TECH-DRIVEN PLATFORM BRIDGETON CAPITAL RELAUNCHES AS ERITHMITIC
RAISES $6 MILLION SEED ROUND LED BY ALLEYCORP ALONG WITH TISHMAN SPEYER VENTURES TO BUILD DIGITAL LENDER FOR COMMERCIAL REAL ESTATE BORROWERS
NEW YORK, Sept. 27, 2022 /PRNewswire/ -- Private investment firm and development group Bridgeton Holdings LLC today announces the rebrand of its non-bank lending platform Bridgeton Capital to Erithmitic, in an effort to highlight the Company as a tech-enabled lender that is modernizing commercial real estate lending, ensuring process efficiencies to underwrite deals with more speed and accuracy. The Company today also announces it has closed a $6 million seed round led by AlleyCorp along with Tishman Speyer Ventures. Other investors include: Unpopular Ventures, founders of NuBank, Capsule, La Haus as well as Partners from Venture Capital firms, Ribbit Capital, and Camber Creek. Erithmitic will use the seed funding to build the next-generation commercial real estate investment platform to originate, underwrite, close and service one – five year commercial mortgage loans nationwide between $5-$150 million and across all property types.
TECH-DRIVEN PLATFORM BRIDGETON CAPITAL RELAUNCHES AS ERITHMITIC.
Bridgeton Capital, which has rapidly expanded since inception in late 2021, has closed approximately $150 million in deal volume in the past few months, $200 million in credit lines from banks, and is targeting $500 million in origination volume over the next year. The Company's new brand identity as Erithmitic includes a new website and robust team of top talent with experience from Goldman Sachs, Morgan Stanley and Microsoft. Half of the employees serve as software engineers and data scientists to enable their lending team to source, originate, and underwrite loans using the workflow suite within their proprietary ecosystem. Leveraging a variety of public and private data sources and machine learning techniques, Erithmitic is able to generate new and useful insights in evaluating the unique risks and opportunities of each CRE transaction, allowing for better and more accurate pricing. In addition, borrowers will be able to interact with the platform post-close to service and view performance data of their property, neighborhood, or region in a single intuitive experience.
The inspiration behind Erithmitic's mission has been years in the making. Co-founder Solomon Garber has been a career CRE lender, executing over $4 billion in origination transactions during his tenure across institutional debt funds and banks. Co-founder Atit Jariwala has been a career real estate entrepreneur, amassing a $2 billion portfolio under Bridgeton Holdings. Jariwala has owned and operated over fifty hotels, dozens of office buildings, industrial parks, and multi-family buildings nationwide.
Over their careers, Garber and Jariwala have experienced the frustrations with the traditional financing process and the lack of technological innovation. Bridgeton Capital was born in 2021 to originate senior secured loans for transitional properties nationwide and across property types. In 2022, Erithmitic will prioritize their company's focus to integrate data and technology into their institutional lending processes and customer experience.
"We are building the best CRE mortgage lender for real estate sponsors," said Atit Jariwala, Co-Founder and Chief Executive Officer, Erithmitic. "Our vision is to make customized mortgage solutions faster, simpler and more accessible, providing innovative software solutions to sponsors to help close and service their loans. We're excited to join forces with this talented group of investors who bring a wealth of commercial real estate and fintech experience. The seed raise will help us build and scale Erithmitic's commercial mortgage offerings and data-driven platform to meet the dynamic needs of real estate sponsors."
"We believe that commercial real estate sponsors deserve the best financing solutions for their projects, along with mortgage tools to efficiently manage their deals," said Solomon Garber, Co-Founder and Chief Revenue Officer, Erithmitic. "The company has made significant momentum building a best-in-class pipeline and team since its seed funding in April 2022, and we only look to continue rapid expansion."
To learn more about Erithmitic, please visit here.
Erithmitic is the future of commercial real estate lending. Founded in 2022, Erithmitic provides commercial real estate brokers and sponsors reliable and competitive debt financing. The integrated team includes experienced originators, underwriters, engineers and data scientists. The company is based in New York City and is funded by Tishman Speyer Ventures, AlleyCorp, notable fintech/proptech angel investors. To learn more, visit www.erithmitic.com.
About Tishman Speyer (tishmanspeyer.com)
Tishman Speyer is a leading owner, developer, operator and investment manager of first-class real estate in 30 key markets across the United States, Europe, Asia and Latin America. We develop, build and manage premier office, residential and retail spaces for industry-leading tenants, as well as state-of-the-art life science centers through our Breakthrough Properties venture. With global vision, on-the-ground expertise and a personalized approach, we are unparalleled in our ability to foster innovation, quickly adapt to global and local trends and proactively anticipate our customers' evolving needs. By focusing on health and wellness, enlightened placemaking and customer-focused initiatives such as our tenant amenities platform, ZO., and our flexible space and coworking brand, Studio, we tend not just to our physical buildings, but to the people who inhabit them on a daily basis. Since our inception in 1978, Tishman Speyer has acquired, developed, and operated 484 properties, totaling 219 million square feet, with a combined value of over $121 billion (U.S.). Our current portfolio includes such iconic assets as Rockefeller Center in New York City, The Springs in Shanghai, TaunusTurm in Frankfurt and the Mission Rock neighborhood currently being realized in San Francisco.
AlleyCorp is a $600M+ evergreen venture fund and a leading player in the New York tech startup ecosystem. Founded by serial entrepreneur Kevin Ryan, AlleyCorp is dedicated to growing transformative companies in New York and across the globe in three principal ways: by founding them (prior incubations include MongoDB, Gilt Groupe, Business Insider, Zola, and Nomad Health); by investing in and supporting early-stage companies (across pre-seed, seed, and series A); and as a limited partner (investing in 30+ top funds globally). AlleyCorp also operates specialized funds in a range of areas including a $100M healthcare fund, a $30M robotics fund, and recently launched an in-house engineering team in Canada, comprised of over 40 exceptional engineers, that work for the team's early-stage companies. For more information, please visit www.alleycorp.com.
View original content:https://www.prnewswire.com/news-releases/tech-driven-platform-bridgeton-capital-relaunches-as-erithmitic-301633684.html
SOURCE Bridgeton Holdings