14
LOS ANGELES — BridgeCore Capital has provided $6.5 million in refinancing for a multifamily property on the border of the Koreatown and MacArthur Park neighborhoods in Los Angeles. The undisclosed borrower will use loan proceeds to refinance a matured loan and to pay outstanding property taxes.
BridgeCore structured the loan with a six-month prepaid interest reserve to cover the shortfall between net operating income and BridgeCore’s debt service and to avoid payment default by the undisclosed borrower during the loan term. The loan features a 74 percent loan-to-value ratio. Information about the property was not disclosed.