BridgeInvest Funds $6.0 MM Land Acquisition Loan for Cassa Charlotte
1st Priority Mortgage Loan
BridgeInvest recently funded a $6.0 million acquisition loan on 180 acres of land located within the Charlotte metro. The project, to be known as “Cassa Charlotte,” will be developed into a single-family and townhome rental community totaling approximately 535 units. The Sponsor, Global City Development (“Global City”), took advantage of a rare opportunity to acquire a large tract of land within the I-485 loop that encircles Charlotte.
Global City is a residential and multifamily development firm based in Miami. Global City provides attractive workforce housing options throughout historically underserved markets across the Southeast U.S. BridgeInvest has previously financed Global City on similar projects in Florida, North Carolina and Tennessee.
BridgeInvest was able to underwrite the transaction based on future development potential without final approvals and entitlements in place.
Single Family Development
The transaction marks the third BridgeInvest closing across three separate states in 12 months with a focus on single family home development.
Global City trusted BridgeInvest’s previous track record of closing complex land acquisition opportunities together in an efficient and expeditious manner.