REAL ESTATE FINANCE
Franchise Restaurant - Eagle Rock, CA 2016
Bridge provided loan financing for Tenant Improvements (TI’s), inventory and start-up costs for a local franchisee of a major national franchise restaurant.
Residential Bridge Loan - San Marino, CA - 2016
Bridge assembled a private investor group to provide a bridge loan for a luxury residence in foreclosure. The property avoided foreclosure and the loan and interest were repaid in full from an institutional loan.
Commercial Industrial Property Portfolio – Pasadena, CA - 2015
Bridge provided a long term permanent fixed rate loan for a fully leased commercial investment property and for an owner/user property with an institutional lending source.
Commercial Retail Property Portfolio – Pasadena, CA - 2015
Bridge led a private lending group that provided an interim loan secured by 4 commercial retail properties in the exclusive downtown Carmel restaurant and retail district. The loan was advanced to a private borrower with credit problems. The interim loan enabled the borrower to pay off outstanding bills and clean up their credit report and improve their credit score. Bridge then obtained a permanent loan from an institutional lender.
Foreclosure “Fix & Flip” Financing - Inland Empire – Southern California – 2012
At a time in the market cycle when there were plentiful opportunities to acquire distressed and foreclosed homes but only limited institutional capital was available, Bridge provided a high volume foreclosure auction home buyer with a revolving line of credit facility from a non-regulated lending source to fund the cost of acquisition at auction sales and renovation costs for approximately 1,000 homes over time.
Industrial Building - Holt, MI - 2007
The borrower entered into escrow to acquire the property, a 170,000 SF single tenant industrial building, near the bottom of the last economic downtown. The borrower had secured a commitment for a permanent loan for the property acquisition from an institutional capital source. The financing commitment fell through and the buyer required a loan that could close and fund within 3 weeks or they would lose their earnest money deposit and the acquisition opportunity. Bridge provided an $11,000,000 short term bridge loan for 97% of the purchase price in 3 weeks and the purchase transaction successfully closed on time. After the purchase transaction closed, Bridge then arranged a long term permanent loan to repay the bridge loan despite the fact that institutional lenders had “redlined” loans to buildings in Michigan with automotive industry tenants during the economic down cycle occurring at that time.
Los Valles - Santa Clarita, CA - 2004
Los Valles is a fully entitled master-planned community for 209 upscale production and custom homes and a professional-length, 18-hole golf course and clubhouse in Santa Clarita, California.
As the developer’s exclusive financial advisor, Bridge Realty Advisors secured an acquisition and development of loan of $46 million and a mezzanine loan of $11 million to allow the developer to construct the site improvements, the golf course and clubhouse at Los Valles.
Copper Crest - Hesperia, CA & Eagle Ranch - Victorbille, CA - 2003
Bridge was the first to convince the institutional real estate capital sources to invest into the Victor Valley at the initial stages of the prior economic upcycle. The funds were used for the acquisition and build out of a 62 lot home building site in the Eagle Ranch Master Planned Community in Victorville and a 200 lot home building site in Hesperia.
REAL ESTATE UNDERWRITING & DUE DILIGENCE INVESTIGATION SERVICES
Urban Infill Residential Development - Oakland, CA – 2016
Bridge conducted a confidential survey of public and private homebuilders to determine a market rate homebuilder gross profit margin used by homebuilders to determine land acquisition price. The survey results were used to determine a competitive land acquisition price for an urban infill high density residential project.
Industrial Building Complex Development – Ontario, CA 2015
Bridge was engaged to evaluate an investment in a new development ofa master planned Industrial complex. Bridge researched entitlements, construction costs, the end user market and the financial proforma and proposed deal structure.
Luxury Retirement Community – Costa Mesa, CA - 2015
Bridge conducted the due diligence investigation on behalf of a prospective investor. Bridge reviewed the sponsor credentials, project entitlements, construction costs, construction schedule, comparable properties market date and projected net operating income. Bridge recommended the investment and the project was successfully built.
Los Alamos International Center - Calexico, CA - 2007
Bridge was hired to assist a potential capital source in its due diligence investigation of the property in connection with a joint venture investment in the development entity. The scope of Bridge’s work included a market and financial feasibility analysis and related investigations.
Los Alamos International Center is an 850 acre master planned, mixed-use business park surrounding the new commercial Port of Entry east of Calexico, California.
The Preserve - Beaumont, CA - 2005
The Preserve, also known as Willow Springs, an approximate 1,490 acre site planned for development of approximately 3,210 single family residences, school sites, parks, open spaces, located in Beaumont, CA.
Bridge was hired to assist a potential capital source in its due diligence investigation of the property in connection with a joint venture investment in the development entity.
Channel Islands Harbor - Ventura County, CA - 2005
Bridge was hired to assist a potential developer in its investigation of the property in connection with a joint venture investment in the development entity.
REAL ESTATE SITE SELECTION AND ACQUSITION SERVICES
Los Angeles, Pasadena and San Gabriel Valley, CA 2015 to Present
Bridge is currently providing site selection and acquisition consulting services for a local franchisee of Jersey Mike’s restaurants, a national restaurant franchise operation.
