BridgeInvest Closes $8.1 MM Self-Storage Construction Loan
1st Priority Mortgage Loan
BridgeInvest is excited to announce the recent closing of a $8,100,000 construction loan that will convert an existing industrial building into a Class-A climate-controlled self-storage property in Port Charlotte, FL.
Transaction Highlights
Adaptive Re-use
The loan finances the conversion of a vacant building into a new self-storage facility in an undersupplied market.
Pre-Construction Commitment
BridgeInvest was able to commit to finance the full construction, even though the sponsor needs to obtain additional approvals prior to commencing construction.
Self-Storage
This loan represents BridgeInvest’s second self-storage construction loan of the year and we are actively seeking additional opportunities to lend on similar projects.
Tertiary Market
BridgeInvest was able to successfully underwrite, structure and execute a transaction on an alterative asset located in a tertiary market.
