Commercial Ground-Up Construction02/15/2021
BridgeInvest, a direct CRE private lending firm, closed a $10.95 MM ground-up construction loan for a 48,500 square foot mixed-use development located in Woodstock, Georgia, a suburb just north of Atlanta. The collateral includes two four-story buildings. The first building will contain 5,000 SF of ground-floor retail space with seven condos over the remaining three floors, while the second building will include a mix of 17,300 SF of restaurant and retail and 11,000 SF of office. The Sponsor will use proceeds to pay for construction costs and lease-up across the property. BridgeInvest was able to successfully structured a complex deal incorporating non-typical collateral, including a letter of credit and a pledged securities account to meet the borrower’s needs. This is the Sponsor’s 2nd commercial real estate development. Although their experience is limited, BridgeInvest believes the Sponsor’s excellent track record across various entrepreneurial ventures will lead to successes in commercial real estate. This project will provide high-quality product in an up-and-coming suburb with an optimistic growth outlook. The property will benefit from its location within downtown Woodstock, which has seen a major transformation over the past decade into a thriving and revitalized commercial, retail and residential district. The area is expected to continue seeing increased growth and development as Metro Atlanta continues its northern sprawl. This construction loan was funded in February 2021.