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.
New Market
The transaction marks BridgeInvest’s first loan in Arizona. BridgeInvest continues to expand its footprint and target markets with favorable macro-economic fundamentals.
Incomplete Entitlements
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.
