BridgeCore Capital, Inc. has closed a $1,300,000 refinance of a multifamily complex in Oklahoma City, Oklahoma, the company announced. The borrower required cash-out proceeds to fund improvements to the subject property and another multifamily property in the same market, establish a 9-month interest reserve, and provide additional working capital. The borrower’s business plan is to complete the improvements to the subject property and sell it within the 18-month loan term.
To facilitate the project, BridgeCore structured a future-funding reserve for the property improvements, with documentation of the use of funds required only for the initial advance. This structure provided the borrower with greater flexibility and efficiency in accessing the remaining improvement funds. Additionally, BridgeCore worked with the borrower to structure the loan with recourse limited to its fund entity, reducing the borrower’s personal risk.
The transaction involved close coordination with the trusted mortgage advisory team, sponsor, and title company to ensure an efficient closing process and that the deal closed on schedule. By leveraging its extensive experience, in-house capabilities, and flexible capital base, BridgeCore addressed unique structural requirements while delivering highly competitive financing terms, according to the announcement.
This financing is significant for the Oklahoma City multifamily market, as it enables the renovation and eventual sale of a multifamily property, potentially improving housing quality and contributing to neighborhood revitalization. The flexible loan structure, including future funding and limited recourse, may serve as a model for other borrowers seeking to reposition properties in similar markets.
BridgeCore Capital provides bridge loans on commercial and non-owner occupied residential real estate in the U.S., including origination of senior, junior and mezzanine debt and preferred equity. Borrowers nationwide can access BridgeCore’s “Bridge Loan Program,” which offers flexible pre-pay, interest only, non-recourse, and floating-rate financing with one- to three-year terms for loan sizes ranging from $15M to $50M+. The company’s ability to tailor financing solutions is highlighted in this transaction.
For more information, visit www.bridgecorecapital.com. The announcement was originally distributed via NEWMEDIAWIRE.
