BridgeInvest Closes $27 MM Bridge Loan in Brooklyn
1st Priority Mortgage Loan
BridgeInvest is excited to announce the recent closing of a $27 million loan to refinance an approximately 45,000 sf retail building in the Williamsburg neighborhood of Brooklyn, New York. The property is fully occupied by VITAL Climbing Gym, a unique 24-hour fitness facility that perfectly caters to the neighborhood’s young and affluent demographic. VITAL features a 24-hour rock-climbing gym and fitness facility that includes a traditional weight room, yoga studio, spinning studio and rooftop café/bar that boasts sweeping views of the Manhattan skyline.
BridgeInvest was able to close the loan before the year end to accommodate the sponsor's timeline.
New Business Concept
BridgeInvest was able to underwrite the loan despite the tenant having less than a year track record.
Expanding New York Presence
The Loan represents BridgeInvest’s continued expansion in the Tri-State area having allocated over $60 million to the region in 2021 alone.