BridgeInvest Funds $16.5 MM Loan on Industrial Land in New Jersey
1st Priority Mortgage Loan
BridgeInvest recently closed a $16.5 MM loan for the acquisition of a 22.8-acre industrial land assemblage in Woodbridge, New Jersey. Throughout the term of the loan, the Sponsor will be obtaining necessary approvals to develop an approximately 335,000 square foot modern industrial facility on the property. The loan proceeds were used to acquire 20 different tax parcels from 16 different sellers, which includes a former landfill.
Bifurcated Funding Structure
BridgeInvest was able to provide a bespoke funding structure with two advances to provide the sponsor flexibility as it relates to their extensive parcel takedown schedule.
BridgeInvest underwrote the complicated risks associated with obtaining necessary environmental permitting.
Despite the site plan being only partially approved at closing, BridgeInvest was able to lend against the underlying value of the project.
The loan was brought directly to BridgeInvest by an existing borrower relationship, evidencing the value proposition BridgeInvest delivers to its clients.