BridgeCore Capital, Inc. today announced that it has closed a $16.5 million loan on two contiguous mixed-use buildings in the Grenwich Village section of New York City.

The borrower required a non-recourse bridge loan to purchase the buildings that have 72 multifamily units and ground floor retail. The apartments are 53% vacant, and the retail space is 100% vacant. 

BridgeCore’s 24-month term, including two six-month extension options, is providing the borrower the necessary time to make renovations, including a re-balancing between market-rate and rent-stabilized units, and to position the property for an exit with conventional financing, once stabilized. 

“BridgeCore’s competitively structured loan terms allowed our client to quickly execute on the purchase of a transitional asset at a time when conventional financing has not been readily available because of the COVID-19 economic environment,” Elliot Shirwo, BridgeCore founder and principal, said. 

Loan terms include three months of prepaid interest; an interest rate of 7.65% for the first 12 months and a floating rate at Prime + 4.40%, with a floor of 7.65%, for the second 12 months; and collection of monthly escrows from the borrower for interest, taxes and insurance.

BridgeCore employed its decades of experience and innovative strategies to solve the borrower’s array of unique challenges, securing competitive loan terms and closing within a tight time frame on a “sign and close” purchase transaction.

About BridgeCore Capital

BridgeCore provides short-term loans ranging from $1 million to $20 million on commercial real estate in prime U.S. markets, including origination of senior and subordinated debt and purchase of nonperforming loans secured by first trust deeds. Additionally, borrowers throughout the nation can take advantage of BridgeCore’s unique “Pay-Rate Protection” product, which reduces monthly payments with a 4.99% per annum for the entire loan term, deferring the remaining interest until loan pay-off, without compounding interest.