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