Coppell, TX

$12,300,000

Retail

Refinance

09/17/2019
Transaction by
BridgeInvest
BridgeInvest funded a $12,325,000 senior bridge loan secured by a 110,860 square foot neighborhood shopping center in the Dallas suburb of Coppell, Texas. The loan will not only refinance the property, but also provide the sponsor with ample proceeds to complete the build-out of the anchor space and further stabilize the property through lease-up and tenant improvements of the property’s in-line spaces. The property will be anchored by a lifestyle fitness center replacing a regional grocer that recently vacated the space, creating a credit scenario that was difficult for traditional lenders to underwrite. We got comfortable with the tenant’s creditworthiness and structured the loan accordingly to meet the borrower’s needs. We accrued a portion of the interest until maturity, providing the borrower the flexibility to execute their business plan while also effectively managing costs. The loan also includes multiple advances to fund tenant improvements and leasing commissions as the anchor and in-line spaces are leased. The property is located in an affordable sub-market just north of the Dallas Fort Worth International Airport and right off of the I-635 expressway. The strong location will provide tenants a strong flow of potential customers while maintaining the property’s role as a true neighborhood center. This bridge loan was funded in September 2019.