BridgeCore Capital Launches Mid-Market CRE Financing

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Beverly Hills-based BridgeCore Capital debuted a middle-market commercial real estate loan program as an alternative financing product to traditional funding through life insurance companies.

The program gives borrowers a two- to five-year term on loans ranging from $10 million to over $30 million on stabilized or near-stabilized properties in primary and secondary markets across the U.S. The product is interest only, and the loans are nonrecourse and can be fixed rate or floating rate.

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“Our new loan program addresses the current ‘bridge-to-normal’ environment, wherein investors are seeking more flexibility in loan structure to allow them to refinance into long-term permanent financing in a few years, when rates will have declined, or to sell when cap rates have compressed,” said Elliot Shirwo, BridgeCore’s founder and principal. “Our objective is to provide optionality and capital availability to investors and developers during times like these, when markets tighten.”

BridgeCore provides loan products for commercial and non-owner-occupied residential real estate, including origination of senior and junior debt and purchase of nonperforming loans secured by first-trust deeds. In 2018, the company launched a pay-rate product with a pay-and-accrual feature to reduce loan costs, and in 2021 BridgeCore launched a small balance retail bridge product. Earlier this year, the company also launched a Rite Aid loan product on dark or vacant Rite Aid locations.

Gregory Cornfield can be reached at gcornfield@commercialobserver.com.