Miami Beach, FL - Acquisition of New Luxury Condominium Investment Property
Client: Two private equity individual investors who signed pre-construction contract several years before completion.
Transaction: Acquisition of new construction luxury condominium in the Miami Beach, Florida market. One of the higher floors in building and approx. 3,000 square feet. Located in Edgewater neighborhood near the Design District and Wynwood.
Challenge: Client's traditional lender was not able to provide financing in a timely manner. Client had requested several extensions from seller and was at risk to lose a significant non-refundable deposit from a pre-construction contract.
Opportunity: Sherpa Capital Group LLC was able to provide financing to the investors at sub 70% leverage and close within 5 business days of executed term sheet.
Action: Sherpa Capital Group LLC funded a first mortgage.
Transaction: Acquisition of new construction luxury condominium in the Miami Beach, Florida market. One of the higher floors in building and approx. 3,000 square feet. Located in Edgewater neighborhood near the Design District and Wynwood.
Challenge: Client's traditional lender was not able to provide financing in a timely manner. Client had requested several extensions from seller and was at risk to lose a significant non-refundable deposit from a pre-construction contract.
Opportunity: Sherpa Capital Group LLC was able to provide financing to the investors at sub 70% leverage and close within 5 business days of executed term sheet.
Action: Sherpa Capital Group LLC funded a first mortgage.
