BridgeInvest Closes $23.8 MM Loan for Philadelphia Shopping Center
1st Priority Mortgage Loan
BridgeInvest is excited to announce the recent closing of a $23.8 million senior secured loan to finance the acquisition of a 236,000 SF neighborhood shopping center in Philadelphia for Tower Investments, Inc. The tenant mix at the property comprises both local businesses and national brands such as Dunkin Donuts, Staples, and Pep Boys. In addition to traditional retail, the property includes a shuttered movie theater, restaurant, and office space. The property is centrally located in the Columbus Blvd retail corridor and benefits from its location directly next to an I-95 exit. Due to their excellent track record, BridgeInvest believes Tower Investments, Inc. will restore the value to this property previously lost during the pandemic.
The property was well-occupied prior to the pandemic, however, it has recently experienced high vacancy including the closure of the 77,700 SF movie theater. BridgeInvest closed the transaction without an executed lease to re-occupy the theater space.
BridgeInvest executed and closed the transaction in one month to meet the Sponsor’s strict acquisition deadline. Accordingly, BridgeInvest was able to complete certain diligence such as SNDA’s on a post-closing basis to ensure the timely closing.
Complex Capital Structure
The transaction included a preferred equity lender which was approved by BridgeInvest.