PHOENIX—JCR Capital announced the recent closing of a $22 million bridge loan on a portfolio of retail and office located around Phoenix. The transaction continues to strengthen JCR's presence in middle-market bridge lending.
JCR provided the loan to a borrower whose note had matured on the portfolio and had a tight deadline to repay the note to avoid foreclosure. JCR closed the loan on an expedited basis and provided the proceeds for the borrower to pay off the existing note holder.
“We have seen a continued demand from the market for short term capital in order to facilitate discounted note payoffs and opportunistic acquisitions of distressed properties,” Jay Rollins, JCR Capital president and CEO, said.
“The middle-market commercial real estate space is still deleveraging and banks are now in a position to take legacy losses. We are seeing legacy lenders now writing off debt that has matured, in an effort to clean up their balance sheets,” Rollins said.
JCR Capital is a real estate finance company providing capital solutions to middle market sponsors. JCR provides bridge loans, preferred equity, mezzanine loans, and equity financing for value added, distressed, and opportunistic transactions.
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