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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.
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.