Beverly Hills, CA — December 15, 2021 — BridgeCore Capital, Inc. today announced it has closed a $1 million, short-term loan on an industrial property in Provo, Utah.
BridgeCore’s borrower required a bridge loan to acquire a vacant industrial property in Provo, UT, comprising an industrial warehouse building and a creative office building, situated in an Opportunity Zone.
The borrower’s business will be occupying the property to manufacture affordable and sustainable modular housing, built from shipping containers. Originally constructed in 1916, the property had a complex environmental history that was addressed by BridgeCore, which facilitated obtaining environmental insurance.
The borrower will repay the 12-month loan from the funds raised in connection with its Opportunity Zone fund.
BridgeCore employed its decades of experience and innovative strategies, solving a complex environmental history of the property, executing on the exigency of the closing, and securing highly competitive loan terms to facilitate and consummate the transaction.
About BridgeCore Capital
BridgeCore provides short-term loans ranging from $1 million to $30 million on commercial real estate in prime U.S. markets, including origination of senior debt and purchase of non-performing loans secured by first trust deeds. Additionally, borrowers throughout the nation can take advantage of BridgeCore’s unique “Pay-Rate Protection” product, which reduces monthly payments to as low as 4.99% per annum (“Pay-Rate”) for the entire loan term, deferring the remaining interest until loan pay-off, without compounding interest. For more information, visit bridgecorecapital.com.