Deal Details
Private Loan Type
Refinance
Approx. Funding Date
02/15/2018
Property Type
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.