BridgeInvest Closes $8.2 Million Bridge Loan
1st Priority Mortgage Loan
BridgeInvest is excited to announce the recent closing of an $8.2 million bridge loan to refinance the historic Rockefeller Building in Cleveland, OH. The sponsor acquired the building in August 2020 and plans to convert the current office building into a 436-unit multifamily property with ground floor retail and two floors of office space. BridgeInvest was able to provide competitive bridge-to-construction financing on an adaptive reuse project located in Downtown Cleveland.
BridgeInvest was able to underwrite the inherent redevelopment potential of the asset, considering the borrower’s plans to modify the use of the building.
Complex Capital Stack
The project's capital stack includes a mix of federal, state and local tax credits.
BridgeInvest was able to lend against the underlying value of the project despite the construction plans being only partially approved at closing.