant. The penthouse unit used to secure this bridge loan was a 6,400-square-foot unit with 2,700 square feet of balcony space, including a private pool.
“The Acqualina is a one-of-a-kind luxury building. Even in a competitive high-end market like Miami, this building stands out as best-of-class,” commented John Femenia, founder and principal of Source Realty Capital. “Despite the challenges of going from bridge loan to bridge loan, we were able to execute for our client and find an investor that was able to meet our borrower’s needs in a timely manner.”
