BridgeInvest Closes $12 MM Acquisition Loan in Manhattan
1st Priority Mortgage Loan
BridgeInvest recently closed a $12 MM acquisition loan secured by two adjacent, mixed-use buildings in New York City’s East Village. Both buildings of the property are comprised of ground-floor retail units with full-floor residential units on the upper levels. The property is anchored by Chef David Chang’s flagship restaurant Momofuku Noodle Bar, which has gained world-wide recognition for its innovative take on cuisine, while supporting local and sustainable farmers and food purveyors.
The East Village is one of New York’s most desirable neighborhoods, home to New York University and characterized by its long-time dedication to the arts and varied assortment of ethnic restaurants. The sponsor intends to use loan proceeds to improve operational efficiency of the property while also considering future physical improvements to capture the asset’s potential upside.
This deal marks BridgeInvest’s first loan in New York City, continuing the firm’s geographic expansion throughout 2019 to new markets including Columbus, Nashville, Raleigh and Boston.
The loan was structured to provide the borrower with maximum leverage while also managing cash-flow as the property is brought to stabilization through improved operational efficiency.
The loan allows BridgeInvest to release certain portions of the collateral as the sponsor successfully executes specific aspects of the business plan.