Bridge Loan for Commercial Land Acquisition in Midtown Atlanta, Georgia

Funded by BridgeInvest

$6,000,000

Deal Details

Private Loan Type

Purchase

Approx. Funding Date

04/13/2018

Property Type
Commercial Land
Property City

Atlanta

Property State

GA

Lien Type

1st Mortgage

Payment Type

Interest Only

Number of Units

150

Lot Acreage

1.82

Deal Highlights

We were able to meet the Borrower's required expedited closing in one month.

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.

Funded By

BridgeInvest

Bridge & Construction Loans for CRE in the Southeast and Texas