Bridgecore Funds $8.25M on Chino Industrial Property
An industrial building in a prime submarket of Chino comprises 76,421 gross square feet and is owner-occupied by a multi-generational luxury furniture manufacturing family. The borrower required a nonrecourse bridge loan to refinance a maturing loan and fund a partnership buyout.
BridgeCore Capital funded the $8.25 million loan within four business days from the signing of the term-sheet, allowing the borrower to avoid default with the former lender and circumvent having to accept a “take-it-or-lose it” partnership buyout.
BridgeCore’s pay-rate bridge product provided the borrower with a 6.5 percent pay-rate during the loan term, with the remaining interest accruing to loan payoff without compounding interest. The pay-rate structure permitted the borrower to decrease the amount of the interest reserve in order to allocate the needed loan proceeds to fund the partnership buyout.
Lisa Brown has decades of experience in corporate communications and marketing management with organizations including Coldwell Banker Residential, Grubb & Ellis, Marcus & Millichap, NAIOP, SIOR and ALM.
In those positions, she worked in conjunction with chief executive officers and chief marketing officers to create corporate messaging, cohesive branding standards, strategic marketing plans and thought pieces. Brown is a frequent speaker at industry events and an editing adjunct professor for an online course. She has a master’s degree in mass communications from San Jose State University.