BridgeInvest Funds $24 MM Bridge Loan in Huntsville, TX
1st Priority Mortgage Loan
BridgeInvest is excited to announce a closing in our new Traditional Bridge program for a $24MM refinancing loan of a 502-bed, Class-A student housing facility. The property is located in Huntsville, TX associated with Sam Houston State University and delivered in 2018. The sponsor, Stonemont Financial Group, is well on its way to recovering the asset to its pre-pandemic levels. The loan proceeds will be used to provide Stonemont additional time to lease-up and stabilize cash flows.
BridgeInvest will continue to target the sector due to its favorable fundamentals, especially against the current macro-economic backdrop.
BridgeInvest was able to help the sponsor refinance its existing maturing debt to allow for value creation through stabilizing the asset.
Expanding Texas Presence
The Loan represents BridgeInvest’s continued expansion in Texas, having recently opened a satellite office in Dallas.
Based in Atlanta, Stonemont is a diversified private real estate investment manager for public and private institutions and private capital clients, with over $5 billion in assets under management.