BridgeCore Capital, Inc. has closed a $1,300,000 refinance of a multifamily complex in Oklahoma City, Oklahoma, the company announced. The transaction showcases how bridge lenders are addressing unique capital needs at a time when property owners seek to reposition assets and capture value in secondary markets.
The borrower required cash-out proceeds for several purposes: funding improvements to the subject property and another multifamily property in the same market, establishing a 9-month interest reserve, and providing additional working capital. The business plan calls for completing the improvements and selling the property within the 18-month loan term. That timeline reflects a broader trend of investors targeting value-add multifamily opportunities in markets like Oklahoma City, where rental demand remains steady but older properties need upgrades to compete.
A key feature of the loan was a future-funding reserve for property improvements. BridgeCore structured the reserve so that documentation of the use of funds is required only for the initial advance. This gave the borrower greater flexibility and efficiency in accessing the remaining improvement funds, reducing the administrative burden that often slows down renovation projects. Such structural flexibility is important because it allows sponsors to move quickly on construction and unit turns, which are critical to meeting lease-up and disposition goals.
BridgeCore also worked with the borrower to structure the loan with recourse limited to its fund entity. That limitation can be significant for sponsors who want to protect other assets while still securing competitive terms. Additionally, BridgeCore collaborated closely with the trusted mortgage advisory team, sponsor, and title company to coordinate an efficient closing process and ensure the transaction closed on schedule. The ability to execute seamlessly matters in refinance transactions, where timing can affect reserve requirements and overall project budgets.
By leveraging its extensive experience, in-house capabilities, and flexible capital base, BridgeCore addressed a number of unique structural requirements while delivering highly competitive financing terms. The deal underscores the role of non-bank lenders in providing tailored debt solutions that traditional banks may be slower or less willing to offer, especially for transitional assets with clear value-add strategies.
BridgeCore 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 also access the company’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 $15 million to $50 million or more. For more information, visit www.bridgecorecapital.com. The announcement was distributed via NEWMEDIAWIRE.
