Source Realty Capital closes a $7.6 million bridge loan secured by a luxury condo at the Acqualina Ocean Residences in Sunny Isles Beach, Florida.
October 5, 2022 5:00 PM EDT
SUNNY ISLES BEACH, Fla., Oct. 5, 2022 (Newswire.com) –
Source Realty Capital, a New York-based private real estate lender and loan broker, has launched a $7.6 million bridge loan secured by a luxury condo at Acqualina Ocean Residences in Sunny Isles, Florida. Through its network of borrowers and brokers, Source Realty Capital creates private real estate loans for experienced real estate professionals looking to purchase and/or renovate investment properties. Source Realty Capital also offers long-term financing options to real estate investors.
The one-year fixed rate loan will be used to refinance the property’s existing bridge loan, as well as pay off other liens attached to the borrower and the property. The borrower’s current bridge loan had matured and the borrower needed to obtain new bridge financing quickly to avoid a default. This new loan will give the borrower time to secure permanent financing or sell the property. The leverage on this loan was 55% of the current value of the property. The end investor in this bridge loan was a major Miami-based insurance company.
Built in 2006, Acqualina Ocean Residences is a 45-story building that offers three-, four-, and five-bedroom units ranging 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 beachfront spa as well as the famed Il Mulino New York restaurant. The penthouse unit used to secure this bridging 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-in-class,” commented John Femenia, Founder and Principal of Source Realty Capital. “Despite the challenges of transitioning from a bridge loan to a bridge loan, we were able to execute for our client and find an investor who could meet our borrower’s needs in a timely manner.”
ABOUT SOURCE CAPITAL IMMOBILIER
Source Realty Capital was founded by John Femenia in 2019 to capitalize on the need for private capital in the real estate industry. By focusing exclusively on smaller single-family and multi-family properties, Source Realty Capital has been able to carve out a niche and efficiently provide capital to experienced real estate investors. Source Realty Capital has issued over $200 million in private real estate loans.
For more information about Source Realty Capital, please visit www.sourcerealtycapital.com.
Source: Source RealtyCapital