Atlanta, GA

$1,750,000

Office

Purchase

07/29/2016
Transaction by
BridgeInvest
In July 2016, BridgeInvest funded a $1,750,000 private money bridge loan for the acquisition and renovation of a Class C office building located 4 miles west of Downtown Atlanta. The Borrower acquired the foreclosed property from Wells Fargo Bank. He plans to renovate the asset to attract tenants and increase the property’s occupancy. Built in 1974, the 6-story, 83,500 SF office building sits directly on Interstate 20 with tremendous exposure of over 120,000 cars daily. The Borrower plans to significantly overhaul the building’s position within the market by renovating the common areas including a completely new lobby in addition to upgrades to the exterior façade. The property is already experiencing immense interest from potential tenants that want to lease-up the available space. The Borrower is a local Atlanta investor who specializes in the acquisition and improvement of heavily distressed properties in the Atlanta area. This investment is his first office building project, although they have purchased four multifamily properties totaling over 750 units. This bridge loan was BridgeInvest’s first transaction in Georgia.