BridgeInvest, a direct CRE private lender, closed a $15MM loan for the refinance of a 25.6-acre industrial land assemblage in Woodbridge, New Jersey. 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.