BridgeCore Capital, a provider of structured loan products for commercial and non-owner occupied residential real estate in the U.S., launched 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 the retailer closes or vacates. The loan program will provide investors with a platform to execute on the acquisition financing of these assets with bridge loans ranging in size from $500,000 to $3 million, 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,” Elliot Shirwo, BridgeCore’s founder and principal, said. “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.”
