MIAMI, FL – The private real estate lending firm BGI Capital, led by Managing Partners Kenneth Baboun and Robert Barthelmess, is pleased to report it has secured $90 million in closings in only 90 days. Noteworthy closings include a $27.5 million loan for the Holiday Inn in Miami and several other significant loans throughout Florida and New York. A unique provider of tailor-made traditional, specialty and bridge financing for commercial and residential real estate, BGI Capital’s 2019 growth and success further establish the firm as a leader in the private lending industry.
As a result of the firm’s accomplishments in 2019, BGI Capital is continuing to invest in the expansion of its team to reach growth objectives for 2020. In the new year, the firm seeks to employ top commercial real estate lenders who show a comprehensive understanding of the Orlando, West Palm Beach, Fort Lauderdale and Tampa markets.
“When we launched BGI Capital in 2017, our focus was on expanding our portfolio and footprint in the real estate sphere,” said Robert Barthelmess of BGI Capital. “Reaching $90 million in closings in 90 days is a great achievement that we could not have done without our dedicated team. As we move into 2020, we will use the experience we’ve gained from the Miami real estate market to continue expanding into West Palm Beach, Tampa, Broward, Orlando and neighborhoods in New York.”
After establishing a strong presence and reputation in South Florida, BGI Capital expanded into the Northeast in February of 2019 by opening its first office in New York, led by Managing Director Luis Tio. The firm’s presence in New York has led to securing multiple loans in Brooklyn, Astoria, the Bronx and Long Island City among others.
“As a private lender, some of the most rewarding loans we have the opportunity to structure or close on are for developments bringing community-building concepts, like FORUM, to areas such as Coral Gables,” says Kenneth Baboun of BGI Capital. “It can be difficult to find the right loan on such short notice for some of these projects, and that’s really where our level of expertise comes into play and will continue to set BGI Capital apart.”
BGI Capital began its strong lending streak in the third quarter of 2019 with the $27.5 million construction loan provided to the Holiday Inn in Edgewater, a neighborhood in Miami, Florida. With demand for hospitality assets steadily increasing within Edgewater, residents in neighboring areas such as Midtown, Brickell and the Biscayne Corridor have truly created a live, work, play destination. The completion of this loan plays a key role in transforming the neighborhood into a regional epicenter for Miami’s urban core. Located at 414 NE 36th Street, the Holiday Inn is slated for completion in 2020 and will feature 207 rooms and approximately 3,000 square feet of retail space on the ground floor.
In November, BGI Capital structured a $12 million bridge loan for a property in Coral Gables’ business district. Just four blocks from Miracle Mile, the building’s ground floor located at 299 Alhambra Circle will be renovated to include the first co-working platform know as FORUM. Bridge loans with a 24-month term, like the one structured for this project, provide existing debt refinance and draw funding for a proposed repositioning of the space.
Further providing a high level of personalization only offered by boutique, private lenders, BGI structured a truly unique model for Biltmore Parc. The firm closed on the project’s inventory loan of $7.5 million for the 32-unit Mediterranean-inspired condominium located at 718 Valencia Avenue. The commercial bridge loan covered the remaining inventory of 10 units at the luxury condominium residence developed by MG Developers.
BGI Capital utilizes its expertise and a substantial network of lenders to structure loans based on specific needs and provides continuous support to its clients. With a presence in West Palm Beach and locations in Miami and New York, BGI Capital has a grip of a variety of lender demographics including international, Latin American and national borrowers. The firm’s extensive network of local, regional and national banks, conduit lenders, mortgage REITs, and private equity firms give it a prime advantage to provide unique and competitive financing solutions and same-day authorizations. BGI Capital also provides personalized service and supports clients throughout the entire loan process to guarantee all their needs are met.
About BGI Capital: BGI Capital is a full-service alternative commercial real estate lending firm which manages its own funds, allowing for flexible lending, same-day authorizations, and expeditious closings. Led by Managing Partners Kenneth A. Baboun and Robert M. Barthelmess, BGI Capital is a direct lender and provider of traditional, specialty, and bridge financing backed by an extensive network of mortgage brokers, real estate agents and businesses that specializes in institutional investors and foreign national clients. As formidable leaders in finance, banking, commercial real estate, and residential development, Baboun and Barthelmess fuse their respective expertise and experience to offer relationship-focused, specialized lending solutions and personalized service. BGI Capital is proficient in both development and commercial real estate and possesses the capability to place debt with larger banks. With a broad network of lenders, BGI Capital is able to structure loans that benefit unique clients and situations, enabling them to surpass traditional lending firms. With continued success in Florida, BGI Capital has expanded into New York, bringing its diverse portfolio of lending solutions to burgeoning communities in the northeast. For more information on BGI Capital, please visit www.bgicg.com