Non-Recourse Bridge Loan for Land Acquisition in Savannah, Georgia

BridgeInvest, a direct CRE private lender, funded a $2,200,000 1st lien position, first-priority, land acquisition, and pre-development loan secured by a well-located multifamily development site totaling 1.64 acres in Savannah, Georgia. The loan allowed the Borrower to purchase the property and proceed with finalizing the development plan and obtaining construction financing. The proposed project is a 164-unit, 6-story multifamily complex, which is only a 15-minute walk from the heart of downtown Savannah. The project will contribute to the continued improvement and revitalization of historic Savannah. BridgeInvest was able to finance over 65% of the below-market acquisition price due to the site’s development potential. We remained engaged with the deal throughout a significant change in the business plan. The loan was structured based on the underlying collateral value, despite no existing cash flow. This purchase bridge loan was funded in August 2018.