Deal Details
Private Loan Type
Purchase
Approx. Funding Date
07/30/2021
Property Type
Property City
Atwater
Property State
CA
Loan Term (months)
24
Lien Type
1st Mortgage
Payment Type
Interest Only
Property Neighborhood
Central Valley
Occupancy at Closing
All Units Occupied
Exit Strategy
Refinance
Interest Rate
6.90%
Deal Summary
BridgeCore Capital, a direct CRE bridge lender, funded a $12.45M bridge loan to acquire a retail shopping center in Atwater, CA. The property was 100% occupied and anchored by national grocery and pharmacy tenants, but the Borrower was unable to secure traditional financing since conventional lenders would not provide the flexibility required in the loan structure to allow for the sell-off of individual parcels of the property during the loan term. BridgeCore was able to provide the needed flexibility, enabling the Borrower to execute its business plan. We provided a highly competitive interest rate of 6.90%, with a 24-month term, including two six-month extension options. The favorable terms are allowing the Borrower the necessary time to sell off individual parcels, reduce the principal loan balance, and eventually refinance with conventional financing on any remaining parcels. This CRE bridge loan was funded in July 2021.