Bridge provided $1,000,000 in financing to the owner of a truck stop located on the heavily traveled I-295 corridor in Southern New Jersey. The owner is using loan proceeds to complete renovations on tenant spaces and for working capital.
Bridge provided working capital financing secured by a senior lien on all assets including a collateral assignment on the ground lease to a gas station and convenience store located in Suffolk County Long Island. The sponsor is using funds to complete a remodel of the convenience store as well as improve the layout of the gas station to enhance traffic flow to customers.
Bridge loaned $1,250,000 secured by a second mortgage on a loft apartment well-located in the Tribeca neighborhood of New York. The sponsor, a successful businessman, owns the apartment for investment purposes. Loan proceeds were used to pursue additional investment opportunities.
Bridge provided $2,650,000 to finance the ground-up construction of a 6,000 square foot luxury home on a 2-acre, beautifully wooded lot in a prestigious subdivision in Old Westbury, NY. The borrower was a repeat customer of Bridge.
Bridge provided $2,100,000 of acquisition financing for a tenant to exercise its right of first refusal to acquire the building it’s been occupying for over 25 years. A competing business owner sought to acquire the building which would have ultimately resulted in putting Bridge’s client out of business. Bridge acted quickly and closed this transaction within two weeks of having a signed term sheet.
Sitting on the corner of First Avenue and 52nd Street, the building is controlled by a fourth generation member of a prominent New York City-based real estate firm. The building is consistently fully occupied. The ground lease dates to the 1950’s and has more than 40 years remaining on the term.
Bridge refinanced an existing senior mortgage loan and provided additional funds to be used to pay default interest and penalties that had accrued because of tenant rent disputes caused by a neighboring construction project. The Bridge financing gave the borrower additional time to fix up the building and to prepare the property for eventual sale.
Bridge provided $2,500,000 to this borrower to buy out partners, provide funds for renovations and for working capital. The short-term loan will be paid off upon a conventional refinance on a portion of the collateral.
Bridge provided $1,800,000 to finance the renovation and expansion of a waterfront restaurant. The borrower was a repeat customer of Bridge. The restaurant’s existing operations and past performance by the sponsorship enabled bridge to finance 100% of the borrower’s costs.
Bridge acquired a portfolio of non-performing mortgages that were originated by a publicly traded commercial finance company. Bridge’s strategy is to restructure the loans whenever possible or pursue foreclosure in order to collect on monies due.
Bridge provided $2,500,000 secured by a third mortgage on a 30+ acre parcel of waterfront property in the Hamptons. The borrower applied the loan proceeds to accounts payable and for working capital in his custom woodworking business.
Bridge loaned $500,000 to finance the acquisition of a warehouse building at a foreclosure sale. The borrower used the property for his wholesale fruit and vegetable business.
Bridge provided $3,000,000 secured by second mortgages on two properties that the borrower was marketing for sale. The loan proceeds were reinvested in the owner’s related business and will be repaid out of sales proceeds at the time the properties are sold.
Bridge provided $2,350,000 to refinance an existing second mortgage loan and give the owner additional funds for property improvements. The existing senior mortgage is locked out from prepayment and the Bridge financing enabled the borrower to unlock some of his embedded equity.
Bridge provided proceeds to refinance a maturing senior loan and fund renovation of a diner located in Suffolk County.
Bridge provided $3,5000,000 to the owner / developer of an 11 acre parcel located in an affluent Nassau County community. The developer used the loan proceeds to complete entitlements and pre-development for a 70+ unit town-home project. The borrower was in bankruptcy and the Bridge loan was approved by the court to prime the existing first mortgage loan.