Bridge Loan for Multifamily 1031 Exchange Deal in Philadelphia, Pennsylvania

BridgeInvest, a direct CRE private lender, funded a $3,000,000 1st lien position bridge loan secured by two apartment properties in Center City, Philadelphia, PA. The Sponsor required a reliable and quick execution to take advantage of an expiring 1031 exchange transaction. The Borrower utilized BridgeInvest’s expedited due diligence process and flexible underwriting to complete the purchase within the allotted time frame. The cross-collateralized loan was structured with holdback escrows to manage various title issues, code violations and necessary improvements affecting both assets that prevented the Borrower from securing traditional financing. Located in the heart of the city, both properties are in emerging areas with excellent access and exposure to Center City, Northern Liberties and Philadelphia waterfront. This purchase bridge loan was funded in November 2016.