BridgeInvest Funds $43 MM Pre-Development Loan in Atlanta, GA
1st Priority Mortgage Loan
BridgeInvest recently closed a $43 MM pre-development loan for a 127-acre mixed-use property for The Integral Group. Located in Atlanta on the site of a former GM production plant, the site is approved for over 7.5 million square feet of development including 4,000 residential units.
Loan proceeds will be used to refinance debt and fund ongoing development work at the property while Integral continues to sell individual parcels to multifamily and commercial developers. With direct access via I-285 and MARTA, Assembly Yards is a TOD master-plan development project situated at a prime location along the Atlanta “Perimeter.”
The loan is one of two transactions completed for development in Atlanta within 30 days and evidences BridgeInvest’s continued commitment to be a leading specialty finance firm within the Southeast US.
Complex Financing Structure
The site is encumbered with infrastructure bonds and benefits from other public financing sources. BridgeInvest was able to structure around both complexities to execute the transaction.
BridgeInvest was able to underwrite the environmental challenges at the site, which is a registered Georgia Brownfield.