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Bridge Loan -
Lambertville, NJ (
$700,000)
Advest Financial announced its private lending fund, the Advest Short Duration Real Estate Fund I, has provided a $700,000 bridge loan in Lambertville, NJ.
The sponsors purchased the house for cash and have received all requisite approvals to convert the dwelling into a 15-bed residential assisted living facility to meet the demand in the market. The 10,000 square foot estate is set on 20 acres offering privacy for future residents. The Fund’s loan will be refinanced with long term permanent financing upon completion and occupancy of the facility.
Lambertville sits along the Delaware River and is less than one hour from Philadelphia and two hours from NYC.