Beverly Hills, CA — January 24, 2024 — BridgeCore Capital, Inc. today announced it has closed a purchase loan on a 60-unit multifamily property in Brownsville, Texas.
The borrower needed to purchase the property as part of a 1031 exchange by year-end in order to meet its purchase contract obligations after exhausting extension options with the seller.
The loan, which has a two-year term and six-months of yield maintenance with one six-month extension option, provides the borrower with the flexibility to refinance with long-term agency financing when interest rates decrease. BridgeCore structured the loan to include a holdback for immediate repairs on the property, as well as an interest reserve. The loan is interest only and is partial recourse for 25% of the principal balance.
BridgeCore harnessed its comprehensive resources and experience to solve a critical timing challenge and to secure flexible and competitive loan terms in order to meet the borrower’s exit strategy.
About BridgeCore Capital
BridgeCore provides bridge loans on commercial and non-owner occupied residential real estate in the U.S., including origination of senior and junior debt and purchase of non-performing loans secured by first trust deeds. Additionally, borrowers throughout the nation can take advantage of BridgeCore’s newly launched “Middle Market Loan Program,” which is an alternative to traditional LifeCo financing. This program provides borrowers with flexible pre-pay, interest only, non-recourse, and fixed-rate financing with 2-to 5-year terms for loan sizes ranging from $10M to $30M+.
For more information, visit bridgecorecapital.com.