Deal Details
Private Loan Type
Purchase
Approx. Funding Date
08/15/2018
Property Type
Property City
Savannah
Property State
GA
Lien Type
1st Mortgage
Payment Type
Interest Only
Loan-to-Purchase Price
65%
Borrower's Contribution to Purchase
35%
Source of Borrower's Contribution
Cash
Number of Units
164
Lot Acreage
1.64
Deal Summary
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.