Bridge Loan for Vacant Industrial Property in Kannapolis, North Carolina

BridgeInvest, a direct CRE private lender, funded a $3.5 MM refinance bridge loan secured by a 148,000-square-foot industrial facility located in Kannapolis, North Carolina, a suburb north of Charlotte. The Borrower will use the cash-out loan proceeds to pay off existing loans and prepare the asset for sale. The property was vacant and not cash-flowing. It was most recently used as an FDA-approved pharmaceutical manufacturing plant with clean laboratory, office, and warehouse space. The high-spec equipment is a huge benefit and value-add. The Sponsor was a business owner with limited commercial real estate experience. However, we looked past that, and the loan was structured based on real estate collateral only. BridgeInvest executed and closed the transaction in a few weeks to meet the sponsor’s needs. This CRE property bridge loan was funded in March 2021.