BridgeInvest Funds $5.4 MM Land Acquisition Loan in Philadelphia
1st Priority Mortgage Lien
BridgeInvest recently closed a $5.4 MM acquisition loan collateralized by a 77,880-square foot development site in the Olde Kensington neighborhood of Philadelphia. The project has in-place approvals to be developed into a mix of townhomes and apartments totaling 190 units. The loan proceeds will allow the Sponsor, Streamline, to complete the necessary environmental clean-up prior to moving forward with development of the property. Streamline is a Philadelphia based developer focused on constructing high density, affordable living for low- and middle-income households.
Attractive Advance Rate
The loan was sized based on the underlying collateral value, not just the purchase price, resulting in a leverage point of over 70% of the price.
Due to the variety of potential exit strategies, the loan was structured to allow Streamline to simultaneously pursue the development or sale of separate portions of the property.
BridgeInvest executed and closed the transaction in just one month to meet the Sponsor’s acquisition deadline.