BridgeInvest Closes $12.3 MM Refinance for Dallas Metro Shopping Center
1st Priority Deed of Trust
BridgeInvest recently closed a $12,325,000 senior secured loan secured by a 110,860 square foot neighborhood shopping center in the Dallas suburb of Coppell, Texas. The property will be anchored by a lifestyle fitness center replacing a regional grocer that recently vacated the space. The loan will not only refinance the property, but also provide the sponsor with ample proceeds to complete the build-out of the anchor space and further stabilize the property through lease-up and tenant improvements of the property’s in-line spaces.
The property will be anchored by a regional fitness center, creating a credit scenario that was difficult for traditional lenders to underwrite. BridgeInvest got comfortable with the tenant’s creditworthiness and structured the loan accordingly to meet the borrower’s needs.
Flexible Structure and Funding
BridgeInvest accrued a portion of the interest until maturity, providing the sponsor the flexibility to execute their business plan while also effectively managing costs. The loan also includes multiple advances to fund tenant improvements and leasing commissions as the anchor and in-line spaces are leased.
Double Down on Dallas
Dallas is the U.S.’s fastest growing metro and a key target market for BridgeInvest. The property is located in an affordable sub-market just north of the DFW International Airport and right off of the I-635 expressway. The strong location within a suburb of the Dallas metro will provide tenants a strong flow of potential customers while maintaining the property’s role as a true neighborhood center.