Atwater, CA

$12,450,000

Retail

Purchase

07/30/2021
Transaction by
BridgeCore Capital, Inc.
BridgeCore Capital, a direct CRE bridge lender, funded a $12.45M bridge loan to acquire a retail shopping center in Atwater, California. 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 to refinance with conventional financing on any remaining parcels. This CRE bridge loan was funded in July 2021.