BridgeInvest Closes $75 MM Renovation Loan in Downtown Atlanta
1st Priority Mortgage Loan
BridgeInvest is excited to announce the recent closing of a $75 million senior loan to fund the complete renovation of a unique portfolio of properties in Downtown Atlanta, Georgia. The Sponsor, Newport RE, plans to transform Downtown Atlanta’s historic central business district by repositioning and leasing up approximately 275,000 SF of office and 113,000 SF of retail along Mitchell Street. BridgeInvest saw the Sponsor’s vision for the project and was able to successfully structure a bespoke loan that provided the Sponsor with the necessary capital to complete their revitalization efforts.
For more information on the transaction please click on the link here.
This project represents one of the largest in the area which is expected to ignite additional development.
BridgeInvest worked with the Sponsor to establish a creative loan that caters to their needs as they progress through various phases of the business plan.
BridgeInvest allowed the Sponsor to bring in additional collateral to increase total loan proceeds.
The loan is one of four transactions completed in Atlanta in 2021 and evidences BridgeInvest’s continued commitment to be a leading specialty finance firm in the Southeast United States.