{"id":409744,"date":"2021-01-06T13:03:19","date_gmt":"2021-01-06T18:03:19","guid":{"rendered":"http:\/\/www.marketnewsdesk.com\/?p=409744"},"modified":"2021-01-06T13:03:19","modified_gmt":"2021-01-06T18:03:19","slug":"bridgecore-capital-closes-5-1-million-loan-on-stockton-apartment-complex","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/bridgecore-capital-closes-5-1-million-loan-on-stockton-apartment-complex\/","title":{"rendered":"BridgeCore Capital Closes $5.1 Million Loan On Stockton Apartment Complex"},"content":{"rendered":"
\n

BEVERLY HILLS, Calif., Jan. 06, 2021 (GLOBE NEWSWIRE) — BridgeCore Capital, Inc. today announced it has closed a $5.1 million loan on a 52-unit apartment complex in Stockton, California.<\/p>\n

The borrower required a non-recourse bridge loan to refinance the recently renovated apartment complex. Existing loans with the senior and multiple junior lien holders had matured and required a swift pay-off, as well as a new second trust deed loan to satisfy outstanding debt.<\/p>\n

BridgeCore\u2019s pay-rate bridge product provided the borrower with a 5.50% 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 loan costs and afforded the borrower with additional cash flow to invest in other value-add opportunities. BridgeCore also assisted in sourcing a new second trust deed lender to relieve the financial burden of high-cost, subordinate debt that was previously in place.<\/p>\n

BridgeCore\u2019s 12-month term, including one six-month extension option, is providing the borrower the necessary time, either to execute an exit strategy through a sale, or to refinance through a conventional lender for long-term financing if a sale is not consummated.<\/p>\n

BridgeCore employed its decades of experience and innovative strategies, solving an array of complex financing challenges for the borrower and securing highly competitive loan terms.<\/p>\n

\n About BridgeCore Capital<\/strong>
\n
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\u2019s unique \u201cPay-Rate Protection\u201d product, which reduces monthly payments to as low as 4.99% per annum (\u201cPay-Rate\u201d) for the entire loan term, deferring the remaining interest until loan pay-off, without compounding interest. For more information, visit www.bridgecorecapital.com<\/u><\/a>.<\/p>\n

\n For More Information, Contact:<\/strong>
\n Media, Contact:<\/strong>
\n
Elliot Shirwo, BridgeCore Capital Roger Pondel, PondelWilkinson Inc.
310-426-8751, elliot @bridgecorecapital.com 310-279-5965, rpondel@pondel.com<\/p>\n


\n
\n \n <\/div>\n

<\/div>\n","protected":false},"excerpt":{"rendered":"

BEVERLY HILLS, Calif., Jan. 06, 2021 (GLOBE NEWSWIRE) — BridgeCore Capital, Inc. today announced it has closed a $5.1 million loan on a 52-unit apartment complex in Stockton, California. The borrower required a non-recourse bridge loan to refinance the recently renovated apartment complex. Existing loans with the senior and multiple junior lien holders had matured and required a swift pay-off, as well as a new second trust deed loan to satisfy outstanding debt. BridgeCore\u2019s pay-rate bridge product provided the borrower with a 5.50% 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 loan costs and afforded the borrower with additional cash flow to invest in other value-add … <\/p>\n

Continue reading “BridgeCore Capital Closes $5.1 Million Loan On Stockton Apartment Complex”<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-409744","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"\nBridgeCore Capital Closes $5.1 Million Loan On Stockton Apartment Complex - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/bridgecore-capital-closes-5-1-million-loan-on-stockton-apartment-complex\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"BridgeCore Capital Closes $5.1 Million Loan On Stockton Apartment Complex - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"BEVERLY HILLS, Calif., Jan. 06, 2021 (GLOBE NEWSWIRE) — BridgeCore Capital, Inc. today announced it has closed a $5.1 million loan on a 52-unit apartment complex in Stockton, California. The borrower required a non-recourse bridge loan to refinance the recently renovated apartment complex. Existing loans with the senior and multiple junior lien holders had matured and required a swift pay-off, as well as a new second trust deed loan to satisfy outstanding debt. BridgeCore\u2019s pay-rate bridge product provided the borrower with a 5.50% pay-rate during the entire loan term, with the remaining interest accruing to loan pay-off without compounding interest. 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