Arizona Bridge Lenders for Commercial Real Estate

BridgeCore Capital, a direct CRE private lending firm, funded a $730,000 non-recourse bridge loan to purchase a 16-unit multifamily property located in Phoenix, Arizona. The Borrower could not secure a conventional loan from its bank in time to close this acquisition. BridgeCore stepped in quickly to bridge the Borrower’s investment by underwriting value without an appraisal report, then conducting its site inspection and documenting the loan, which closed in 1.5 weeks. We provided 3-month yield maintenance, allowing the Borrower the time needed to finalize conventional take-out financing. BridgeCore employed its decades of experience and innovative strategies, solving the Borrower’s array of property-related challenges, and secured highly competitive loan terms to facilitate and consummate the purchase. This CRE bridge loan was funded in August 2021.

RRA Capital, a direct private lending firm, funded a $5.2M bridge loan for the purchase of an apartment complex in Phoenix, AZ. Built in 1985, the property is 100% occupied and consists of 44 units spread across 5, two-story buildings on 0.92 acres. All units at the subject property are 2-bedrooms / 2-bathrooms and 885 square feet. The Sponsor plans to immediately undertake a considerable renovation program to improve both unit interiors and exteriors to make the necessary improvements to cycle rents to market. The loan includes a capital improvement holdback facility to cover the costs of the scheduled renovations and upgrades as leases roll. The loan term is 36-month with two, 6-month extension options. As with most of RRA’s loans, no personal guaranty was required. The property is located close to RRA’s main office, making it easy for us to do a site visit. This CRE bridge loan was funded in January 2021.

RRA Capital, a CRE bridge lender based in Phoenix, funded a $6,500,000 refinance loan secured by a a multi-tenant retail building located in Flagstaff, Arizona. The property is the site of a former Sears department store and is adjoined to the Flagstaff Mall. Built in 1979 and recently renovated, the property consists of 66,381 rentable square feet and a vacant outparcel. Our loan provided funding to refinance the previous loan as well as follow-on proceeds to cover leasing costs. Approximately 90% of the subject property will be occupied by Hobby Lobby, which opened to the public shortly before loan closing. The remaining 10% will be occupied by a gym tenant that is scheduled to open in early 2021. The vacant outparcel is currently under contract for purchase by a national fast-food chain. The loan term is 24-months interest-only loan, with two, 6-month extension options along with release price flexibility for portions of the collateral and a follow-on funding facility to cover leasing costs. The loan was non-recourse; we don’t require a personal guarantee for most of our loans. This CRE bridge loan was funded in December 2020.