PROJECTS
Since its inception, Iron Bridge has invested
in or completed more than $300 million in development projects
or acquisitions.
For every project, Iron Bridge founders invest
their own capital alongside investor capital and third-party
financing.
Most of these projects or companies are located in the United
States or Pacific Islands, but Iron Bridge will consider
projects
in any location. A few examples of typical Iron Bridge projects
are summarized below.
IRONBRIDGE RESIDENTIAL
In 2003, Iron Bridge engineered a financial solution to help
meet the accounting goals of institutional homebuilders
and the return expectations of the Iron Bridge investor
by financing off-balance sheet residential lot developments
in and around the Southeast. Iron Bridge Residential arranged
the purchase of land and entered into development and acquisition
agreements with homebuilders to develop residential lots
and purchase them from an Iron Bridge subsidiary. Iron
Bridge Residential raised and invested private capital
and arranged bank financing to fund the transactions. After
investing in a number of subdivisions and meeting or exceeding
financial pro formas, Iron Bridge exited the lot business
in 2006. Iron Bridge determined that homebuilding was overheated,
and home sales and qualified creditworthy buyers were thinning.
Iron Bridge Residential sold its last remaining lot in
early 2007, several months before the collapse of the housing
and mortgage markets. Iron Bridge will consider re-entering
the housing market if it determines that supply and demand
dynamics warrant new investment.
MILLS LOFTS
In 2003, Iron Bridge invested in a condominium project in
Greenville, South Carolinea.The project consisted of the conversion
of a distressed, vacant historic mill into loft-style condominiums
in partnership with a local developer. Iron Bridge analyzed
the location and local condominium market and discovered pent-up
demand for loft condos in Greenville, especially near downtown.
The project was very wellreceived, and all 105 units have
been sold at prices and absorption rates that exceeded the
base case pro forma. Iron Bridge delivered a net IRR of more
than 30 percent to its investors and still maintains an interest
in future developable land at the site.
RIVER POINT COMMONS
In 2004, Iron Bridge founded Iron Bridge Retail Partners
to develop retail centers and purchased six acres of land
in Paulding County, Georgia to develop suburban retail
and adjacent outparcels. The center, known as River Point
Commons, was financed and developed by Iron Bridge along
with a local partner,and is now built and leased with retail
tenants such as H&R Block and Johnny’s Pizza.
The center is “shadow-anchored”
by a Publix grocery store and Rite Aid and Walgreen’s pharmacies
on the adjacent corners. River Point sold one outparcel
to Waffle House and is holding two outparcels for future
development. The center has retained its tenant base in the
recent economic downturn and is well-located in a growing
suburban Atlanta market. Iron Bridge is currently evaluating
other retail developments in the Pacific Rim and recently
contracted to acquire a new site for future retail development.