Matt Weilgus Of Mag Mile Capital Arranges $223.5M Bridge Loan For Fort Lauderdale Mixed-Use Property

A bridge loan of $223,500,000 was arranged for the refinancing of a 636-unit mixed-use multifamily and retail property located at 221 Southwest 1st Avenue in Fort Lauderdale, Florida. The property includes 10 retail suites and is categorized as mixed-use, with the financing structured at 76% loan-to-cost and 75% loan-to-stabilized value, featuring a term of 3 years along with two one-year extension options.

Summary of transaction details:

• Property Type: Mixed-use
• Transaction Amount: $223,500,000
• Loan Type: Bridge
• Loan Terms: 3 Years with Two 1-Year Extension Options
• Market: Fort Lauderdale
• Units: 636
• Broker: Matt Weilgus - Mag Mile Capital

The financing was provided by a New York-based debt fund, incorporating a floating-rate loan set at 1-month SOFR plus 3.15%. This funding replaced the construction loan while also covering reserves and closing costs, serving the project's developer/sponsor.