BridgeInvest Funds $55 MM Construction Loan for Multifamily & Office Property
1st Priority Deed of Trust
BridgeInvest recently closed a $55,000,000 non-recourse construction loan to capitalize the development of a 366-unit garden-style Class A multifamily community and Class A office. Located in Allen, one of Dallas’ fastest growing suburbs, the project will appeal to a family-oriented tenant base seeking the area’s desirable schools, strong employment and low cost of living. Apartment unit amenities will include stone countertops, stainless steel appliances and walk-in closets. Property amenities will include a large clubhouse, featuring a resort-style pool, gym, yoga & aerobics room and sports lounge.
The project also includes an adjacent 15,000 SF Class A medical office. Construction of both components has begun, and the Borrower plans to open in Summer of 2020.
Experienced Development Team
The project will be developed by a Sponsor that has completed more than 4,000 apartment units across the country including multiple comparative assets in the Dallas market.
Flexible Construction Lending Solution
BridgeInvest was able to navigate the legal structuring and property assessment implications associated with closing a loan with ongoing construction. This allowed BridgeInvest to partner with a subordinate lender and quickly provide financing to allow the construction to continue.
This deal required coordination with the City of Allen to create a plan that would benefit the neighborhood residents while remaining a strong development opportunity from the investor’s perspective. The office component will fulfill a strong local need for medical office space.