$4,400,000 bridge loan on Southern Breeze and Southern Garden Apartments in Niceville and Valparaiso, Florida. Southern Gardens Apartments consists of 84 rental units within 20 two-story buildings situated on 8.08 acres of land in Valparaiso, Florida. Southern Breeze Apartments consists of 36 rental units housed within 9 one- and two-story buildings totaling 29,900 rentable square-feet on 3.0 acres of land in Niceville, Florida. The loan proceeds went toward acquiring and renovating the two multifamily properties totaling 120 units. The borrower stabilized the struggling properties and was able to fully lease up both properties by the time the loan matured in December of 2016.