BridgeInvest Expands into Texas with Multifamily Acquisition and Improvement Loan-1
1st Priority Deed of Trust
Marking its strategic entry into Texas, Miami-based lender BridgeInvest recently closed a $2.04 million acquisition and improvement loan secured by two desirable multifamily projects in the Montrose neighborhood of Houston. Built in 1965, the properties are a 15-unit, 15,454 square foot multi-family apartment building situated on the corner of Westmoreland and Flora Street and a 8-unit, 6,012 square foot multi-family apartment building located on Graustark Street. The properties benefit from a highly trafficked locations within the Westmoreland Historic District and the Montrose District, known for their various cultural amenities, restaurants, cafes, nightlife venues and historical landmarks.
Despite being BridgeInvest’s first deal in Texas, the Lender closed the transaction in less than four weeks and structured an attractive, high-leverage loan which funded approximately 65% of the purchase price in addition to the Borrower’s entire improvement budget.
The Houston-based borrower, CBMJ Investments and Development LLC, has a successful track record of acquiring, renovating and repositioning multifamily complexes to achieve superior market rents. The Borrower plans to repaint the façade, improve landscaping and upgrade each unit with new hardwood flooring and redesigned kitchens featuring stainless-steel appliances.
“After opening a Houston office earlier this year, we are very excited to close our first loan in Texas. We are committed to expanding our presence in the market substantially over the coming years,” said Alex Horn, Managing Partner at BridgeInvest. “CBMJ has been a great borrower to work with and we have already identified opportunities to work together in the near future.”
BridgeInvest is confident in the success of this loan given the property’s highly desirable in-fill location, value-add potential and the Borrower’s previous experience and success with similar projects in the area.