Case Studies

Note Acquisitions

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The Interurban Building is located in the historic district of downtown Dallas.  Built in 1916 as the Interurban Train Station, the property was designated a historic landmark in 2006 and was revitalized as a mixed use property including 134 loft units, a grocery store on the ground floor, and a 5 story parking garage.  Following the renovation and lease-up of the property, the previous owner was unable to support its debt service. Bridge Partners acquired the note secured by the Interurban Building in a 10 day, all-cash closing.  Within two months of acquiring the... Continue Reading >>

Affordable Housing

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Rio Volcan Apartments is a 240 unit Section 42 LIHTC property located in Albuquerque, New Mexico.  The property was built in two phases; Phase I in 1996 with 9% tax credits and Phase II in 1998 with bond financing and an allocation of 4% credits. Both phases are 100% restricted for tenants earning no more than 60% of AMI with an extended use agreement that requires the owner to maintain its affordable use through 2018. In 2006, Bridge Partners negotiated an off-market acquisition of the general partner interests in both phases.  The investment thesis was to acquire... Continue Reading >>

Student Housing

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In late 2010, Bridge Partners purchased the non-performing note secured by West Run Apartments.  The developer had built the property at the peak of the market assuming rents that were never achieved. Burdened by the heavy debt load, the developer could not make the required debt payments. The bank had tried to sell the note previously, but an uncooperative borrower meant that the bank had no property-level information to provide, including any information related to occupancy.  The bank was motivated to sell the note before the end of the year.  The lack of information... Continue Reading >>

Value Add

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In a recent fee simple transaction, Bridge Partners placed individual high net worth and family office equity to acquire Signature Place, a 232 unit apartment complex in Overland Park, Kansas. The property was purchased by the former owner as part of a large portfolio in 2006. As the previous owner focused on the integration of this portfolio within their organization, limited attention was allocated to the asset, one of their only two assets in Kansas City. As a result, the property suffered from deferred maintenance and mismanagement. Bridge Partners allocated funds... Continue Reading >>

Hospitality

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Bridge Partners acquired the 250 key Radisson Penn Harris Hotel located in Harrisburg, Pennsylvania in 1996 when the property was pending foreclosure and facing cancellation of its franchise contract.  The Bridge Partners investment partnership – backed by one of its institutional equity investors – acquired the asset all cash for $7 million. At closing, the classic colonial building suffered both material deferred maintenance and outdated functionality, driving poor operating performance at the asset.  The investment thesis was to provide needed capital to... Continue Reading >>

Opportunistic

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In the First Quarter of 2013, Bridge Partners acquired The Reserve at Saratoga, a 274-unit resort-style apartment community in Corpus Christi, Texas. In addition to high-end interiors, the 2006 constructed property offers a comprehensive and luxurious amenity package including: a 24-hour fitness center, swimming pool, indoor basketball court, business center, coffee bar, controlled access gates and attached garages. The Reserve at Saratoga is positioned at the heart of the South Side region of Corpus Christi on Saratoga Boulevard, which receives traffic counts of over 20,000 vehicles... Continue Reading >>