Eyzenberg & Company arranged a $9.3MM pre-development loan to carry a luxury for-sale townhome site to a construction loan closing on the water in Jupiter, FL.
Challenges
The Sponsor was seeking to take out an existing bridge loan that was used to acquire the site and was reaching maturity. The Sponsor had not reached the level of pre-sales needed to secure the construction financing, necessitating a bridge loan to carry the project to shovel ready. Bridge to bridge execution is extremely challenging from a financing perspective because the new lender questions the viability of the project.
