As we entered into this new year the Miami Commercial Real Estate market as continued to see a lot of growth. Investors from the northeast U.S. and Latin America continue to spend their money in Miami. One firm in particular can attest to this growth.
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“BGI Capital “closed on $90 million in commercial bridge loans in the last 90 days of 2019, the firm said. Some 90% of the closings — valued at $80 million — occurred in Miami, with the rest in New York City, said co-managing partner Robert Barthelmess. Investors from the northeast, Colombia, Mexico and Venezuela helped the firm exceed its’ lending goal of $80 million, he said.”
“It is a market that we feel comfortable about. Because of the situation in Latin America and tax changes, investors are coming to Miami from elsewhere,” Barthelmess said.
BGI Capital has yet to determine a lending goal for the first quarter of 2020. But, Barthelmess said, the firm will prioritize investing in high-density areas in Miami-Dade County, Broward and West Palm Beach. Coral Gables, Wynwood, Edgewater and Hialeah are of particular interest, he said.
“We like high density areas because population can cure a lot of ills,” Barthelmess said. “It drives demand.