The 1.8-acre project site is located between 1881 and 1901 79th Street Causeway, about eight miles north of Downtown Miami. DDB Investments is planning to develop a 20-story, 118-unit luxury condominium tower to be called the Bridgewater. The project will have 67 one-bedroom units and 51 two-bedroom units, as well as a three-level, 244-space parking garage. Construction of the Bridgewater is slated to start in mid-2004 and Fortune International Realty will market the units.
"Builders Bank is pleased to provide financing for this outstanding infill development site, our first loan since the recent opening of the Bank's Miami Commercial Real Estate Loan Office," says Gregory S. Walls, senior vice president of Builders Bank who arranged the financing along with senior underwriter Shannon P. Eidman. "Our borrower's extensive experience in the development and marketing of luxury condominiums in South Florida combined with the demonstrated strength of the local market is expected to make this a highly successful project." He adds that Builders Bank intends to expand its Florida lending activity and expects to provide more of this type of financing.
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