Deal Details
Private Loan Type
Purchase
Approx. Funding Date
04/13/2018
Property Type
Property City
Atlanta
Property State
GA
Lien Type
1st Mortgage
Payment Type
Interest Only
Number of Units
150
Lot Acreage
1.82
Deal Summary
BridgeInvest, a direct CRE private lender, funded a $6,000,000 1st lien position bridge loan for the acquisition of a 1.82-acre development site in Midtown Atlanta, Georgia. The site is fully entitled to the development of a 5-story, 150-unit condominium project. The Sponsor is an Atlanta-based subsidiary of a prominent Chinese developer. The Borrower plans to immediately commence with the construction of the project. The loan allows for the demolition of current improvements and the preliminary construction of the condominium project. BridgeInvest tailored the loan with consideration to the Borrower’s complex organizational structure with foreign owners. The Borrower required an expedited closing in one month due to a rapidly approaching acquisition deadline, which we were able to meet. This CRE purchase bridge loan was funded in April 2018.