Bridge Loan for Retail Center Redevelopment in Atlanta, Georgia

BridgeInvest, a direct CRE private lender, funded a $14,500,000 floating-rate, first-priority redevelopment loan secured by a vacant 100,000 SF shopping center in East Atlanta, GA. The property fronts Memorial Drive and is poised to add to the significant development occurring along the corridor. The Borrower is a leading local developer within the submarket and has significant experience with repositioning under-utilized assets. The loan included initial funding to refinance existing debt and a future funding facility to complete the renovation of the property. The loan’s creative structure provided the Borrower with an option to utilize the full facility or prepay the loan early with no lockout. Despite the property’s negative cash flow, we were able to underwrite the loan to account for various speculative lease scenarios. The Borrower is in advanced discussion with a national retailer to lease a significant portion of the property. Once complete, the project will provide a valuable retail destination to the under-served East Atlanta community. This CRE bridge loan was funded in January 2017.