BridgeInvest closes $200M fund for construction and short-term financing

Fund marks its second, and it is planning to launch a third fund by the end of the year

TRD MIAMI /
May.May 07, 2019 02:45 PM
From left: Alex Horn, Ian Glaser, and Jon Gitman

From left: Alex Horn, Ian Glaser, and Jon Gitman

UPDATED MAY 7, 3:55 p.m.: BridgeInvest, a Miami-based private lender, is banking on growing demand for short-term financing.

It just closed its second fund with a total capitalization of $200 million and $150 million in equity raised. The fund marks the firm’s second fund, which is more than double the size of its first, which had a total market cap of $100 million. The company now plans to launch a third fund before the end of the year, which will be structured as a real estate investment trust, according to Ian Glaser, a partner at BridgeInvest.

BridgeInvest provides ground-up construction loans and short-term loans in the Southeastern United States and Texas. It specializes in value-add deals where there is limited or no cash-flow, customized terms and short time frames. The company has said it is able to provide loans that are more customizable than what a conventional bank would provide. In the future, the firm is also looking to provide loans in the Midwest, according to Glaser.

BridgeInvest has had no principal losses to date on its loans since its founding in 2011, according to a press release. Last June, it provided Benjamin Norton’s Design Development Partners a $28 million loan from for its mixed-use Design 41 project in the Miami Design District.

In January, the company provided Property Markets Group a $33 million pre-development loan for the Waldorf Astoria Hotel & Residences Miami.

The company’s specialty bridge lending program offers loans between $3 million and $50 million with interest rates between LIBOR plus 5.5 percent and LIBOR plus 7.99 percent. It offers construction loans between $5 million and $50 million with the same interest rates as its bridge lending, according to its website.

Increasingly, short-term bridge lenders like BridgeInvest are becoming more popular as banks back away from making customizable loans. Many banks have also stepped back from doing ground-up construction lending since the last recession, leaving nonbank lenders to fill this void.


Related Articles

arrow_forward_ios
Alan Ojeda and 8894 NW 44 Street in Sunrise (Google Maps)

Rilea Group scores $46M construction loan for Sunrise apartments

Rilea Group scores $46M construction loan for Sunrise apartments
Yard 8 and Wood Partners CEO Joseph Keough (Courtesy of ACRE)

Wood Partners lands $86M refi for Midtown Miami apartments

Wood Partners lands $86M refi for Midtown Miami apartments
David Martin, Jorge Perez, and One Park Grove (Credit: Robin Hill)

Terra and Related pay off $112M construction loan for Park Grove condo tower

Terra and Related pay off $112M construction loan for Park Grove condo tower
Masoud Shojaee and a rendering of Shoma Village 

Shoma Group scores $67M loan for mixed-use Hialeah project

Shoma Group scores $67M loan for mixed-use Hialeah project
Housing Trust Group CEO and president Matt Rieger and Hudson Village renderings

HTG scores financing for Hollywood affordable housing project

HTG scores financing for Hollywood affordable housing project
J.C. de Ona, Southeast Florida Division President of Centennial Bank, Amelia Mixed Use rendering

Prestige Companies nabs loan for mixed-use project in Hialeah

Prestige Companies nabs loan for mixed-use project in Hialeah
Al Patel, President of Baywood Hotels and 1101 Northwest 57th Avenue (Credit: Google Maps)

Baywood scores $31M loan to build hotel near Miami International Airport

Baywood scores $31M loan to build hotel near Miami International Airport
 Rendering of Father Marquess-Barry Apartments with Matt Rieger

HTG scores financing for senior affordable housing in Overtown

HTG scores financing for senior affordable housing in Overtown
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...