MIAMI—Dream Downtown Miami just secured a bridge loan to acquire the historic Dade-Commonwealth building. The $11.2-million, seven-story, office building sits in Downtown Miami.

Avison Young's NYC-based Debt, Joint Venture and Structured Capital team arranged $7.35 million bridge loan for Florida Redevelopment Project. Avison principal David Eyzenberg and director Amanda Saltzman secured the loan on behalf of the developer.

"While it was challenging that the property had not obtained a 40-year recertification, which precluded obtaining a clean title and left ambiguity on the scope of renovation that may be required by the local municipality, we were able to identify a non-recourse lender that is familiar with the location, having recently funded a bridge loan against a similar property in the area, and became comfortable with the borrower's vision for the project," says Eyzenberg. "Additionally, we were able to craft a creative recourse burn-off structure, coupled with flexible reserves, to box in the potential recertification risk."