BridgeCore Capital, Inc. has closed a $1,300,000 refinance of a multifamily complex in Oklahoma City, Oklahoma, the company announced. The deal highlights the continued availability of bridge financing for value-add multifamily properties in secondary markets, where borrowers often need customized capital to execute renovation and repositioning strategies.
The borrower required cash-out proceeds to fund improvements to the subject property and another multifamily property in the same market, establish a nine-month interest reserve, and provide additional working capital. The business plan is to complete the improvements to the subject property and sell it within the 18-month loan term. That approach reflects a broader trend in which investors acquire older multifamily assets, renovate them to boost rents and occupancy, and then exit via sale, often within a two-year horizon.
To support that plan, 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 gave the borrower greater flexibility and efficiency in accessing the remaining improvement funds, reducing the administrative burden that can slow down renovation timelines. In value-add projects, delays in funding can stall construction and push back lease-up, so streamlined access to capital is critical to keeping a business plan on track.
BridgeCore also worked with the borrower to structure the loan with recourse limited to its fund entity. That limited recourse feature can be particularly important for sponsors that want to protect other assets while still securing competitive terms. 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 lender worked closely with the trusted mortgage advisory team, sponsor, and title company to coordinate an efficient closing process and ensure the transaction closed on schedule. Efficient closings are essential in bridge lending, where borrowers often face rate locks, purchase deadlines, or construction schedules that cannot slip.
The transaction underscores the role of non-bank lenders in filling financing gaps for multifamily properties that may not fit conventional agency or bank underwriting, especially when borrowers need cash-out, interest reserves, and future funding for renovations. For Oklahoma City, the refinance supports ongoing investment in the local housing stock, which can improve property quality and potentially ease supply constraints if renovations bring more units to market efficiently.
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 throughout the nation can also take advantage of BridgeCore’s “Bridge Loan Program,” which provides 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+. More information is available at www.bridgecorecapital.com.
The announcement was distributed via NEWMEDIAWIRE.
