BridgeCore Capital, Inc. announced the closing of a $600,000 cash-out financing transaction for a vacant Hardee's restaurant property located in Springfield, Illinois. The financing was structured to allow the borrower to recapitalize the property and obtain necessary funds for acquiring a hospital facility prior to year-end, addressing a pressing financial deadline.
The transaction's significance lies in its execution speed and the specialized financing it represents for vacant retail properties. BridgeCore underwrote the loan, completed due diligence, and secured signed loan documents within seven business days of term sheet execution. This rapid timeline was coordinated with the mortgage advisory team, the borrower, and the title company to meet the borrower's acquisition schedule. The company leveraged its resources to solve what it described as a critical timing challenge while providing competitive loan terms for the vacant building.
This financing demonstrates the ongoing activity in commercial real estate lending, particularly for specialized assets like vacant retail properties that require specific underwriting expertise. BridgeCore is nationally recognized for its work in this niche sector, providing bridge loans on commercial and non-owner occupied residential real estate throughout the United States. The company offers various financing products including senior, junior, and mezzanine debt, along with preferred equity arrangements.
For borrowers seeking similar financing solutions, BridgeCore operates a Bridge Loan Program that provides flexible terms including interest-only payments, non-recourse structures, and floating-rate financing with one-to three-year terms. Loan sizes in this program typically range from $15 million to over $50 million. The successful closing of the Springfield Hardee's financing illustrates how specialized lenders can facilitate time-sensitive commercial real estate transactions that might not fit traditional lending parameters.
The transaction's importance extends beyond the immediate parties involved, as it represents continued liquidity in the commercial real estate market for non-traditional properties. Vacant retail properties often present challenges for conventional lenders due to uncertainty about future tenancy and valuation. Specialized lenders like BridgeCore fill this gap by providing capital based on property fundamentals rather than current income streams. This type of financing enables property owners to reposition assets or access equity for other business purposes, supporting broader economic activity in commercial real estate markets.
