Philadelphia Bridge Lenders for Commercial Real Estate

Marking its first loan in Pennsylvania, BridgeInvest closed a first-priority bridge loan secured by two apartment properties in Center City, Philadelphia, in November 2016. The Sponsor required a reliable and quick execution to take advantage of an expiring 1031 exchange transaction. The Borrower utilized BridgeInvest’s expedited due diligence process and flexible underwriting to complete the purchase within the allotted time frame. The cross-collateralized loan was structured with holdback escrows to manage various title issues, code violations and necessary improvements affecting both assets that prevented the Borrower from securing traditional financing. Located in the heart of the city, both properties are in emerging areas with excellent access and exposure to Center City, Northern Liberties and Philadelphia waterfront.

$10MM Senior bridge loan to refinance a 140,000 square foot office complex in suburban Philadelphia. The Borrower used Bloomfield’s senior bridge loan to facilitate the discounted payoff of 2 two legacy CMBS loans from the a special servicer representing the prior lender.The property was 75% occupied across multiple buildings. This private mortgage loan also provides for a capital improvement reserve to allow for renovations on vacant space as new leases are signed. The loan-to-cost was 80% but the stabilized loan-to-value is 65%. This bridge loan was funded in October 2014.