Bridge Loan for Mixed-Use Property Acquisition in Manhattan, New York

BridgeInvest, a direct private lending firm based in South Florida, funded a $12MM 1st lien position bridge loan for the acquisition of two adjacent, mixed-use buildings in Manhattan’s East Village, NY. Both buildings of the property are comprised of ground-floor retail units with full-floor residential units on the upper levels. The loan was structured to provide the Borrower with maximum leverage while also managing cash flow as the property is brought to stabilization through improved operational efficiency. The loan allows BridgeInvest to release certain portions of the collateral as the Sponsor successfully executes specific aspects of the business plan. The Sponsor intends to use loan proceeds to improve the operational efficiency of the property while also considering future physical improvements to capture the asset’s potential upside. This deal marks BridgeInvest’s first loan in New York City, and it was funded in January 2020.