Real Estate

Since inception, Iron Bridge has completed over $300 million of various projects or start-up companies through investment or direct development. Most of these projects or companies are located in the Southeastern U.S. or Pacific Islands. This sample transaction list is not exhaustive, and Iron Bridge continues to evaluate new opportunities in areas where Iron Bridge can create or add significant value.

A few examples of previous Iron Bridge projects are further described below:

Mills Lofts

In 2003, Iron Bridge invested in a condominium project in Greenville, South Carolina. The project consisted of the conversion of a distressed and vacant four-story, 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 well-received, 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 over 30% to its investors and still maintains an interest in future developable land at the site.

Iron Bridge Residential

In 2003, Iron Bridge set up an investment vehicle to assist larger homebuilders to finance residential lot developments in the Southeast. Iron Bridge Residential arranged the purchase of land and entered into development and acquisition agreements with larger home builders to develop residential lots and purchase them from Iron Bridge. Iron Bridge Residential 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 based upon the observation 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.