Bridge Loan for Land Acquisition in Charlotte, North Carolina

BridgeInvest funded a $6,000,000 bridge loan for the acquisition of 180 acres of land located within the Charlotte, North Carolina metro area. The project will be developed into a single-family and townhome rental community totaling approximately 535 units. BridgeInvest was able to underwrite the transaction based on future development potential without final approvals and entitlements in place. The Sponsor is a residential and multifamily development firm based in Miami that provides attractive workforce housing options throughout historically underserved markets across the Southeast U.S. They took advantage of a rare opportunity to acquire a large tract of land within the I-485 loop that encircles Charlotte. BridgeInvest has previously financed other similar projects in Florida, North Carolina, and Tennessee. They trusted our previous track record of closing complex land acquisition opportunities together in an efficient and expeditious manner. This bridge loan was funded in March 2021.