BridgeInvest Closes $8 MM Refinance Loan in Cleveland, OH
1st Priority Mortgage Loan
Loan Amount
$8,000,000
Property Type
Land
Location
Cleveland, OH
BridgeInvest is excited to announce the recent closing of an $8 million senior secured loan to refinance a portfolio of industrial land parcels in Cleveland, Ohio. The sponsor plans to market the properties to an end-user for the development of a mixed-use improvement with office and warehouse components.
Transaction Highlights
Raw Land
The collateral was two parcels of raw land totaling over 100 acres which still required rezoning to allow for the sponsor’s ultimate business plan.
High LTC
BridgeInvest underwrote the portfolio’s current market value as opposed to the owner’s cost basis.
Interest Rate Cap
BridgeInvest negotiated a 6-month interest rate cap to bring stability in a highly uncertain capital market.
