BridgeInvest Closes $8.1 MM Self-Storage Construction Loan
1st Priority Mortgage Loan
BridgeInvest is excited to announce the recent closing of a $8,100,000 construction loan that will convert an existing industrial building into a Class-A climate-controlled self-storage property in Port Charlotte, FL.
The loan finances the conversion of a vacant building into a new self-storage facility in an undersupplied market.
BridgeInvest was able to commit to finance the full construction, even though the sponsor needs to obtain additional approvals prior to commencing construction.
This loan represents BridgeInvest’s second self-storage construction loan of the year and we are actively seeking additional opportunities to lend on similar projects.
BridgeInvest was able to successfully underwrite, structure and execute a transaction on an alterative asset located in a tertiary market.