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STOCKTON, CALIF. — BridgeCore Capital has closed a $5.1 million loan for a multifamily property in Stockton.
The undisclosed borrower required a non-recourse bridge loan to refinance the recently renovated apartment complex. Existing loans with the senior and multiple junior lien holders had matured and required a swift pay-off, as well as a new second trust deed loan to satisfy outstanding debt.
The loan features a 12-month term, including one six-month extension option, which will allow the borrower to either execute an exit strategy through a sale or to refinance through a conventional lender for long-term financing.