BridgeInvest Lends $37.68Mln for Construction of 3 Industrial Outdoor Storage Properties
July 22, 2024
BridgeInvest has provided $37.68 million of financing to fund the development of three industrial outdoor storage facilities in Bloomington, Calif., Las Vegas and Staten Island, N.Y. The properties are being developed by a venture of Stonemont Financial Group of Atlanta and Cerberus Capital Management that three years ago started pursuing the development of such properties, commonly referred to by their initials, IOS. Cerberus is funding its investments through its latest vehicle, Cerberus Institutional Real Estate Partners V LP, through which the investment manager had raised $2.5 billion of equity commitments.
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