BridgeInvest Funds $12 MM Loan for Self-Storage & Retail Construction
1st Priority Mortgage Loan
BridgeInvest is excited to announce the recent closing of a $12,025,000 loan for the redevelopment of a vacant grocery store into 941 self-storage units and the construction of three adjacent retail outparcels in Cinnaminson, NJ. The loan proceeds will allow the Sponsor to complete vertical construction of a preleased outparcel, complete site work of the remaining two outparcels and finish the self-storage portion of the project. The property benefits from its proximity to Philadelphia and its location along US-130, providing direct access to one of the major north-south thoroughfares in Southern New Jersey.
BridgeInvest was able to navigate the legal structuring and underwriting challenges associated with closing a loan on a mixed-use project with ongoing construction.
Multistage Adaptive Reuse
The project involved a combination of adaptive reuse of a vacant grocery store into class A self-storage and ground-up construction for standalone retail. BridgeInvest was able to structure around each unique component of the project to meet the sponsor’s financing needs.
Novel Asset Class
The transaction represents BridgeInvest’s first loan on a self-storage project which was propelled by the sponsor’s experience in the space and the submarket’s strong demand drivers.