BridgeInvest Funds $5.7 MM Renovation Loan in Atlanta, GA
1st Priority Mortgage Lien
BridgeInvest is excited to announce the recent closing of a $5.7 MM loan for a gut-rehab of a 90-unit multifamily complex in South Atlanta near Hartsfield-Jackson Airport. We are excited to help provide quality workforce housing, a product that is highly underserved in the market. The project is fully vacant after a major issue caused the city to remove all the tenants. The sponsor will upgrade the property with an extensive renovation of over $45,000 per unit to bring the asset back online.
Flexible Funding Structure
BridgeInvest was able to offer a bespoke funding structure which provided the borrower funds prior to actually completing work as opposed to a traditional monthly draw process.
This deal exhibits BridgeInvest’s capability to underwrite a ‘heavy lift’ multifamily renovation project with complex business plan.
Non-Cash Flowing Asset
At the time of closing, the property was not cash flowing and was in fact fully vacant. The deal was structured based off of pro forma operating projections.
The loan is the third transaction completed for development in Atlanta within 180 days and illustrates BridgeInvest’s continued commitment to be a leading specialty finance firm within the Southeast US.