BridgeInvest Funds $10.4 MM Refinancing for Dallas Mixed-Use Development
BridgeInvest recently closed two senior-secured loans totaling $10,440,000 to finance the horizontal development of a 12.0-acre land site and the vertical construction of a 30,000 SF neighborhood retail center located on a portion of the site. The property is located in Flower Mound, TX, an affluent and growing suburb in northwest Dallas near the DFW International Airport. The property is a planned mixed-use development that will include retail, office, hospitality and residential components when completed. The neighborhood retail center will host a mix of service-oriented national and regional tenants. The loans provided the sponsor with the proceeds required to complete the site development and to construct and fully lease the retail portion.
Transaction Highlights
Quick Execution. The sponsor required an expedited closing in order to refinance the existing debt, complete the site development and commence vertical construction of the retail prior to specific deadlines. BridgeInvest was able to underwrite, structure and fund the two loans simultaneously so that the sponsor could meet the deadlines and proceed with the development.
Bespoke Structuring. Although the same sponsor is developing both projects, the business plan and capital structure necessitated that the two loans remain separate. BridgeInvest was able to structure around this and ensure that both loans offered sufficient proceeds and both parties’ requirements were met.
Double Down on Dallas. The loans mark BridgeInvest’s third and fourth loans closed in the Dallas metro over the past two months. BridgeInvest continues to identify Texas, and specifically the Dallas metro, as a key target market. The property’s desirable location north of Dallas near the airport will drive traffic for the various planned uses within the development.
About Us
BridgeInvest is a balance sheet lender focused on providing short-term, senior-position commercial real estate bridge loans targeting opportunistic and value-add transactions in the Southeast and Central U.S. BridgeInvest has financed well over $1.0 billion of properties and specializes in deals with limited or no cash flow, customized terms and short execution windows.