Boutique lender Electra Capital has officially entered the bridge loan market. The firm has funded a $92 million bridge loan for Four West Las Olas, a 25-story luxury apartment building in downtown Fort Lauderdale, Fla.

Not only does this loan mark the lender's entry into the bridge loan space, it is also the largest loan that Electra Capital has funded to date. Electra Capital partnered with Benefit Street Partners Realty Trust, a public non-traded mortgage REIT, to provide the senior mortgage of $76 million. Electra Capital held a $16 million mezzanine loan. Despite the size of the loan, the deal closed in 22 days.

During the pandemic, all of Electra Capital's other loans have been less than $15 million. The loans include $12.2 million in preferred equity for the acquisition of the 330-unit Pines at Woodcreek Apartments in Houston, Texas; $3.25 million preferred equity investment in The Carter, a 300-unit apartment community in Norcross, Georgia; a $5.5 million preferred equity investment in Stonebridge at City Park Apartments, a 240-unit community in Houston, Texas; and $4.1 million preferred equity investment in Element at University Park, a 192-unit apartment community in College Station, Texas.