BridgeInvest Funds $8.5 MM Acquisition Loan for Southeast Land Portfolio
1st Priority Mortgage Loan
BridgeInvest recently closed an $8,500,000 acquisition loan secured by two parcels of land in Raleigh, North Carolina and Nashville, Tennessee. The Portfolio will be developed as multifamily projects comprising over 800 units with single-family and townhome building designs. The project is led by Global City Communities (“Global City” or the “Sponsor”), a residential and multifamily development firm based in Miami. Global City provides attractive and affordable workforce housing options throughout historically underserved markets across the Southeast U.S., Texas and Washington, DC. As a previous borrower of BridgeInvest’s, the Sponsor approached BridgeInvest directly to achieve an expedited closing.
This deal marks BridgeInvest’s first loan in both the Raleigh and Nashville markets as the company looks to continue its strategic expansion within its core Southeast geography.
BridgeInvest closed the transaction in just 10 days despite the challenges of structuring a loan across two properties in two states.
Global City trusted BridgeInvest’s previous track record of closing complicated transactions in an efficient and expeditious manner.