$11.5MM Loan Secured for Last Developable Area Along Tempe Town Lake

Miami-based private real estate lender BridgeInvest provided a multi-million-dollar pre-development loan
$11.5MM Loan Secured for Last Developable Area Along Tempe Town Lake
Rendering: Official
Listen To This Post

Despite a distance of 2,357 miles between Tempe, Ariz., and Miami, an $11.5 million loan for development in Arizona closed that originated in the Sunshine State.

Sign up now to get our Daily Breaking News Alerts

  • This field is for validation purposes and should be left unchanged.
Opt out at anytime

Miami-based private real estate lender BridgeInvest provided a multi-million-dollar pre-development loan to McBride-Cohen Management Group, LLC for a 3.04-acre parcel of land, the last developable area along Tempe Town Lake, and part of the $1.8 billion planned mixed-use entertainment destination.

With Tempe’s influx of investment from national finance and technology companies due to the region’s population growth, subsequent housing demands, as well as nearby Arizona State University’s up-and-coming talent pool, it’s not surprising that the Southwest has grabbed the attention of BridgeInvest. The firm’s first loan in the state, the transaction is representative of a continued expansion of its nationwide footprint and will be used to fund pre-development costs necessary to ready the project for vertical construction.

Lisa Hay

Lisa is a staff reporter for What Now Media Group. She covers new restaurant, retail, and real estate openings across all of our markets. A true foodie, this Air Force veteran has lived all over the world — from Aviano, Italy to Nairobi, Kenya — but her favorite spot is NOLA for its rich history, architecture, culture, and of course, its good eats.
0 0 votes
Article Rating
Subscribe
Notify of
guest
0 Comments
Inline Feedbacks
View all comments

Related Posts

Pin It on Pinterest