BridgeInvest Funds a $14.5 MM Redevelopment Loan for Vacant Retail Center in Atlanta
1st Priority Deed of Trust
Southeast focused bridge lender, BridgeInvest, recently closed a floating-rate, first-priority redevelopment loan secured by a vacant 100,000 SF shopping center in East Atlanta. The property fronts Memorial Drive and is poised to add to the significant development occurring along the corridor. The borrower, Paces Properties, is a leading local developer within the submarket and has significant experience with repositioning under-utilized assets. The loan included an initial funding to refinance existing debt and a future funding facility to complete the renovation of the property. Paces is in advanced discussion with a national retailer to lease a significant portion of the property. Once complete, the project will provide a valuable retail destination to the underserved East Atlanta community.
The borrower required a year-end closing under an expedited timeframe, which BridgeInvest was able to meet.
The loan’s creative structure provided the borrower with an option to utilize the full facility or prepay the loan early with no lockout.
Despite the property’s negative cash flow, BridgeInvest was able to underwrite the loan to account for various speculative lease scenarios.
BridgeInvest has built a strong reputation in the Southeast with their established ability to close transactions through its discretionary private equity fund on a timely basis on terms as promised.