BridgeCore Capital Completes $1.8 Million Refinance of Berkeley Multifamily Complex, Resolving Technical Defaults

BridgeCore Capital, Inc. has closed a $1,800,000 refinance of a 44-unit multifamily complex in Berkeley, Missouri, addressing critical timing challenges and technical defaults that threatened the property's financial stability. The two-story building, constructed in 1957, required immediate intervention as the borrower sought to extricate itself from an existing loan due to multiple technical defaults resulting from complexities with the existing agency lender.

The financing arrangement allowed the borrower to avoid accruing additional default interest and to pursue its business plan by freeing itself from countless servicing impediments. BridgeCore harnessed its comprehensive resources and experience to meet the critical timing challenge, solving the borrower's insurance and entity-related specifications while providing highly competitive loan terms. The company coordinated directly with the mortgage advisory team and title company to close the transaction within the expedited timeframe.

BridgeCore employed a practical and creative approach to solve several unexpected ancillary issues that arose during due diligence and closing. These challenges included removal of one of the guarantors, adjusting the insurance coverage period at loan commencement, and restructuring an entity certification into a written consent. The successful resolution of these complex issues demonstrates BridgeCore's capability in handling sophisticated real estate financing scenarios.

The company provides bridge loans on commercial and non-owner occupied residential real estate throughout the United States, including origination of senior, junior and mezzanine debt, and preferred equity. BridgeCore's Bridge Loan Program offers borrowers flexible pre-pay, interest only, non-recourse, and floating-rate financing with 1-to 3-year terms for loan sizes ranging from $5 million to over $100 million. For more information about BridgeCore's financing programs, visit https://www.bridgecorecapital.com.

The Berkeley transaction represents another successful implementation of BridgeCore's specialized approach to complex real estate financing situations. By addressing both the immediate financial challenges and the underlying structural issues, the company enabled the multifamily property owner to stabilize operations and move forward with their strategic objectives. The deal highlights the importance of experienced lenders in navigating complex real estate financing scenarios, particularly when timing constraints and technical complications create urgent financial pressures for property owners.