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Bridge Loan Trend Ain't Slowing

Washington DC
Bridge Loan Trend Ain't Slowing

700_PENN

Owners with debt coming due that is out of balance or who'd rather not put more equity into a property will continue to ride the bridge loan wave, JLL's Wes Boatright tells us. And they're finding eager deal partners in debt funds, banks, and life companies. Wes, snapped this morning flanked by colleagues Mike Yavinsky and Jon Goldstein, just closed $72M on such a loan in Tysons--on behalf of operator Lowe Enterprises for 1951 Kidwell Dr and 1953 Gallows Rd (the lender: NorthStar Realty Finance). He adds that bridge loans' shorter terms (typically three years) allow both borrower and lender to close quickly. But he cautions that activity is contingent on properties being in well-leased locations.