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Deal Details
Private Loan Type
Commercial Ground-Up Construction
Approx. Funding Date
05/15/2018
Property Type
Property City
Charlotte
Property State
NC
Lien Type
1st Mortgage
Payment Type
Interest Only
Property Neighborhood
Optimist Park
Building Square Footage
80,000
Lot Acreage
3.2
Deal Summary
BridgeInvest, a direct CRE private lender, funded a $40,000,000 1st lien position private construction loan for the adaptive reuse of a mixed-use development in the Optimist Park neighborhood of Charlotte, NC. The former Highland Park Mill will be redeveloped into a 140,000 SF property consisting of 80,000 SF of office space and the city’s first large-scale food hall. The project aims to be a catalyst for the redevelopment of the Optimist Park neighborhood as the Blue Line light rail opens the Parkwood Station just steps from the property. Along with BridgeInvest’s construction loan, the project is supported by tax credits provided by both federal and state governments to support the renovation of the historic asset. BridgeInvest was able to fund the loan in 6 business days to assist the Borrower in continuing their swift construction progress. This CRE private construction loan was funded in May 2018.
Funded By
BridgeInvest
Bridge & Construction Loans for CRE in the Southeast and Texas