Solomon Garber joins Bridgeton Capital as Partner.
Real estate hospitality developer appeals to fellow operators as lending demand continues to soar in the aftermath of COVID-19. Developer & Operator launches new tech-driven lending platform for the hospitality industry.
NEW YORK, N.Y. – Private investment firm and development group Bridgeton Holdings LLC launches its non-bank lending platform Bridgeton Capital, specializing in nationwide commercial mortgages for the hospitality industry, multi-family developments, offices, industrial, self-storage and construction projects in New York, as well as key secondary and tertiary markets like Charleston and Louisville.
As owner and operator of award-winning properties like Walker Hotels and the newly debuted Marram Montauk, Bridgeton witnessed the difficulties properties face in obtaining proper financing -especially in the wake of COVID-19- and plans to fill a void in the debt capital markets. With high investor demand, Bridgeton Capital is targeting $350 million of financing over the first 12 months, expecting rapid expansion in the months that follow.
“This is the time to leverage our expertise in commercial real estate and experience as venture investors in proptech," said Atit Jariwala, Bridgeton Founder and CEO. "There are countless properties with potential to succeed; they just need the resources."
Solomon Garber joins Bridgeton Capital as Partner alongside an advisory board comprised of silicon valley's top tech talent. Garber previously served as Managing Director at Northeast Bank responsible for National Originations. David Hall will serve as the platform’s Managing Director focused on originations and operations. Hall was previously Chief Operating Officer for Bridge Funding and Managing Director at CV Capital.
With leadership from Jariwala, Garber and Hall, Bridgeton Capital will offer senior secured lending and non-recourse loans, from $1 million to $75 million, with a loan-to-value (LTV) ratio of up to 85 percent. Fixed and floating rates start at 5 percent. Vacant and non-cash flowing properties may be eligible.
Modernizing commercial real estate lending and ensuring process efficiencies, Bridgeton Capital is a tech-enabled lender. The platform utilizes data algorithms, artificial intelligence and machine learning to automate investor and broker workflows and to underwrite deals with more speed and accuracy.
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