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

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FINANCED
$223,500,000

Florida

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Mixed-use
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FINANCED

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

221 Southwest 1st Avenue

See Similar Deals
Mixed-use
Financed
the dealplayerscompscontact
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Summary

FLORIDA
Asset Type:Mixed-use
Transaction Type:Loan

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.

Players

Matt Weilgus
Mag Mile Capital
Matt Weilgus
5 deals$246.8M volume
BROKER

Details

FINANCED
IMAGE: Adam Neumann & Matt Weilgus DATE: 03/10/2026 ADDRESS: 221 Southwest 1st Avenue MARKET: Fort Lauderdale ASSET TYPE: Mixed-use ~ UNITS: 636 BROKER: Matt Weilgus - Mag Mile Capital (@MagMileCapital) LOAN AMOUNT: $223,500,000 LOAN TYPE: Bridge LOAN TERMS: 3 Years with Two 1-Year Extension Options NOTE: Mag Mile Capital arranged a $223.5 million bridge loan for the refinancing of a 636-unit mixed-use multifamily and retail property with 10 retail suites in Fort Lauderdale, Florida. A New York-based debt fund provided the floating-rate loan (1-month SOFR + 3.15%) to the project’s developer/sponsor, replacing the construction loan and funding reserves and closing costs; the financing was structured at 76% loan-to-cost and 75% loan-to-stabilized value with a three-year term and two one-year extensions.

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Deal Type
Debt Service Coverage Ratio (DSCR)

1.05x

Max Loan Amount

$223,500,000.00

Monthly NOI$1,490,000.00
Monthly Debt Service$1,412,672.03
Change in Cash Flow$0.00
Refinance Proceeds$0.00