The Elser


Condominium Inventory Loan
Miami, FL

Originated a $25.0MM Mezzanine Loan secured by a pledge of Borrower’s equity interest in a 646-unit condominium hotel located in Downtown Miami, Florida. The Class A asset was originally intended to be a multifamily rental building but due to demand for condominiums, the Sponsor elected to convert the asset to a condo/hotel and had over one-third of all units under hard contracts at closing.