BridgeInvest Closes $7.85 MM Acquisition Loan for Industrial Land
1st Priority Mortgage Loan
BridgeInvest is excited to announce the recent closing of a $7.85 million loan to finance the acquisition of 30 acres of land in Mansfield, NJ that will be developed into a 351,000 square-foot last-mile logistics facility. The Sponsor was under contract for 2 years, which allowed them to rezone from agricultural to a conditional industrial use. The loan proceeds will bridge the Sponsor while they finalize entitlement work prior to securing construction financing.
The loan was open prepayment with no penalties or minimum yield periods.
BridgeInvest lent over 100% of the purchase price as we were able to underwrite the value sponsor created through entitlements prior to closing.
Despite the development plan being only conditionally approved at closing, BridgeInvest was able to lend against the underlying value of the project as if fully approved.