Beverly Hills, CA — November 19, 2024 — BridgeCore Capital, Inc. today announced it has closed a $3 million refinance of a mixed-use property in West Palm Beach, Florida, containing 16 apartments and three ground-floor commercial units.

The borrower needed the funds to refinance a matured loan and to pay required reserves and closing costs after recently completing a full gut renovation of the building. The borrower master-leased the apartment units to a local operator of short-term rentals and leased the ground-floor commercial units to its affiliated businesses.

BridgeCore structured the loan with a portion of proceeds held back and released upon issuance of a Certificate of Occupancy. The loan has a 24-month term with four months of guaranteed interest, providing the borrower with the flexibility to take out BridgeCore’s loan with conventional financing.

BridgeCore harnessed its comprehensive resources and experience to provide highly competitive and creative loan terms and to solve the borrower’s timing challenge.

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 “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.

Company Contact:

Elliot Shirwo
BridgeCore Capital, Inc.
424-777-0063
elliot@bridgecorecapital.com

Media Contact:

Roger Pondel
PondelWilkinson Inc.
310-279-5965
rpondel@pondel.com