BridgeInvest Closes a $43.0MM Refinancing Loan in Caldwell, ID
1st Priority Mortgage Loan
BridgeInvest is pleased to announce the closing of a $43.0MM refinancing loan for a 2024 delivery, 396,480 square foot, two-building industrial complex in Caldwell, ID (Boise MSA). The Property is positioned on a 23.4-acre site and features market-leading features such as clear heights up to 32’, 8 grade-level doors, and 72 dock-high loading doors. The Property is ~10% occupied, with an additional lease expected shortly post-closing to take occupancy to 25%. The BridgeInvest loan will allow the Sponsor to retire an existing construction loan, fund an interest and carry reserve and fund a TILC reserve as the Property leases up.
This financing marks BridgeInvest’s first loan in Idaho as part of the firm’s strategic expansion to all western markets from Colorado to Hawaii.
Transaction Highlights:
- Best-in-class joint venture sponsorship between Lincoln Property Group and Cerberus Capital Management with significant subordinate equity highlighting their commitment to the asset.
- Ability to fund a pre-cash flowing asset with a structured interest and carry reserve.
- Loan includes CapEx dedicated to the buildout of spec industrial suites to expedite lease-up efforts.
- The Boise metropolitan area’s population increased from about 764,743 in 2020 to roughly 845,877 in 2024, representing an approximate 10.6% total growth over that four-year period.
