New AeroFarms, Inc.

Bridge-to-USDA Interim Financing | Controlled Environment Agriculture (CEA)

In Brief

Waterside Commercial Finance delivered interim bridge financing to a vertical farming operator emerging from restructuring—providing liquidity to stabilize operations and maintain progress toward long-term USDA B&I financing. The short-term facility ensured the borrower had runway to complete the USDA approval process without disruption to its recovery.

Capital Stack

Waterside delivered a $25MM bridge-to-USDA loan, structured for approximately nine months, providing flexibility and time to complete USDA process. The permanent takeout facility—a $25MM USDA Business & Industry (B&I) loan—is in progress and will refinance the bridge upon closing.

In Brief

Waterside Commercial Finance delivered interim bridge financing to a vertical farming operator emerging from restructuring—providing liquidity to stabilize operations and maintain progress toward long-term USDA B&I financing. The short-term facility ensured the borrower had runway to complete the USDA approval process without disruption to its recovery.

$25MM Bridge-to-USDA Loan

Short-term private capital facility providing operating runway during USDA approval process.

$25MM USDA B&I Loan

Long-term takeout financing under the Business & Industry program to refinance bridge debt and stabilize the platform.

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Execution outcome

Waterside’s bridge solution delivered immediate liquidity to retire maturing obligations and stabilize operations. In parallel, the team advanced permanent USDA B&I underwriting to ensure a seamless transition from short-term private capital to long-term, government-backed financing. This two-phase structure gave the borrower the runway to recover and prepare for USDA closing—demonstrating how bridge-to-permanent execution capital provides both speed and stability for complex projects navigating the USDA process.

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Midwest Food Processor: USDA B&I Expansion

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