BridgeInvest Closes $8 MM Refinance Loan in Cleveland, OH
1st Priority Mortgage Loan
BridgeInvest is excited to announce the recent closing of an $8 million senior secured loan to refinance a portfolio of industrial land parcels in Cleveland, Ohio. The sponsor plans to market the properties to an end-user for the development of a mixed-use improvement with office and warehouse components.
The collateral was two parcels of raw land totaling over 100 acres which still required rezoning to allow for the sponsor’s ultimate business plan.
BridgeInvest underwrote the portfolio’s current market value as opposed to the owner’s cost basis.
Interest Rate Cap
BridgeInvest negotiated a 6-month interest rate cap to bring stability in a highly uncertain capital market.