01
The transaction
A developer agreed to buy 528 Lakeview Court, a waterfront residence in Miami Beach, for $12.5 million. His plan was to enclose about 2,000 square feet and renovate the house.
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$14.5M in 21 days: 528 Lakeview Court
A developer planned to enclose about 2,000 square feet on a Miami Beach waterfront house. We liked the plan and provided $14.5 million of first-position proceeds. Closed in 21 days.
- Loan amount
- $14,500,000
- Purchase price
- $12,500,000
- Plan
- Enclose about 2,000 sq ft
- Position
- First lien
- Days to close
- 21
- Asset
- 528 Lakeview Court, Miami Beach
02
The challenge
He needed proceeds for the purchase and for the work. A loan sized only to the contract price would not fund the enclosure. The closing date was fixed.
03
Matchpoint’s analysis
We reviewed the waterfront property, the $12.5 million purchase, the plan to add about 2,000 square feet, the sponsor, our first lien position, and the exit. We liked the plan. It supported higher proceeds than the purchase price alone.
04
The structure
We structured $14.5 million of first-position financing, enough for the acquisition and the renovation.
05
Execution
The developer dealt directly with the principals. We structured, documented, and closed the loan in 21 days.
The result
Closed in 21 days with $14.5 million of acquisition and renovation proceeds, sized to the plan to enclose about 2,000 square feet.
The property
Renovation renderings.
Concept renderings of the renovation. They illustrate the planned work and are not photographs of the finished house.
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