Loan Per SF
Condo Inventory: Financing
Lotus arranged $29 million ($15MM / Unit) of condo inventory financing for two ultra-luxury condominiums in the exclusive Sunny Isles market in Florida. The loan basis of $1,350 per SF was a state record for condominium inventory transactions.
Our Client required financing for two fully furnished Penthouse & Beach House units featuring private pools, a vast outdoor space, as well as a movie theater. The high loan ask coupled with a foreign sponsorship with limited domestic experience significantly narrowed the scope of capable lenders to interact with. Furthermore, Lotus had to navigate around complex challenges due to the binary risk of there being only two units, which had already been on the market for 2+ years, especially with the Beach House being an unproven concept in the market at the time.
Lotus arranged and closed the financing within 6 weeks, attracting an institutional lender at the Sponsor’s requested proceeds and within their estimated pricing. Lotus also structured the financing to hyper-amortize the loan down, with an interest-only period in the first 18-months.