MIAMI—Locally-based lender BridgeInvest reports the initial closing of its second specialty credit fund with $80 million in equity commitments and a total target capitalization of $200 million.

BridgeInvest's Specialty Credit Fund II has already committed funding for four transactions in the Southeast, with two deals in Florida, one in Georgia and one in North Carolina. BridgeInvest, a provider of short-term, senior-position CRE bridge loans, says it plans to deploy the fund's capital in the next two years and expects to announce additional closings for the fund through the end of this year.

The company that targets opportunistic and value-add transactions in the Southeast and Texas, established Specialty Credit Fund II to focus on capital preservation and generating attractive, risk-adjusted returns with investments in a diversified portfolio of senior-secured commercial mortgages.