BridgeInvest Funds $4.0 MM Refinance and Pre-Development Loan in Dallas
1st Priority Deed of Trust
BridgeInvest recently funded a $4.0 MM refinance and pre-development loan on 78-acres of suburban land located in the Dallas, Texas metro. The collateral consists of two separate tracts that are both currently in the design and pre-development phase. The first parcel located in Garland comprises 35 acres and is approved for a 400-unit senior housing development. The second parcel located west of the Dallas CBD comprises 43 acres and is planned for a 322-unit build-for-rent, single-family development on the parcel.
The sponsor is a full-service real estate investment and development firm based in Dallas, with a focus on single-family and multifamily development. The sponsor intends to use the proceeds from BridgeInvest’s loan to refinance the property’s prior debt, complete entitlements and fund project soft costs.
BridgeInvest’s was able to underwrite and structure the loan across two distinct parcels of collateral to deliver loan proceeds which met the sponsor’s goals.
BridgeInvest accrued a portion of the interest until maturity and structured multiple partial releases, providing the sponsor the flexibility to execute its business plan while also effectively managing project costs.
Double Down on Dallas
BridgeInvest continues to identify Texas, and specifically the Dallas metro area, as a key target market. BridgeInvest has closed over $75 MM of loans within Dallas over the past 18 months.