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BridgeCore Closes on Greenwich Village Financing
BridgeCore Capital Inc. has closed a $16.5-million loan on two contiguous mixed-use buildings in Greenwich Village.
The borrower required a non-recourse bridge loan to purchase the buildings that have 72 multifamily units and ground floor retail. The apartments are 53% vacant, while the retail space is 100% vacant.
BridgeCore’s 24-month term, including two six-month extension options, is providing the borrower the necessary time to make renovations and to position the property for an exit with conventional financing. Terms included three months of prepaid interest; and an interest rate of 7.65% for the first 12 months and a floating rate at prime + 4.40% for the second 12 months.
“BridgeCore’s competitively structured loan terms allowed our client to quickly execute on the purchase of a transitional asset at a time when conventional financing has not been readily available because of the COVID-19 economic environment,” said BridgeCore’s Elliot Shirwo.
For comments, questions or concerns, please contact Paul Bubny
- ◦Financing
