BridgeCore Capital Announces New Bridge Loan Program for Vacant 99 Cents Only Stores
April 17 2024 - 10:00AM
via NewMediaWire – BridgeCore Capital, Inc. today announced the
launch of a new bridge loan program to finance vacant 99 Cents Only
Stores across the U.S.
With the recent news that 99 Cents Only Stores is closing all of
its 371 retail outlets, BridgeCore has expanded its lending
platform to provide bridge financing for locations that this
retailer closes or vacates.
BridgeCore’s new loan program provides investors with a platform
to quickly execute on the acquisition financing of these value-add
assets nationwide, with bridge loans ranging in size from $500,000
to $3,000,000, and with prepayment flexibility to later refinance
with long-term financing.
This loan product is interest-only, non-recourse on a
case-by-case basis with fixed-rate pricing starting at 10.50%.
“Our new loan program addresses another development in the
current ’bridge-to-normal’ environment,” said Elliot Shirwo,
BridgeCore’s founder and principal. “Borrowers are seeking
such bridge loans as a relief on debt service, given liquidity
challenges and the underlying assets’ lack of income.
Additionally, borrowers need a ‘bridge-to-normal’ at a time when
distressed real estate opportunities are surfacing due to the
market’s recovery from COVID and the economic transition through
the inflationary and uncertain interest rate, cap rate and
political environment.
“In 2023, BridgeCore demonstrated its ability to pivot when the
commercial real estate market shifted, by launching a similar loan
product on vacant Rite Aid locations in the U.S. We’ve done
it again with our bridge program to finance vacant 99 Cents Only
Stores throughout the country,” Shirwo added.
About BridgeCore Capital
BridgeCore provides creatively structured loan products on
commercial and non-owner occupied residential real estate in the
U.S., including origination of senior and junior debt and purchase
of non-performing loans secured by first trust deeds. Additionally,
borrowers throughout the nation can take advantage of BridgeCore’s
“Middle Market Loan Program,” which is an alternative to
traditional LifeCo financing. This program provides borrowers
with flexible pre-pay, interest-only, non-recourse, fixed- or
floating-rate financing with 2-to 5-year terms for loan sizes
ranging from $5M to $30M+.
For more information, visit
www.bridgecorecapital.com.
Company Contact:Elliot Shirwo, BridgeCore
Capital424-777-0063, elliot@bridgecorecapital.com
Media, Contact:Roger Pondel, PondelWilkinson
Inc.310-279-5965, rpondel@pondel.com