BridgeInvest Closes $23 Million Multifamily Value-Add Loan
1st Priority Mortgage Loan
BridgeInvest is excited to announce the recent closing of a $22.9 million value-add loan for a 177-unit apartment complex in Detroit, MI. Despite COVID-19 related construction delays which caused an imminent maturity default on their existing debt, BridgeInvest was able to structure and close the transaction under the borrower’s tight timeline. The loan will provide the necessary funds to complete the project’s renovation and requisite time to lease-up and stabilize cash flows.
BridgeInvest was able to help the borrower refinance its existing debt with a lower cost loan as the borrower finishes its lease up and stabilizes cash flow.
This loan represents BridgeInvest's first transaction in Detroit, a market we believe has significant growth potential.
To ensure the borrower was not placed into maturity default on its existing debt, BridgeInvest purchased the existing loan and modified its terms while completing structuring on the new loan.
Complex Due Diligence Issues
BridgeInvest was able to successfully underwrite, structure and execute the transaction despite various issues, including liens on the property.