BEVERLY HILLS, CA, April 17, 2024 (GLOBE NEWSWIRE) -- via NewMediaWire – BridgeCore Capital, Inc. today announced the launch of a new bridge loan program to finance vacant 99 Cents Only Stores across the U.S.
With the recent news that 99 Cents Only Stores is closing all of its 371 retail outlets, BridgeCore has expanded its lending platform to provide bridge financing for locations that this retailer closes or vacates.
BridgeCore’s new loan program provides investors with a platform to quickly execute on the acquisition financing of these value-add assets nationwide, with bridge loans ranging in size from $500,000 to $3,000,000, and with prepayment flexibility to later refinance with long-term financing.
This loan product is interest-only, non-recourse on a case-by-case basis with fixed-rate pricing starting at 10.50%.
“Our new loan program addresses another development in the current ’bridge-to-normal’ environment,” said Elliot Shirwo, BridgeCore’s founder and principal. “Borrowers are seeking such bridge loans as a relief on debt service, given liquidity challenges and the underlying assets’ lack of income. Additionally, borrowers need a ‘bridge-to-normal’ at a time when distressed real estate opportunities are surfacing due to the market’s recovery from COVID and the economic transition through the inflationary and uncertain interest rate, cap rate and political environment.
“In 2023, BridgeCore demonstrated its ability to pivot when the commercial real estate market shifted, by launching a similar loan product on vacant Rite Aid locations in the U.S. We’ve done it again with our bridge program to finance vacant 99 Cents Only Stores throughout the country,” Shirwo added.
About BridgeCore Capital
BridgeCore provides creatively structured loan products 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, fixed- or floating-rate financing with 2-to 5-year terms for loan sizes ranging from $5M to $30M+.
For more information, visit www.bridgecorecapital.com.
Company Contact:
Elliot Shirwo, BridgeCore Capital
424-777-0063, elliot@bridgecorecapital.com
Media, Contact:
Roger Pondel, PondelWilkinson Inc.
310-279-5965, rpondel@pondel.com
