BridgeInvest Closes $11.5 MM Land Loan in Tempe, AZ
1st Priority Mortgage Loan
BridgeInvest is excited to announce the recent closing of a non-recourse $11.5 MM pre-development loan on a 3.04-acre parcel in Tempe, AZ. The loan will be collateralized by one parcel within a larger master development called South Pier at Tempe Town Lake. The future development on BridgeInvest’s collateral will host 312 multifamily units and 340,000 SF of Class-A commercial office space.
The transaction marks BridgeInvest’s first loan in Arizona. BridgeInvest continues to expand its footprint and target markets with favorable macro-economic fundamentals.
Without full approvals at closing, BridgeInvest underwrote multiple development scenarios to reconcile the uncertainties around the site’s programming.
Soft Cost Funding
The loan includes funds for requisite pre-development costs to move the project along in the development cycle.