Private Construction Loan for Self-Storage & Retail Property in Cinnaminson, New Jersey

Funded by BridgeInvest

$12,025,000

Deal Details

Private Loan Type

Commercial Ground-Up Construction

Approx. Funding Date

07/12/2021

Property Type
Mixed-Use
Retail
Storage Facility
Property City

Cinnaminson

Property State

NJ

Lien Type

1st Mortgage

Deal Summary

BridgeInvest, a direct CRE private lending firm, funded a $12,025,000 construction loan for a unique mixed-use property in Cinnaminson, NJ. 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.

Funded By

BridgeInvest

Bridge & Construction Loans for CRE in the Southeast and Texas