BridgeInvest Funds $15.0 MM Loan on Industrial Land in New Jersey
1st Priority Mortgage Loan
BridgeInvest recently closed a $15.0 MM loan for the refinance of a 25.6-acre industrial land assemblage in Woodbridge, New Jersey. At closing, the sponsor was in the process of receiving entitlements to develop an over 350,000 square foot logistics center on the property. The loan proceeds were used to refinance the existing debt which had a near term maturity, allowing the sponsor additional time to move forward with their development plan.
Bifurcated Funding Structure
BridgeInvest was able to provide a bespoke funding structure with two advances to refinance two separate tranches of debt as required by the sponsor.
Environmental and Wetlands Approvals
BridgeInvest underwrote the complicated risks associated with obtaining necessary environmental and wetland permitting.
Despite the development plan being only partially approved at closing, BridgeInvest was able to lend against the underlying value of the project.
BridgeInvest underwrote and closed the transaction in 30 days to meet the sponsor’s needs with a pending maturity.