BridgeInvest Funds $30.5 MM Bridge Loan in Atlanta, GA
1st Priority Mortgage Loan
BridgeInvest is excited to announce the recent closing of a $30.5 million loan in its Credit Opportunities Fund for the acquisition and renovation a 213-unit, Class-B+ multifamily property located in Atlanta, GA.
The Sponsor, 58-Twelve, will use the loan proceeds to carry out a major renovation of the property, which was originally built in 1986. Approximately $20,000 per unit will be invested to improve the amenities, common areas and units to an above market standard to achieve rent premiums and increase the asset’s value. The property benefits from its location proximate to significant healthcare and education demand drivers led by Emory University.
This deal represents BridgeInvest’s most recent transaction in its new loan program that focuses on existing assets with a traditional value-add or lease-up strategy. While uncertainty in the capital markets increases volatility, decreases liquidity, and pushes some lenders to pull back on origination, BridgeInvest continues to actively pursue opportunities to provide borrowers with a flexible cost-efficient financing option.
Significant Renovation Project
BridgeInvest was able to underwrite and diligence a complex renovation project comprised of full and partial unit renovations and common area and amenity upgrades to support a 45% increase in rental rates.
BridgeInvest executed and closed the transaction within 30 days to meet the Sponsor’s acquisition deadline.
In a time of market uncertainty, BridgeInvest’s Credit Opportunities Fund provides borrowers with confidence of closing as a balance sheet lender.