BridgeInvest Funds $11.0 MM Mixed-Use Construction Loan in Atlanta Suburb
1st Priority Mortgage Lien
BridgeInvest recently closed a $10.95 MM construction loan for a 48,500 square foot (SF) mixed-use development located in the Woodstock, Georgia, a suburb just north of Atlanta. The collateral includes two four-story buildings. The first building will contain 5,000 SF of ground-floor retail space with seven condos over the remaining three floors, while the second building will include a mix of 17,300 SF of restaurant and retail and 11,000 SF of office. The loan’s sponsor will use proceeds to pay for construction costs and lease-up across the property.
Adair Park will provide high-quality product in an up-and-coming suburb with an optimistic growth outlook. The property will benefit from its location within downtown Woodstock, which has seen a major transformation over the past decade into a thriving and revitalized commercial, retail and residential district. The area is expected to continue seeing increased growth and development as Metro Atlanta continues its northern sprawl.
Transaction Highlights
Creative Collateral Structure
BridgeInvest successfully structured a complex deal incorporating non-typical collateral including a letter of credit and a pledged securities account to meet borrower’s needs.
Up-and-Coming Area
This project represents one of the few new commercial or residential developments in the area. This suburb offers great opportunity for growth as it is further developed and BridgeInvest was focused on its bright future.
Limited Sponsor Experience
The proceeds from the loan will finance the sponsor’s second commercial real estate development. BridgeInvest believes the sponsor’s excellent track record across various entrepreneurial ventures will lead to successes in commercial real estate.
