BridgeInvest Funds $2.2 MM Land Acquisition Loan in Savannah
1st Priority Mortgage Loan
BridgeInvest recently closed a $2.2 MM first-priority, land acquisition and predevelopment loan secured by a well-located multifamily development site totaling 1.64 acres in Savannah, Georgia. The loan allowed the borrower to purchase the property and proceed with finalizing the development plan and obtain construction financing. The proposed project is a 164-unit, 6-story multifamily complex, which is only a 15-minute walk from the heart of downtown Savannah, neighboring the Savannah College of Art and Design. The project will contribute to the continued improvement and revitalization of historic Savannah.
Non-Recourse Land Financing.
The loan was structured based upon the underlying collateral value, despite no existing cash-flow.
BridgeInvest remained engaged with the deal throughout a significant change in the business plan. The loan was structured to accommodate the borrower by providing funds for predevelopment costs.
High Loan to Purchase Price.
BridgeInvest was able to finance over 65% of the below-market acquisition price due to the site's development potential.