BEVERLY HILLS, Calif., Jan. 26, 2021 (GLOBE NEWSWIRE) -- BridgeCore Capital, Inc. today announced it has closed a $1.53 million loan on a newly constructed 12-unit apartment complex in Fort Worth, Texas.
The borrower required a non-recourse bridge loan to refinance the building, which is located in a gentrifying Fort Worth neighborhood. The property comprises 16,859 gross square feet, including 450-square feet of office space on the first floor.
BridgeCore’s industry-leading pay-rate bridge product provided the borrower with a 5.00% pay-rate during the entire loan term, with the remaining interest accruing to loan pay-off without compounding interest. The pay-rate structure significantly reduced the loan costs, affording the borrower with the debt service relief needed before stabilizing the property.
The 18-month term, including one six-month extension option, with prepaid interest and an interest reserve, is providing the borrower the necessary time to execute the lease-up strategy and position the property for an eventual exit with permanent financing.
BridgeCore employed its decades of experience and innovative strategies, solving the borrower’s array of unique transactional and property related challenges and securing highly competitive loan terms to facilitate and consummate the refinance.
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 www.bridgecorecapital.com.
For More Information, Contact:
Elliot Shirwo, BridgeCore Capital
Roger Pondel, PondelWilkinson Inc.