Retail, Storage Facility
Commercial Ground-Up Construction07/12/2021
BridgeInvest, a direct CRE private lending firm, funded a $12,025,000 construction loan for a unique mixed-use property in Cinnaminson, New Jersey. The project includes the redevelopment of a vacant grocery store into 941 self-storage units, and the construction of three adjacent retail outparcels. The loan proceeds will allow the Sponsor to complete vertical construction of a preleased outparcel, complete site work of the remaining two outparcels and finish the self-storage portion of the project. The property benefits from its proximity to Philadelphia and its location along US-130, providing direct access to one of the major north-south thoroughfares in Southern New Jersey. BridgeInvest was able to navigate the legal structuring and underwriting challenges associated with closing a loan on a mixed-use project with ongoing construction. The transaction represents BridgeInvest’s first loan on a self-storage project which was propelled by the Sponsor’s experience in the space and the submarket’s strong demand drivers. This CRE construction loan was funded in July 2021.