Beverly Hills, CA, Aug. 25, 2022 (GLOBE NEWSWIRE) -- via NewMediaWire-- BridgeCore Capital, Inc. today announced it has closed a $2,555,000 bridge loan to finance the acquisition of a vacant, single tenant, grocery-anchored property in Indianapolis, Indiana.
The borrower, an experienced real estate investor, identified this transitional asset with a grocery tenant gone dark to capture an opportunity to back-fill with tenants that have worked with the borrower on other projects.
BridgeCore helped secure the purchase within a tight, closing timeframe without an appraisal report, when the borrower’s competing lender could not execute.
BridgeCore’s industry-leading pay-rate bridge product is providing the borrower with a low pay-rate of 7.50% during the entire loan term to reduce total loan costs, with the remaining interest accruing to loan pay-off without compounding interest.
BridgeCore also employed its precedent-setting fixed-rate, small balance retail loan program so the borrower would not incur any interest rate risk in an increasingly inflationary and changing rate environment. The 12-month term is providing the borrower with breathing room to pursue a number of potential exit strategies, including refinance upon stabilization with new tenancy or sale.
BridgeCore employed its comprehensive resources and experience in the retail sector to secure competitive loan terms on a highly-value add property and to consummate the borrower’s strategic, investment opportunity in a timely fashion.
About BridgeCore Capital
BridgeCore provides short-term loans ranging from $1 million to $60 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 5.99% per annum (“Pay-Rate”) for the entire loan term, deferring the remaining interest until loan pay-off, without compounding interest.
For more information, visit www.bridgecorecapital.com.
Company Contact:
Elliot Shirwo, BridgeCore Capital Inc.
424-284-4297, elliot@bridgecorecapital.com
Media Contact:
Roger Pondel, PondelWilkinson
310-279-5965, rpondel@pondel.com