Orange County and Los Angeles County, CA
Bridge provided leased space site selection and tenant representation consulting services for the Southern California area development representative and local franchisee of Sweet & Sassy, a national retail franchise chain operation.
REAL ESTATE LAND USE AND ENTITLEMENT SERVICES
Villa Riviera Estates – Santa Barbara, CA 2011 - Present
Bridge was engaged by the Cottage Health System (“Cottage”), a regional hospital and health care system in Santa Barbara County to provide consultation regarding compliance with the local inclusionary housing ordinance and DRE condominium map processing for a work force housing development near the main hospital in the system. Bridge also assisted Cottage to obtain a Project Wrap Around Liability Insurance policy with a 10 year tail to protect against potential construction defect litigation. Mr. Bridge was then asked to serve as a member of the Board of Directors of the corporation formed to undertake the housing development to provide strategic advice during the construction and sales of the housing. He is currently serving on the Board of Directors.
Unincorporated Los Angeles County, Commercial Property Entitlements – 2015
Bridge was engaged to research the zoning code for a specific used identified by the client. Bridge was then asked to evaluate the feasibility of re-zoning the property to allow the use on the property which required a different zoning. After attending a “One Stop” meeting of all County departments with the client, Bridge made a land use recommendation that was pursued by the client.
Mission Viejo, CA - 2014
Bridge was engaged by the owner of a commercial retail property to remove the property from the Federal Emergency Management Agency (FEMA) flood plain map. Bridge personnel conducted field inspections, oversaw the survey process, filed the necessary application forms with FEMA, and conducted technical communications with FEMA personnel to successfully remove the property from the flood plain map. Bridge then coordinated with the property lender and insurance carrier to eliminate the flood insurance requirement, reducing property operating costs and increasing the property value by 20 times the annual insurance savings.
Mixed Use Property – Los Angeles, CA 2005
Utilizing the recently created Adaptive Reuse Ordinance (ARO), Bridge oversaw the design and land use consultant team to obtain approval for the adaptive reuse of a commercial building into a mixed use (residential over ground floor retail). The ARO was obtained in six months from application to approval.
REAL ESTATE FORENSIC EXPERT SERVICES
36 Unit Townhome Development - Beverly Hills, CA
20 Unit Condominium Development - West Hollywood, CA - 2013
Bridge served as a forensic expert witness in a dispute between the loan guarantor, the project developer and the construction lender. Bridge evaluated the loan agreement documents, correspondence and audited the reasonableness and timing of loan draws relative to project completion %age in the field.
Owner/User Industrial Building – Van Nuys, CA – 2014-2015
Bridge served as a forensic expert witness in a dispute between a borrower and lender on the terms of a permanent loan with a fixed interest rate Swap Agreement. Bridge reviewed the loan documentation, the swap agreement and correspondence and prepared an analysis of the cumulative cost difference between the cost of the swap contract vs. an “uncovered” variable rate loan without a swap contract using published historic rates for the loan index over the 10 year loan period.
REAL ESTATE FEASIBILITY STUDY & FINANCIAL ANALYSIS
Self-Storage Facility Portfolio – New York and New Jersey – 2015
Bridge analyzed the trade-off of the cost to defease the early payoff of the existing loans securing the property portfolio vs. payoff at maturity in conjunction with a portfolio refinancing transaction.
Northern California/East Bay region – 2015
Bridge created a homebuilding land acquisition proforma spreadsheet template to determine viability of multiple land acquisition target properties. Proforma calculates metrics including land residual value (LRV), gross margin, return on cost, cost per square foot, etc.
Development Feasibility Study – Pasadena, CA 2015
Bridge was retained by a local civic group to evaluate the potential acquisition of the adjacent property for purposes of development into compatible uses and to provide much needed additional parking for the group’s events and rentals (weddings, banquets, etc.). Bridge researched the Pasadena Zoning Ordinance, the Specific Plan Overlay, evaluated market conditions and construction costs of various permitted uses which fed into a development proforma of the various options to determine highest and best use of the site with an eye to the parking needs of the client.
Waterfront Place - Seattle, WA - 2010
Bridge was asked by its client to assess the reasonableness of an offer to purchase a 178,000 square foot class A office building in downtown Seattle.
Las Lomas - Los Angeles, CA - 2006
Bridge provided consulting services to assist its developer client with evaluating the cash flow model prepared by another financial advisor in connection with the Las Lomas development project.
Las Lomas is a 555-acre site at the intersection of the I-5 and 14 freeways in Los Angeles County that is designed as a uniquely balanced master planned community. The project concept is a development that represents a smart growth, mixed-use village that is transit oriented, offering a life style choice in the style of Pasadena, Santa Monica and Santa Barbara. The project has been planned for approximately 5,800 residential units, 2.3 million square feet of office space and 225 thousand square feet of retail space.
New Windsor - Windsor, CO - 2006
Bridge provided consulting services to assist its developer client with creating a cash flow model to be used in evaluating alternative development scenarios in connection with the New Windsor development project. The New Windsor master plan was initially designed for 450 single-family home sites, 146 clustered units, 1400 apartments, a grocery-anchored neighborhood shopping center, 7 public parks, an elementary school, and an interconnecting pedestrian/bicycle network. Bridge’s model allowed the developer to evaluate numerous development alternatives in order to optimize the development potential of the project.