Refinance Bridge Loan for Industrial Land in Woodbridge, New Jersey

Funded by BridgeInvest

$15,000,000

Deal Details

Private Loan Type

Refinance

Approx. Funding Date

06/24/2021

Property Type
Commercial Land
Industrial
Property City

Woodbridge

Property State

NJ

Lien Type

1st Mortgage

Payment Type

Interest Only

Building Square Footage

350,000

Lot Acreage

25.6

Deal Summary

BridgeInvest, a direct CRE private lender, closed a $15MM loan for the refinance of a 25.6-acre industrial land assemblage in Woodbridge, NJ. At closing, the sponsor was in the process of receiving entitlements to develop an over 350,000-square-foot logistics center on the property. The loan proceeds were used to refinance the existing debt which had a near-term maturity, allowing the sponsor additional time to move forward with their development plan. BridgeInvest was able to provide a bespoke bifurcated funding structure with two advances to refinance two separate tranches of debt as required by the sponsor. We underwrote the complicated risks associated with obtaining necessary environmental and wetland permitting. Despite the development plan being only partially approved at closing, BridgeInvest was able to lend against the underlying value of the project. We underwrote and closed the transaction in 30 days to meet the sponsor’s needs with a pending maturity. This bridge loan was funded in June 2021.

Funded By

BridgeInvest

Bridge & Construction Loans for CRE in the Southeast and Texas