Refinance Bridge Loan for Development Site in San Antonio, Texas

Funded by BridgeInvest

$11,000,000

Deal Details

Private Loan Type

Refinance

Approx. Funding Date

02/15/2018

Property Type
Commercial Land
Property City

San Antonio

Property State

TX

Lien Type

1st Mortgage

Payment Type

Interest Only

Lot Acreage

34

Deal Summary

BridgeInvest, a direct CRE private lender, funded a $11,000,000 1st lien position bridge loan secured by a 32-acre development site in San Antonio, TX. The site is currently home to the former Lone Star Brewery which the Borrower plans to redevelop into a premier mixed-use destination along the San Antonio River and just south of the city’s central business district. The project would include hundreds of apartments, a hotel, office space and retail shops that will complement the area’s culture and history. The loan allowed the Borrower to refinance his existing debt with a pending maturity and provide time to proceed with the appropriate development plan. BridgeInvest was able to close the loan within the necessary time frame despite the lack of cash-flow from the property. The loan structure allowed the Borrower to accrue a portion of the interest costs until maturity to allow for increased flexibility in executing their business plan. This refinance bridge loan was funded in February 2018.

Funded By

BridgeInvest

Bridge & Construction Loans for CRE in the Southeast and Texas