Deal Details
Private Loan Type
Refinance
Approx. Funding Date
09/14/2020
Property Type
Property City
Garland
Property State
TX
Lien Type
1st Mortgage
Payment Type
Interest Only
Location Type
Suburban
Lot Acreage
78
Deal Summary
BridgeInvest, a direct CRE private lender, funded a $4,000,000 bridge loan secured by 78-acres of suburban land located in the Dallas Fort Worth metro area, TX. The collateral consists of two separate tracts that are both currently in the design and pre-development phase. The first parcel located in Garland has 35 acres and is approved for a 400-unit senior housing development. The second parcel located West of Dallas consists of 43 acres and is planned for a 322-unit build-for-rent, single-family home development. The Sponsor is a full-service real estate investment and development firm based in Dallas, with a focus on single-family and multifamily development. The Sponsor intends to use the proceeds from BridgeInvest’s loan to refinance the property’s prior debt, complete entitlements, and fund project soft costs. This CRE bridge loan was funded in September 2020.